Macy’s on the ropes?
March 30th, 2009 | by mbhunter |When I was down in Florida this past week I saw a commercial for Macy’s:
The Magic of Macy’s: 150 years
Maybe this is just a sesquicentennial celebration. Why not? There’s nothing wrong with celebrating achievement with a commercial. Nike did it for Michael Jordan, after all. (I remember seeing that commercial after the Bulls won the threepeat.)
But I wonder why Macy’s needs to advertise like this. Shouldn’t just about every American know about Macy’s? Why put together a one-minute commercial about yourself?
Macy’s recently announced that it’s cutting its dividend and slashing 7,000 jobs, which is about 4% of its workforce. Maybe Macy’s needs some goodwill? Or it’s looking to soften what looks to be a miserable year for retailers in general?
The recession wears on, and wears away people’s desire for discretionary spending. Anchor stores like Macy’s aren’t the draw they were, and some, like Steve and Barry’s, are going bankrupt. (They went down right before the holiday season, just like Tweeter’s. That’s pretty surprising, actually.) What used to be reliable sales volume isn’t anymore.
Maybe Macy’s will weather this recession. Other retailers won’t. Now’s not the time to stock up on gift cards!
One Response to “Macy’s on the ropes?”
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