The ranking. The year 2016, also brought many changes

The
various store names that are under the Macy’s nameplate include Macy’s,
Bloomingdale’s, Bluemercury, and Macy’s Backstage.  The company operates stores in 45 states as
well as the District of Columbia, Guam, and Puerto Rico.  It also has Bloomingdale stores in Dubai and
Kuwait which are operated by the Al Tayer Group under various license
agreements with Macy’s Inc.  Macy’s
carries most popular name brands including, but limited to: Nike, Michael Kors,
Coach, Guess, Tommy Hilfiger, Martha Stewart Collection, Gucci, Kate Spade,
Clinique, Waterford, Sperry, Lenox, Under Amour, North Face and Dooney &
Bourke. (business wire, 2017) The year 2016, brought sales of “25.778 billion
dollars”.  It has double digit growth in
the digital business, and the Macy’s app received high praise which included L2
listing Macy’s as one of its top ten department stores in digital ranking.

The
year 2016, also brought many changes to Macy’s. 
It welcomed Jeff Gennette as Chief Executive Officer and Terry Lundgren
as Executive Chairman.  With this
transition came new and innovative ideas to bring the company into more stable
profitability.  Macy’s announced the
closure of 100 stores. This real estate strategy generated cash proceeds of
approximately 675 million dollars which helped to fund the continued reinvestment
in the company. Macy’s stated that, “aggressively paring back our store
footprint was a bold step, giving us a healthy physical store portfolio that
complements our expanding digital footprint” (macysinc.com).  This format allows the customers more freedom
to shop any way they wish as well as at any time they choose. Macy’s has
calculated that the store closures and restructuring are expected to generate
an annual expense savings of approximately 550 million dollars in 2017.  In their fiscal reports, Macy’s has stated
that they have reduced their expenses by more than one billion dollars since
2015 (XX,XX). 

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Macy’s
has always been praised for its incomparable marketing strategies. The company
symbol of the red star was derived from a red star tattoo that R H Macy had on
his forearm which represented the North Star. It represented his ability to
stay on course during his whaling days and reminded him of the need to stay on
course when he entered the dangerous waters of retail.  Macy had a willingness to push boundaries which
continues to drive the store today.  Even
though Macy’s is innovative and willing to push boundaries, it continues to be
customer service driven as is evident by its Five Point to the North Star Marketing
Strategy.  These five points include
Point 1: From Familiar to Favorite; Point 2: It Must be Macy’s; Point 3:  Every Experience Matters; Point 4: Funding
our Future; and Point 5: What’s New, What’s Next. It is obvious to see that
Macy’s is committed to their 5 point strategy and it is that strategy that they
believe will lead them to continued success in the retail business
(macysinc.com).

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