Does anybody here actually believe that this whole Polaris thing is going to do us any good? I think they are grasping at straws and I doubt we'll see any improvements in a year - other than reduced operating costs due to all the layoffs.
I'm telling you, this whole thing will turn out to be for nothing.
" If Macy’s couldn’t inspire great work out of the best epicenter of tech talent in the world, then that is 100% on Macy’s. It is either a function of the skills of the management team, the business model itself, or both.
Sadly, the ship may have sailed at this point. If Gennette and the management team couldn’t inspire transformational technology work for the past ten years, what’s to say that they will in the decade ahead? "
I love this excerpt:
"San Francisco is the epicenter of tech. Yes, it can be expensive to operate out of San Francisco, but there is a good reason for that. It is where the best of the best congregate. To have a Macy’s operation already established in San Francisco and then to say, “au revoir” (my quotes) to it and to the many who work there (roughly 800 to 1,000 people, according to multiple reports), signals that Macy’s would rather start over versus face the real issue head on."
The plan for 2020 is ... how about we try to meet the plan for 2017?
It didn't work before, why would it work now?
https://www.retaildive.com/news/macys-new-north-star/571908/
https://www.forbes.com/sites/christopherwalton/2020/02/11/macys-decision-to-close-sf-office-is-the-scary-last-nail-in-its-own-coffin/#6ecdc653a948
Every Macy's strategy for 10+ years is the same thing rebranded. I doubt they even believe it. Honestly you have a bunch or high comp execs running blind and happily collecting $. GO ahead and drop the bottom doors, it won't take long for the middle to become the new bottom. Stores in major markets are of value in both sales, returns and BOPS convenience. This was called out 10 years ago by the activist investor that said discard real-estate, spin off a REIT, re-baseline the retail operations with only where growth is occurring. This is not rocket science in concept, granted a myriad of execution complexities.
Consider this, Macy's market value is less than the value of the HSQ store alone in real estate. Macy's would benefit shareholder more by selling everything than continuing as a retailer - the leadership is that awful.
No, There will be some cost saving but no innovation and quality.
H1Bs and offshore/foreign staffing companies have literally brought Macy's Tech to its feet.
No it will not work. It's the same old sh– for the past 10 years.
Macy's need to figure out how to pivot to services. They still think they're in retailing, merchandising, real-estate, and whatever else. Look at Amazon and Wal-mart. They're selling conveniences and services, not wares or merchandising curation or locations.
I'd be much more excited if they try something bold instead of just trying to survive. For example, partner with Shopify to provide "Store as a service" to the shopify sellers. Democratize physical retail locations at prime spots. I'm not saying it's an idea that will work, but it's an example of one that hints there's a sparkle of life there.
@zzm- sounds like Sears about 7-8 years ago. Even though M is still making money, the cost savings won't recoupe the lost revenue if sales keep declining.
These people are id–ts. The polaris star is the north star. So basically they cant even do the basic research to figure that out. They are flying blind. Leave while you can if you still have a job. H1bs are flooding the technology side so even that is going to fail... a la Boeing 737s
@xbt+13mIxGvh
This poster gets it.
The layoffs and store closing will see some operating savings, but nothing significant immediately as it takes money to do both those things. By the time those cost savings come around, sales will slump and there won't be any benefit. Like all giant retailers with huge stores, they in trouble.
Doing more with less people promotes quick savings. Over tasking positions promotes failure. ..........fine line
I think the plan is to reduce cost. In a year they will be able to show a win at least in that area.
Polaris is another star idea that will fizzle. Its simply a regurgitation of same old and took about 20 minutes to write up. And don't you love it when laying off 2000 people becomes an exciting part of a new strategy?