Give this one a read ... click here.
- Integrating merchandising & marketing.
- Laying off 2,200 employees.
- Closing 14 stores responsible for $130,000,000 in annual sales.
- Potentially cloning the Nordstrom model via an off-price business.
- Growing digital.
- Hiring 150 digital experts.
- Macy's own press release suggests employee counts may stay flat (click here).
- Nov/Dec comps of +2.7% ... but that includes internet, strongly suggesting that pure retail comps are treading water (click here). If that's the best omnichannel can deliver, from the established omnichannel leader in the industry, well, #ohboy.
I spent a full year talking about how this is the logical outcome of omnichannel strategy. You've been there with me, all year, on this journey. I sincerely appreciate your loyalty.
Digital is tough, folks. There are unanticipated outcomes. We humans are not good at forecasting three steps ahead when we have a vested interest in making sure that whatever happens one step ahead aligns with our worldview.
Here's the thing about digital. Digital ruthlessly attacks offline inefficiency. We spent a full decade, bombing customers with 10,000 to 100,000 (or more) marketing messages, telling the customer to stop visiting stores. Is it any wonder that half of store purchases start with online research? Is it any wonder in-store traffic is in the toilet?
We need to have an honest discussion about what is coming, folks.