Can Shrinking Stores Revive Macy's Business?
The iconic department store chain Macy's (NYSE: M) will forever be enshrined in pop culture thanks to the film Miracle on 34th Street, but while millions of Americans might rewatch that holiday classic at some point this season, they may never set foot in an actual Macy's or browse its website. If the retailer doesn't get its act together, it may wind up better remembered on-screen than in reality.
One of the strategies it's exploring is downsizing, not just the number of stores it operates but the size of the ones it keeps open. While in New York City, some behemoths among department stores have closed their doors of late -- think Lord and Taylor or Barneys -- Macy's block-sized store in Herald Square, which features 10 floors and 15 restaurants, has managed to stay afloat. But the times, they are a-changin', and icon or not, the company needs to undergo a serious shift.
Image Source: Macy's.
Source Fool.com
