Their good fortune to be labeled essential and be able to remain open was a blessing for them --- As Raj Shroff said, however, they have greatly improved their stores prior to the pandemic and I think that paid off. Their stores are now well lit, easy to shop, attractive and the prices are fantastic. When you add all that up it is all win. Now they must work to keep the customers they were able to attract. That should not be difficult given the state of employment currently! Big Lots could become a regular visit for their new customers.
The saving of the jobs is fantastic.
Hey J.C. Penney, look into your past and morph your old, great catalog business into a Great Online Experience -- omnichannel!
Tell us if you do BOPIS and if you do not, start ASAP. Also, buy online return in store. If this is available, advertise it! Modernize everything and anything working in Hurst, TX. Consider a rollout ASAP -- at least to top stores.
I wish them the best, yet I am very afraid, as others have said, of Sears 2.0.
I do not intend to be mean, just critiquing as I see the situation. In my opinion, Bloomingdale's has incredible brand equity and stature. However, having said that, I am a little suspect of future opportunity. The Bloomingdale's of Marvin Traub, rest his soul, is long gone and the luster of that institution has long ago faded. Today we have a dressed up Macy's with some offerings not available at the mass market sister -- this is all offered in a matter of fact, take it or leave it fashion. Nordstrom's service and salespeople are superb and helpful and interested. Neiman Marcus is not going away -- they are just scaling down and removing debt.
I have not been to 59th street for some time, but the other outlets of Bloomie's that I have been in are lackluster and boring.
Bloomingdale's may be able to add brands that they have not had simply because of the decrease in distribution possibilities -- and they should! Along with that, however, they need to do a much better job of being luxurious. A veneer of luxury and attitude is NOT luxury and as Ms. Rosenblum stated, people have learned to go DIRECT to the desired brand -- no need for an intermediate with the internet!
I wish them well.
I think that there are two camps right now: people who are hurting and NOT doing well, and people who are not doing badly. That group I believe is feeling pent up frustration and I believe those people have money to spend, and I think they will spend on Prime Day. This might be about an early start to holiday season needs and gifts, but I believe will also be things for themselves. I believe that others will capitalize on Prime Day with their own specials -- as they should capitalize on this event -- as it is becoming tradition.
This is all temporary. They will have opportunity for plenty of inventory and offering.
And there are many, many people out of work and hurting -- this emphasizes the need for and ongoing success of both of these competitors.
Hopefully we will be able to put COVID-19 in the past in 6 to 9 months -- however, the economic ramifications from all of this are going to take longer to smooth out and hopefully resolve -- IMHO.
And I agree, I also noticed lines outside of these retailers when they reopened! I was really surprised -- and the other stores except for Walmart and Target were EMPTY!
I beg your pardon. My reference to freestanding "Cellar" stores was without good thought -- Macy's of that time was so laser focused in on their merchandise mix and execution that they would never have been so sloppy to have tried such a thing! Sorry!
Such a great post Mr. Rubin! I forgot how great "The Cellar" was -- hadn't thought about that for years. It probably would have done well with freestanding stores! Macy's Pre Campeau/Federated was as far from what we see today as Mercury is from Neptune -- opposite ends of the spectrum. Federated bought and became Macy's. Federated did have high standards and excellent service, however, post Campeau it was all about survival, and the whole company changed radically with the amalgam of the wreckage of Federated and Allied. I definitely understand the Star Wars reference, however!
Hopefully Macy's will find a way forward and be profitable AND relevant.
I agree. The loss of Marshall Field's, its culture -- its symbolism -- was and remains a terrible thing! The fact that Macy's could not realize what they were doing away with was a testament to arrogance. I wish Macy's well, but the debacle with Marshall Field's was simply a very bad decision.
Having said all that, I think closing under-performing stores is necessary and they are trying several things that seem to be beneficial so far. They need to do introspection, however. Nordstrom enjoys the benefits of Rack but at the end of the day, they are Nordstrom. Macy's can benefit from Backstage but they need to be Macy's.
Great concept! This really sounds promising and plays well to the sustainability concerns of the younger generations. I think their slow approach is also great -- see what works and keep it exclusive with a sprinkle of stores in select locations! I hope it wins!
This is a great idea. Dick's must have excess merch due to COVID and this is a great way to clear that out and it lets them experiment and see what works! As long as the locations are spread out and they can avoid cannibalization -- and it seems that that is the case -- this is a great idea. Everyone loves a bargain, especially parents and sportsmen, and may be watching their finances more closely now.