When it comes to establishments, Macys is always able to reduce its losses compared to other retail stores even when the economy is taking a turn for the worst. Macy’s has been able to recuperate from all of the economic slump. Event for past few years our economy has taking a turn for the worst, especially when it comes to retail establishments Macy’s was able to minimize its losses compared to other retail stores. Macy’s has been able to recover from the economic downturn posting profit increases in almost every quarter.
On the business level, Macy’s needs to keep renewing its strategy to be able to familiarize with changes offering by its products based on a regional setting and not across the board to all stores.
Macy’s is able to provides the same or greater quality products at a low-price price due to its mainly their large buying authority compare to Dillard store. Macy’s also needs to decrease the overhead and slim their personal supports to make it run more professionally.
They also need to reconsider their produce distribution system by strategically tracing their centers in locations geographically close to their store alliances in specific territories along the country, this will diminish transportation and labor costs to letting them maximize profits.
Macy’s should reconsider its store delivery. They need to use of technology and the number of support positions like the warehouse, administrative, etc. They will be able to make it happen by employing better technology that allows them to become more efficient and leaner.
Macys’ can become a more successful seller if they use new ways of tracking, and shaping goods to their store, they also need to reorganize their processes not to become too top heavy.
Macy’s needs to improve their technology use by cutting their overhead to make goods delivery products more successful, and they also need to decrease office and help personal to compete in this delicate economy. To better holding the market, they also need to take advantage of current goods and promotions. They Should lower their credit card rates to increase their customer base and to take advantage of interest charged on products sold and they need to use their well-known name to move in to new markets not only in the U.S.A but everywhere in the word.
In the retail business, companies are concentrating on Millennials. Millennials are individuals between the ages of 16 and 34. They are account for $1.3 trillion in yearly spending and about $430 billion of that money spent on discretionary goods. Millennials are also well educated and attentively follow their brands and goods through digital networks. Macy’s is targeting clients especially Millennials. Macy’s has hurled numerous collections precisely pointed at Millennials.
Macy’s sells a diversity of goods that variety from apparel to accessories to household to appliances. Macy’s has a collection of major real estate assets across the United States with great value. A lot of their top properties are very valuable, mainly the ones in large cities. The make appeal of the company’s numerous retail lines like Blue Mercury, Macy’s, and Bloomingdales have significant value and are easily recognized as leading retailer brands within the United States market. Macy’s is one of the principal e-Commerce targets in U.S. markets
Macy’s can capture and bear competitive advantage over time by taking advantage of the e-Commerce tendency and importance on growing online sales. They also need to add bridge the gap between retail and digital with and increased focus on their omnichannel connection between mobile, online, and operations within retail locations. Macy’s need to develop a discount e-Commerce website to sell unsold inventory at a lower. Macy’s can take advantage of rising tendencies in the retail segment to halt the decline in comp sales. They can also begin meaningful opportunity for investors to better understood the real estate portfolio.
Macy’s has developed a strategy for their annual holiday campaign “Believe” by focusing on the mobile web. They you use a comprehensive site to enable users to write letters to Santa, participate in a Guinness world record challenge as well as download content to purchase merchandise.
Macy’s seventh annual Believe campaign is meant to benefit the Make-A-Wish foundation. The company will try to make mobile use a large focus of their strategy to help raise money and get consumers involved. One method they are using is making their signature letter writing program mobile so that children are able to use any mobile device to write letters to Santa.
Macy’s has introduced a browser based digital wallet call My wallet which consumers can use in multiple capacities. They may use this feature in stores and online allowing the mobile shoppers to use credit cards and coupons digitally as well.
As the holiday season approaches consumers will become more willing to do their shopping online rather than entering crowded stores so it is important to give those shoppers the same discount opportunities as store shoppers. The new mobile wallet solution helps to encourage shoppers to still shop at Macy’s to get the savings rather than looking at competitors like Amazon.
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