Yesterday Macy’s announced plans to close 125 stores and eliminate more than 2,000 jobs and this morning the company expanded on its “shrink to grow” strategy
that trying to stake out a material and sustainable position in the mediocre middle ground between brands that offer remarkable value and convenience at one end of the spectrum and those that provide differentiated premium products and services at the other, is increasingly untenable.
Sure, Macy’s needs to do what it can to keep from sinking into oblivion in the immediate term. But it stays afloat over the long-term by profitably growing share of wallet with their core customers and expanding market share, irrespective of transactional channel, in geographies in which they remain. The change needed here is profound., dispelling the notion that retailers can shrink to prosperity.
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