1: brands like RL and CK leaving slowly hence the CEO is trying to grow house brands to a billion each
2: brands are pulling out cause the mall is dead and they are afraid they wont be paid on purchase orders.
3: hardly anyone in the stores but some days for a hour or so it is "busy"
4: the environmental impact of fast fashion is c02 levels of .8 world wide they want to go to zero.
5: everything is being switched to online where Macys is a dinosaur at it.. they are trying to use social media to grow they are too late to the game.
6: sales Managers or over paid associates as i call them are leaving in droves because they know what is coming down the pike and are not allowed say.
7: these corporates virtual walk thrus are a complete waste of time and has no real effect on mall base biz.
8: covid lockdowns will continue till the mall is completely dead as well as Macys
9: moving runners and backstock room guys to the front is a clear sign no one wants to work at macys.
10: the vaccine coming out wont save macys due to ceo making bad choices for way too long..
8 replies (most recent on top)
There has been a slow leak with the alarm going off for a very long time. People somehow have developed a false sense of security. Watched their colleagues thrown overboard and thinking "I'll be saved by the lifeboat." Hahahahahahaha. It ain't coming.
My store is doing great as well, along with yours in LV and im sure many more... But it is not enough to keep the Titanic afloat for long. We can enjoy crushing our individual store goals and being paid out our bonuses next week but in February, even the best of stores will lose lots people. Even if the top 150 stores do good, it cant hold up the other 650 stores that are in the toilet. And the krap will be smeared across the board. Forget losing the key brands. Try hitting your new goals with a 30% staff reduction. Now that's what I'm afraid of.
It's not that these vendors are exiting Macy's, they just don't want or need to abide by Macy's new net 120 policy on making vendor payments. Like other retailers (Khols, JCP), Macy's informed it's suppliers earlier this year that the company was changing to a Net 120 day payment policy. This forces suppliers to give Macy's what is essentially an interest free 4 month loan. Better supplies like RL, CK, and Levis won't agree to these terms, so the company buys less and limits the assortments with these vendors to just the biggest and best stores in the fleet.
Couldn't agree more about the virtual visits being a complete waste of time. We are on our third regional team in less than a year and they have never been to our stores but feel free to give off the cuff direction when they don't know the store, customer, or colleagues. My favorite is the amount of time we take away from running our business with limited resources to prepare for these 2 hour visits. The store manager and every executives spends days preparing, working their butts off, and leave less engaged than before the visit, happy to have just survived.
Well when you expanded your private brands, you drove away higher caliber customers. To think your in house brands are quality of junk!
There are no vendors pulling out of viable locations. We always wanted to expand private brands because the gross margin is considerably higher than national brands.
@xmc Glad your store is doing well. The Ventura CA store is not. Was in there the other day during the week. Could count on one hand the number of customers.
Some Macy’s are doing ok. Most are not keep in mind there is 150 Macy’s that are doing well out of 800 stores
My store still has RL and CK and we are not exiting it. Also we are very busy as is our entire mall. I truly hope your store continues to stay open but my store in the greater Las Vegas area is doing great and we continue to crush sales goals, credit, etc. we made our path to growth and will be paid our bonus on that next week.