I was looking at financials for ttl Macy’s business and we are currently up 18.4% to plan and only down 5.5% to LY, YTD and the margin between LY and TY is so small too in sales dollars so this is really incredible and exciting to see. Both Macy’s reg. and bks have had a great spring season so far so I’m really encouraged and optimistic that this trend will continue despite some of the challenges we are facing outside of our control but what we can control, we’re making progress and it’s really great to see. So don’t feel defeated and keep your heads up!!
15 replies (most recent on top)
Told wrong op is right it's about margin. If cost cut 15% and sales -6% you make more money.
Problem I see is that there is zero incentive to purchase from Macy's as opposed to buying directly from vendor these days.
I was always told that if you are down to LY, that’s bad regardless if LY was planned up or down compared to current plan.
Your goal is to beat LY’s plan, full stop.
Say it like this….if you are at 86% to LY, but 100% to plan today. That means today’s numbers were planned down. While kudos to making plan now. There’s no growth happening.
Say you are 102% to LY. You’re growing!
You always have to try and beat last year’s numbers in everything to show growth.
(There will be nuisances like bad weather or some local festival or something) but LY is where it’s at. Now not to say that making and beating today’s plan isn’t important because it is but you always want to strive for more. :-)
@eb+1 No store is safe. Many times the most successful stores are the most attractive for sale because they incure premuim prices due to real estate, location, or lease terms.
You don't grow a company by closing stores.
You don’t grow a company keeping stores open with low traffic and in high crime areas. Get rid of the waste, all the stores with the highest shrinkage and focus on locations that work while growing your online traffic. I would rather see more stores that are revamped and a real destination than having hundreds of run down stores in locations that are never going to be profitable no matter what they try.
Making Plan when a store is planned down to LY simply means the store will do well on a review. It does not mean youre growing to LY. Success doesn’t come unless a business shows growth to LY. Walk with your store manager or regional. You can celebrate your increases to plan all day but they’ll always ask where you are to LY. They should anyway.
If Corporate has planned the store down from LY, if you're making or beating plan then that's a win. Macy's has got to get a clue about popular culture/trends/brands if they want to stay alive. The Beauty in my store is geared so damn old/expensive: Lauder,Dior, Landcome. Clinique doesn't really bring in any younger folks. MAC might. Handbags....zzzzzzz. On 34th....just higher end Juniors clothing. Start doing some non-polyester in private lable.
Unfortunately QTR I numbers are such a tiny part of the total year they are indicators but not really relevant. QTR III and IV carry the year.
Bruh...we've all been doing the job of 3ppl for 5yrs.
Were you asleep during the "Understanding" module of our Hospitality course?
R125 stores are safe. Macys is only going to keep 300 stores around. I’m sure another 75 stores will be added to the safe list.
You don't grow a company by closing stores.
I stand corrected…another 150 stores to close…how’s that for feeling defeated???
Why in the world would anyone be excited about being down 5.5% to LY regardless of where you are to PL??? If your store is not showing growth to last year, you’re nobody’s hero. Plain and simple. You can be making PL but down to LY. That just means you’re planned down to LY and who’s proud of that? If you’re not up to LY, you’re not winning.
You’d make a great cheerleader but you must realize another 75 stores are closing this year…hard to keep heads up unless we’re all part of the blessed F50. It’s a sad time for Macys right now. The icon is dying a slow death. Feeling defeated is part of the process…no denying it.
Not sure where the upbeat is coming from..macy / Bloomingdale board of directors want another 150 stores for a total of 300 stores close by 2026 before another hostile takeover try maxy is in a downward spiral many macy store directors are being terminated .. with inventory in june only time will tell.. what stores will be on the chopping block CEO TONY SPRING is doing what best 4 him to keep his position
Were being told being down from LY is not acceptable. Thats coming at us from Divisional and Regional, so not sure what level your at in the company. I will try to use that on our next visit.