| Submit your comments on this article | |
| Economy | |
| Macy's struggles go on as it slashes profit, sales outlook | |
| 2016-05-12 | |
| [STARTRIBUNE] Macy's slashed its full-year profit and sales expectations as the department store chain struggles to lure shoppers seemingly in an extended funk. First-quarter income tumbled 40 percent and revenue fell 7.4 percent, sending shares down 10 percent in early trading Wednesday. The report from Macy's, following dismal sales numbers from the Gap earlier in the week, dragged down the entire retail sector in premarket trading. After a brutal holiday shopping season, retailers are muddling through another spending slump that began in mid-March. Macy's had been a stand-out among retailers following the recession. Yet in the last year, the malaise suffered by others seemed to catch up with Macy's. Department stores are face increasing competition from online retailers like Amazon.com. Macy's also has acknowledged that Americans, rather than spending money on clothes and accessories, are going out to restaurants or spas, vacationing, or plowing money into their homes. When they do shop for clothes, increasingly they are doing it at discount stores like T.J. Maxx. Macy's is trying to overhaul its business to counter slumping sales. It opened a group of Macy's Backstage stores last fall to compete with T.J. Maxx and other off-price stores. It's also expanding online also acquired Bluemercury, an upscale beauty and spa company.
| |
| Posted by:Fred |
| #3 RIOtee aIOD Makres aa gopod vosdka, |
| Posted by: swksvolFF 2016-05-12 16:52 |
| #2 Coupla years ago, went into the big city to buy some shoes. I own shoes that are still in use after 30 or so years, and have always known that paying top dollar for a quality shoe is always a bargain, in the long run. Went into Macy's and was appalled. Macy's purchased their presence in Oregon by purchasing the Meier & Frank chain. M & F competed with Lipman's and Nordstrom's. On that visit, it seemed their competition was Rite-Aid. Quality is important. But it seems pointing this out is easy to ignore. (As newspapers ignore their declining subscriber bases.) . |
| Posted by: OregonGuy 2016-05-12 13:10 |
| #1 Does anybody still shop at department stores? Sure they do. They just make sure they shop the sales which can often be as cheap as outlet stores. As easy as the internet can be when it comes to some items such as clothing being able to handle the item and use a fitting room make a big difference. Plus quality counts too. Face it a shirt from Wally World is not going to hold up as well as one from a name store from a quality, well constructed brand. The difference is often in the quality of construction. there is also a reason that items wind up at TJ Max, Marshall's and others. a lot of the time it is merchandise that stores could not move because nobody wanted it. Usually because the clothing is butt ugly. Just my $.02 |
| Posted by: Cheaderhead 2016-05-12 06:15 |