Company Information and Profile of Macy\'s : Name of Organization: Macy\'s Found

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Company Information and Profile of Macy's :

Name of Organization: Macy's

Founded :1929

Founder : Rowland Hussey Macy

CEO :Terry J. Lundgren

Industry :Fashion & Retail

Sector :PublicCountry :USA

Website :http://macysinc.co

Macy's Company Address: 7 W. Seventh St., Cincinnati, OH 45202

Macy's Telephone Number: 513-579-7000

Company Description

As a top company in the Retail industry Macy's specialize as a chain of mid-range American department stores with products including clothing, footwear, bedding, furniture, jewelry, beauty products and house wares.

Macy's Slogan

A slogan is a short, memorable catch phrase, tagline or motto used to to identify a product or company in advertisements. The advertising slogan, or business slogan most associated with Macy's, is:

                                     "Way to shop!"

Macy’s, Inc., together with its subsidiaries, operates stores, Websites, and mobile applications. Its stores and Websites sell a range of merchandise, including apparel and accessories for men, women, and children; cosmetics; home furnishings; and other consumer goods. The company also operates stores that offer a range of women's, men's, and children's apparel; shoes; fashion accessories; housewares; home textiles; intimate apparel; and jewelry. Macy's, Inc., incorporated on December 13, 1985, is an omnichannel retail company operating stores, Websites and mobile applications under various brands, such as Macy's, Bloomingdale's and Bluemercury. The Company sells a range of merchandise, including apparel and accessories (men's, women's and children's), cosmetics, home furnishings and other consumer goods. Macy's Logistics and Operations (Macy's Logistics), a division of a subsidiary of the Company, provides warehousing and merchandise distribution services for its operations. The properties of the Company consist primarily of stores and related facilities, including a logistics network. the operations of the Company included 829 stores in 45 states, the District of Columbia, Puerto Rico and Guam, comprising a total of approximately 130 million square feet.

Vision statement :

Mission Statements and Vision Statements are written for customers and employees of corporations. A Mission Statement can be defined as a sentence or short paragraph written by a company or business which reflects its core purpose, identity, values and principle business aims. The definition for a Vision Statement is a sentence or short paragraph providing a broad, aspirational image of the future.

Macy's Mission Statement:

"Our goal is to be a retailer with the ability to see opportunity on the horizon and have a clear path for capitalizing on it. To do so, we are moving faster than ever before, employing more technology and concentrating our resources on those elements most important to our core customers. "

Macy's Vision Statement:

"Our vision is to operate Macy's and Bloomingdale's as dynamic national brands while focusing on the customer offering in each store location."

HISTORY OF THE MACYS :

History is full of tales of daring entrepreneurs who launched small-scale businesses that grew and evolved over time through their owner’s industriousness and creativity. But few enterprises reflect their creator’s inventive spirit, perseverance and willingness to learn from past mistakes as much as R.H. Macy & Co., founded by Rowland Hussey Macy

This retail magnate’s life story speaks to the intriguing roots of the modern-day department store as well as the changing character of American retail commerce, advertising and marketing, and staffing. When Macy started out few could have guessed that he would mastermind what would eventually become one of the largest retail operations in the world.

It all Began With Dry Goods

Born in 1822, R.H. Macy, the son of a Nantucket-based shopkeeper, left home at 15 to set sail on the whaling ship Emily Morgan. After four years at sea, he returned to Massachusetts and worked in his father’s shop before opening his own needle-and-thread store in Boston in 1844. This shop failed as did another dry goods store he opened two years later.

Macy then worked for a time in his brother-in-law’s Boston shop, followed by a stint in California searching for gold during the 1849 gold rush. After that effort proved disappointing, he came back to Massachusetts and, in 1851, opened yet another dry goods store in downtown Haverhill in partnership with his brother. Though they experienced modest success, Macy left Haverhill for New York City in 1858 to open his own fancy dry goods store—R.H. Macy & Co.—on the corner of 14th Street and 6th Avenue, a low-rent district north of the city’s other dry good stores.

Macy then worked for a time in his brother-in-law’s Boston shop, followed by a stint in California searching for gold during the 1849 gold rush. After that effort proved disappointing, he came back to Massachusetts and, in 1851, opened yet another dry goods store in downtown Haverhill in partnership with his brother. Though they experienced modest success, Macy left Haverhill for New York City in 1858 to open his own fancy dry goods store—R.H. Macy & Co.—on the corner of 14th Street and 6th Avenue, a low-rent district north of the city’s other dry good stores.

On the first day of operation, the store pulled in $11.06 and sales continued to grow at a robust pace with gross returns for the ensuing year totaling around $85,000. Over time, Macy expanded his operation to occupy 11 adjacent buildings selling many different categories of merchandise and effectively launched what came to be known as a department store.

The store’s original trademark emblem was a rooster, but Macy replaced it with a red star, inspired by the tattoo he got on his forearm during his whaling days—a visual nod to the star that guided him when he was at sea.

Macy’s Groundbreaking Inventiveness

R. H. Macy’s success resulted in large part from his innovative sales and advertising practices that virtually transformed the retail industry and prompted customers to flock to the store for unrivalled shopping experiences. Among his revolutionary firsts: buying and selling merchandise with cash only; instituting a one-price system, which eliminated the common practice of bargaining in favor of selling a specific item to every customer at the same price; stating the exact price of products in boldly titled newspaper ads; offering money-back guarantees; and introducing new and creative products like the tea bag, the Idaho baked potato and colored bath towels, as well as made-to-measure clothes for men and women, produced in an on-site factory.

In addition, Macy’s store was the first to possess a New York City liquor license and in 1862, the first to feature a Santa Claus during the Christmas season. In 1864, the store began installing illuminated window displays to attract the attention of those passing by, giving rise to the notion of ‘window shopping.’

In 1866, Macy made business history by promoting Margaret Getchell, a woman known for extraordinary marketing insights and ideas, to store superintendent—an executive position. Her guiding mantra: Be everywhere, do everything, and never forget to astonish the customer.”

An 1878 New York Times article captured the special appeal of the store: the "universality of the stock, almost every article of dress and household furniture being for sale there, and at the most reasonable prices."

Macy’s Ongoing Legacy and Company Milestones

R.H. Macy died in 1877 and, in 1895, the company ownership passed from his family to Isidor and Nathan Straus, brothers who, with their father, had leased the basement of the store in 1874 and established a famous china department there. The Straus family continued to build on R. H. Macy’s legacy of ‘firsts’ throughout the early years of the 20th century.

In 1902, the operation moved uptown to the nine-story Herald Square flagship building at 34th Street and Broadway. It had 33 elevators and four wooden escalators—the first to be used in any American store. These original escalators can still be seen today in the Herald Square store.

The company is continuing to launch new retailing initiatives and services to cater to its customers, including Same-Day Delivery in eight markets, Buy Online Pickup in Store nationally and Apple Pay mobile payment. Remarkably, R.H. Macy’s dogged pursuit of his bold vision and triumph over his early business obstacles led to a world-renowned brand that sells an enormous range of products, raises significant funds for charity and reinforces cherished traditions through spectacular events

SWOT ANALYSIS : STREANGTHS , WEAKNESS, Opportunities, THREATS

STREANGTHS :

Empowered assocates

Macy's name reognition

Strong Management Helps Macy's

Brand Name is Important to Macy's Customers

WEAKNESS :

Domestic Market Potential

No foreign market

Opportunities

Retail Innovation Could Help Growth at Macy's

International Expansion Could Increase Growth

THREATS :

Competition
Opportunity
Loca

DECISION MAKING PROCESS :

1.     TO ADRESS FINANCIAL PROBLEMS COMPANY CAN ENTER INTO A FOREIGN MARKET WITH DIFFERENT STYLES AND TRENDS .

2.     TO ADDRESS THIS ONE COMPANY CAN COLLECT THE DATA REGARDING FOREIGN MARKETS

3.     AND ANALYSE THE DATA COLLECTED BY THE EXECUTIVES

4.     SLECET THE INTERNATIONAL MARKETS AND EXPAND THE BUSINESS

5.     PROVIDE NO.OF VARITIES TO THE CUSTOMERS AND GAIN CUSTOMER LOYALITY.IT WILL GIVES LONG TERM RELATIONS WITH THE CUSTOMERS

6.     IT WILL GIVES EXPANSON OF BUSINESS ALONG WITH THE PROFITS FOR THE ORGANISATION

BIBLIOGRAPHY

NEWS PAPERS:

Business line, Economic times

Explanation / Answer

company’s approved by faculty are JC PENNEY, MACYS, BEST BUY....one of these will do Project Requirements Each student will identify a current (one year or less) problem or opportunity for an organization, approved by the faculty member. Students should conduct preliminary research to identify a specific problem or opportunity that may have been addressed in the news, or within the organization's current annual report. C TEJNEY YACYS ESs BUY e Students will analyze the problem and/or opportunity using the management decision making process. The project analysis and presentation should demonstrate an understanding and application of effective management principles. Each student will present their analysis in an oral presentation (5 minutes) and will prepare a paper (6-8 pages) to address the management problem/opportunity. Students should use a minimum of five resources-not limited to websites to develop their research skills. the mission/vision A brief history o . SWOT Analysis Steps in the Decision Making Process . Bibliography/Works Cited

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