The energy of our company was undeniable as Macy’s kicked off its annual Big Meeting on March 23, 2017. The meeting was particularly momentous as it opened with executive chairman and former CEO, Terry Lundgren, closed with new CEO and president, Jeff Gennette, and revealed the new brand purpose and corporate strategy.
In mid-June, Macy’s, Inc. announced that Terry Lundgren will transition his CEO position to Jeff Gennette in the first quarter of 2017. At that time, Lundgren will continue as executive chairman and work side-by-side with Gennette, named as president and CEO.
Last week, Fortune Magazine featured Macy’s “All Things Weddings” initiative and spoke to the great work we are doing to expand our wedding business beyond our traditional gift registry offerings. Led by Shawn Outler, SVP/Lease/Pricing/Multicultural Initiatives, this initiative is part of a larger effort to engage and build ongoing loyalty among the Macy’s millennial customer.
Bloomingdale’s entered the Hawaii market with the opening of Ala Moana Center in Honolulu in November. The three-level, 165,000 square-foot store is the centerpiece of the world’s largest open-air shopping mall, with full-line offerings and an extensive roster of brands – several of which are exclusive to Bloomingdale’s Ala Moana.
This past fall, Macy’s debuted its new off-price brand – Macy’s Backstage – bringing the Macy’s shopping experience to customers at discount prices. All six pilot locations are officially operating, the most recent being Essex Green in New Jersey, and the only store that was converted from a previously existing Macy’s location.
In November, Bloomingdale’s unveiled its first flagship Outlet store with the opening of its new Upper West Side location, at 2085 Broadway (on the northwest corner of 72nd St.).
The wedding business is booming in the United States with an estimated $12 billion spent on fine jewelry alone. While Macy’s sales are impressive, we have a great opportunity to capture more market share. Four districts and 43 stores in the Southwest Region are leading the charge through a new jewelry strategy that debuted in August. Their goal: to increase the business by 18 percent in 18 months.