Blog: Macy's on the mend?
Leonie Barrie | 16 May 2008
On top of all the general economic worries it’s facing in line with the rest of its competitors, Macy’s Inc has another challenge on its hands: trying to lure back customers alienated by an ill-fated plan to integrate the May Department Stores chain it acquired in 2005.
While now may not be the best time to be trying to engineer a turnaround, Macy’s seems to be faring slightly better than its department store rivals. Or is it?
The retailer might have posted a US$59m loss in the first quarter, but its results were better-than-expected, same-store sales were up, the company appears to be capturing market share, and it even reaffirmed full-year guidance.
But some still believe the restructuring isn’t all it's cracked up to be. The ‘My Macy’s’ campaign to tailor merchandise to reflect the demands of local markets in the US is widely seen as the right way forward, but does the retailer have the ability to deliver on its promise? Are being big and unique at the same time a contradiction in terms? And does the organisation really have the capability to realise the benefits?
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