THE top boss of Macy’s has shared a critical update regarding the company’s 125 revamped stores, an effort under its Bold New Chapter initiative.
The CEO touched on how the remodels have been successful in not only improving Macy’s financial performance, but also boosting the shopping experience.
Founded in 1858, Macy’s is one of the most popular and largest department stores in the US and globally, raking in billions of dollars in sales each year.
However, the retail giant has struggled in recent years due to the overall decline of the traditional department store model and lower mall traffic, worsened by the spike in online shopping and shifting consumer preferences.
In response to its struggles, Macy’s is undergoing its Bold New Chapter strategy, launched last February, which involves shutting down underperforming locations, focusing on its more successful luxury brands, and remodeling some stores.
A key part of the strategy, for example, is the “Reimagine 125” initiative, in which the company revamped 125 of its stores earlier this year to improve the customer experience and boost growth.
Tony Spring, the CEO of Macy’s, addressed how these remodeled locations have been a successful venture for the business and consumer alike at the retailer’s second quarter earnings call on Wednesday morning.
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