New Macy's CEO takes over with new strategy
Jeff Gennette has been unanimously elected as the new Macy's CEO and is charged with saving the brand and the business.
Gennette has been with Macy's for 30 years, starting in 1983 as an executive trainee at Macy's in San Francisco.
Terry Lundgren, former CEO who will continue as executive chairman, spoke of Gennette's experience saying, "Jeff has a proven track record as a successful retail operator, seasoned merchant and business leader and has contributed significantly to the company’s long history of success."
Gennette spoke realistically of the environment he will step into, saying, "while we certainly have our challenges, we also have great assets and opportunity. No company is better up to the task of re-invention than Macy’s."
To that end, Gennette spoke about goals to become an omnichannel retailer that offers a consistent experience in store as well as via eComm. He also set forth a 5 point action plan to reboot the retailer.
Of his 5 steps, Gennette plans to make Macy's less promotional through more event based marketing. Macy's will work to strengthen its private label value based assortment. Gennette also wants to improve the actual consumer shopping experience, making it easier with technology. For his fourth point, Gennette is focusing on funding the future. With Macy's aggressive store closings, $600 million is forecasted to come back to Macy's.
As his final action point, Gennette plans to look at new markets and fill in the gaps where Macy's and its subsidiaries do not presently do business.
In summarizing his plans for Macy's, Gennette said, "We certainly don't have our head in the sand, and we're looking outward as much as we're looking inward to where the opportunities might be."
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