Macy's Inc.: Turnaround Strategy in Crisis
In 2017, Macy's Inc. (Macy's), one of the world's largest and oldest premier department stores, announced it would close 100 stores and make other significant strategic changes to try to return the brand to its former glory. Macy's sales had fallen for eight straight quarters, causing investors to fear that the company was continuing to lose market share. The firm had been pursuing an aggressive strategy to optimize all facets of its business, but had its chief executive officer addressed all of the company's challenges in an optimal way? The department store industry was still experiencing an overall decline, and competition from online companies and off-price retailers was particularly severe. Could Macy's overcome these obstacles, refocus its strategy, and turn itself around? Won-Yong Oh is affiliated with University of Nevada, Las Vegas.