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Macy’s Fights Downward Spiral With Bet on Off-Price Backstage Stores
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Macy's story is told by figures showing an increasing share in a shrinking department store business. Macy's increased its share of department store sales to 44% in 2013, from 33% in 2006 by acquiring other department stores. As a result the improvement in recent years disguises some serious weakness in the company's strategies. It took Macy many years before launching an off price chain to carry discounted merchandise- only now getting off the ground under the Backstage chain. The change in consumer buying habits after the 2008 recession continues today, buyers are frugal and waiting for markdowns which take longer at Macy's and come quickly at TJ Maxx. As a result Macy's sales are declining in 2015. This benefits discount retailers carrying name brands at lower prices such as TJ Maxx, which has about the same sales as Macy's and over 3 times the market value. Macy's share price has fallen about 40% so far in 2015. As other stores such as J.C. Penneys have shifted and adopted strategies offering more value and everyday competitive pricing Macy's faces the risk of being too slow to change.
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Macy’s to Increase Capital Spending by $100 Million
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Macy's financial and share price performance
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TJX: What It Takes to Shine In a Bleak Retail Market
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Macy’s Reignites Retail Worries
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Macy's management
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Grouped Articles
Macyâs Splurges on a Makeover on 34th Street
New York Times 11/05/2013
With Stores Nationwide, Macy's Goes Local
BusinessWeek 09/30/2010
Macy's to Buy Bluemercury Spa and Beauty Chain
New York Times 02/03/2015
Macy’s to Increase Capital Spending by $100 Million
Wall Street Journal 02/25/2015
Macy’s to Push Best Stores Upscale
Wall Street Journal 05/14/2015
Macy’s Cuts Guidance as Sales, Profit Slide
Wall Street Journal 08/13/2015
Macy's performance
09/30/2010
Grouped Articles
Macyâs Splurges on a Makeover on 34th Street
New York Times 11/05/2013
With Stores Nationwide, Macy's Goes Local
BusinessWeek 09/30/2010
Macy's to Buy Bluemercury Spa and Beauty Chain
New York Times 02/03/2015
Macy’s to Increase Capital Spending by $100 Million
Wall Street Journal 02/25/2015
Macy’s to Push Best Stores Upscale
Wall Street Journal 05/14/2015
Macy’s Cuts Guidance as Sales, Profit Slide
Wall Street Journal 08/13/2015
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