Strategic ProfileMacy’s Inc. is a primary multichannel retailer that offers traditional brands while serving customers through distinguished stores and compelling online sites that are optimized for purchasing on a mobile device (“Corporate Vision and Financial Objectives”).
As a worldwide name with its own unique identity and customer focus, Macy’s is known as a top-tier retailer. Macy’s Inc. has a clear focus on the customer and understands that the customers are prevalent and that all its actions and multichannel strategies must be directed toward providing a personalized merchandise offering and shopping experience online and in-store (“Corporate Vision and Financial Objectives”). Implementing the company’s customer-centric strategies by a talented, experiences organization allows Macy’s Inc. to hold an important competitive edge over other organizations.
Jeff Gennette, president, and CEO of Cincinnati-based Macy’s Inc. reported they the business has been exceeded expectations in both earnings and sales since they launched their North Star Strategy. This strategy included the following steps:Retooling the company’s marketing machine with a greater focus on fashionSimplifying its complicated pricing schemeLaunching the Start Rewards Loyalty Program in September 2017The backstage off-price concept was expanded to 45 storesBuy online and pick up in a store was expandedImproved service through Macy’s mobile appNew pilots were launched to create a more experimental retail experience(Brownfield,2018). As an organization, Macy’s finds their greatest strength lies in the talent, acumen, and ability of their staff. When selling at their respective stores’ employees and management treat every day as the production of humungous magnitude is taking place on the selling floors (“Corporate Vision and Financial Objectives”). Attracting, finding and keeping the most talented individuals in the retail industry is one of Macys Inc.
biggest priorities. They feel that having the strongest people working for them that can develop has been and will continue to be one of their greatest advantages. Macy’s Inc. is committed to being open and honest with associates, shareholders, vendors, customers, financial analysts, and the news media. The company leaves and an open line of communication and seeks to be proactive in sharing information. Keeping key stakeholder groups up-to-date on important and material development is important to Macy’s Inc. (“Corporate Vision and Financial Objectives”). Some of the corporate financial objectives for Macy’s Inc include growing sales profitability, maintaining a profitable rate that is among best-in-class retailers, improve return on invested capital, and to maximize total shareholder returns (“Corporate Vision and Financial Objectives”).
ReferencesBrownfield, A. (2018, February 28). Macy’s CEO: New strategy is leading us to growth. Retrieved October 24, 2018, from https://www.
bizjournals.com/cincinnati/news/2018/02/28/macys-ceo-new-strategy-is-leading-us-to-growth.htmlCorporate Vision and Financial Objectives. (n.
d.). Retrieved October 24, 2018, from https://www.macysinc.com/about-us/corporate-vision-philosophy-financial-objectives/default.aspx