Subject category:
Strategy and General Management
Published by:
Amity Research Centers
Length: 10 pages
Data source: Published sources
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Abstract
In 1858, Rowland H Macy (Rowland) started Macy's in Manhattan. Over the years, the company changed ownership several times and in 1994, Macy's was acquired by Federated Department Stores. In 2004, Jeff Gennette was appointed as the Executive Vice President and Director of Macy's Central stores. By 2009, the company decided to improve its marketing by integrating its Corporate Marketing divisions into a new unified marketing organisation. Besides, the company came up with omnichannel strategy and worked towards attracting millennial customers in the age group of 13 to 30 years. Despite initiating several efforts to improve sales, the company faced stiff competition from off-price retailers like Ross Stores Inc and TJX Cos. In order to overcome the competition, Macy's came up with discount stores called 'Macy's Backstage'. Initially the company launched four test stores in New York City. Meanwhile, in 2017, Jeff Gennette became the new CEO of the company and implemented various initiatives to overcome the challenges prevailing in Macy's due to the changing retail environment in the US and off-price stores. Jeff Gennette came up with a number of initiatives like self-service options, streamlining the discount pricing and also reducing the number of employees. The industry observers were keen about the future growth prospects of Macy's under his leadership. Would Jeff Gennette's strategies help in transforming Macy's future?
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Abstract
In 1858, Rowland H Macy (Rowland) started Macy's in Manhattan. Over the years, the company changed ownership several times and in 1994, Macy's was acquired by Federated Department Stores. In 2004, Jeff Gennette was appointed as the Executive Vice President and Director of Macy's Central stores. By 2009, the company decided to improve its marketing by integrating its Corporate Marketing divisions into a new unified marketing organisation. Besides, the company came up with omnichannel strategy and worked towards attracting millennial customers in the age group of 13 to 30 years. Despite initiating several efforts to improve sales, the company faced stiff competition from off-price retailers like Ross Stores Inc and TJX Cos. In order to overcome the competition, Macy's came up with discount stores called 'Macy's Backstage'. Initially the company launched four test stores in New York City. Meanwhile, in 2017, Jeff Gennette became the new CEO of the company and implemented various initiatives to overcome the challenges prevailing in Macy's due to the changing retail environment in the US and off-price stores. Jeff Gennette came up with a number of initiatives like self-service options, streamlining the discount pricing and also reducing the number of employees. The industry observers were keen about the future growth prospects of Macy's under his leadership. Would Jeff Gennette's strategies help in transforming Macy's future?