Macy’s is ready to let go of some of its baggage. The extra ballast in the form of 2,500 jobs that are to be vacated is a key component of a well-thought-out scheme. Already, after the decision was made, the shares of the company have risen by more than 5%. And as for the Christmas vacations, they went just fine with incredible amounts of incoming funds.
Savings amounting to $100 million have been forecast for future times by the store’s analytical experts. Macy’s is facing a precarious situation in the market. While it is a success story despite the recession, the shoppers’ preferences are shifting all the time.
Many of the workers that will be laid off are to be reassigned. So it is not all bad news for the employees. A few of its stores are to be shut down while more are to start doing business. The products too will be undergoing a seismic shift.
The execs remain optimistic and want to take the store to the next level in terms of variety of goods. And while the surgical moves of downsizing are painful, they are also a necessary step the firm has to take in order to become proactive and prosperous.
“The actions being announced today reinforce our focus on continuous improvement in our M.O.M. strategies (My Macy’s localization, Omnichannel integration and Magic Selling customer engagement) and will help us to maximize the impact of the exceptional talent we enjoy at every level of our organization,” said Terry J. Lundgren, Macy’s, Inc. chairman, president and chief executive officer.