Department stores have quickly fallen out of favor with retailers in recent years. The emergence of online shopping certainly attributes to this, as to does the changing mind-set of shoppers in general. Why waste time trundling through a department store at the mall when you could sit on the sofa at home with the TV on and do a spot of online shopping with your iPad?
And when shoppers are heading online, they do not need to head to one location for all their shopping needs because they can visit various websites and shop around for the best deals.
Plus, you can find a lot more goods online too from the likes of Amazon, and anyone heading to the mall or elsewhere to shop will now be greeted with a host of new fast-fashion options such as H&M and Zara for their clothing needs – so is it really much of surprise the department stores are in decline?
One of the country’s oldest and most beloved department store chains, not to mention the largest by sales, Macy’s is looking to halt the increasing decline of it and many similar stores in the shape of a brand new chief who they hope can revitalise the chain.
Jeff Gennette has been with the company for more than 30 years and will be taking the reins as chief officer of Macy’s next year. He was a stick on for the CEO position when Terry Lundgren eventually steps down, but now priorities have changed and the company is hoping that their fortune will do the same with the appointment of the 55-year-old.
Macy’s are hoping that Gennette’s experience in both merchandising and store-operations will provide invaluable in his mission to improve the department store model. In the past he has gained a reputation for being very aware of upcoming trends, which will be all too important in attracting more fashion-minded shoppers back to Macy’s – he has already claimed that various shades of grey will be the new hot color for next year.
He has yet to fully elaborate on any sort of strategy when he comes into power next year, although he has said that simplifying prices and a placing a stronger focus on the curation of more unique merchandise will be a good place to start.
Macy’s reputation as entertainers will also be important in his plans, and he aims to recapture this aspect of the brand.
“We have a heritage of being an entertainment brand,” he said. “And that’s what customers want right now.”
