I know that #retailhell is getting beat to death these past few weeks, so I think I'll just leave this here instead of starting yet another thread. I just figured I’d share this one article, because I'm checking out The Week per kleinbl00's recommendation and it has some points about Wall Street canabalizing company assets. Which reminds me of this rant I made a while back. Also, the other day I heard someone call Venture Capitals "Vulture Capitals" and I can't help but think that term fits pretty well.
Old People. And Rich People. Through a series of poor life choices I ended up in a Macy's this week. I was the youngest person in the store not staff and at least from outward appearances by far the least wealthy.
Honestly - I hit up a department store this Christmas and it was jam-packed. There are wide swaths of the world who don't buy some things online. There's no doubt that the tide has shifted and will continue to do so... but there are some things it is nice to go and try on before buying.
Macy's has been ragged-edge of death for at least ten years. My old company stopped pursuing bids on their shit because they never paid their bills. Talkin' a 15-year tradition of fucking over vendors.
They did really well though, for quite a while. I think part of the reason they lasted this long was just by sheer market share. Their strategy seemed to consist of buying up a few more brands in an attempt to gain more market share and cut off other competitors. The changing economy though, seems to be catching up to them. It'll be interesting to see if they survive or start to sink faster and faster like SEARS is.
On February 6, 2008, Terry Lundgren announced the localization strategy and the company's plan to shed 2,550 jobs. This included laying off the Macy's Northwest headquarters and merging all of the former The Bon Marché stores under the Macy's West division.