Macy’s North: It’s Lonely In Here
(Photo: Wonder what these folks want? Apparently not Macy’s cards.)
If you thought you heard a citywide refrain of “I told you so” yesterday, you weren’t imagining things. According to a report in Wednesday’s Chicago Tribune, Federated finally admits feeling financial pain over a hardcore group of former Marshall Field’s shoppers who quit shopping the chain when the nameplate was switched to Macy’s last fall.
How much pain? According to the Trib, since the September name change, sales for the midwestern Macy’s North division are down more than ten percent versus this time in 2005, including an absolutely astounding drop of 11 percent just from October to November of this year. What’s more, shares of parent-company Federated have dropped 16 percent in the past six weeks.
So if you’re a former Field’s shopper who’s recently gotten a big-money coupon in the mail, or an unexpected personal call from a real live Macy’s marketing person, now you know why. (And if you’re Federated-honcho Terry Lundgren, you’re learning the hard way how not to take lightly Hogtown cultural history, as I previously opined here, here, and here).
Analysts quoted in the article lay blame squarely at Federated’s feet, for ramming the name change so quickly down the throats of Chicago shoppers and almost completely underestimating the depths of Second City loyalty for the hoary, homegrown Field’s nameplate. The experts do say they expect Macy’s sales will eventually recover.
Maybe. But not without Federated enjoying a nice plate of crow this holiday shopping season, because the same analysts all but say that in its hubris, the retail giant has pretty much killed its chances of having a strong Christmas in Chicago.
I’d like to sit down and write Lundgren a big, fat, “I told you so” letter, myself. Really, I would. But I have to go hit the South Loop Target to finish off my holiday shopping.
Give the lady–or gent–what they want, indeed.
Other posts you might like from Chicago Carless:
Yesterday, the Macy's on State Street signage troubles that I uncovered weren't the only public-relations blunder dogging the Cincinnati-based department store giant, Federated. Full-court press also went to the South Loop's Eleven City Diner for daring to serve a sandwich named after the defunct Marshall Field's--a sandwic...
Earlier this month, a visit to the Brookfield Zoo uncovered new depths of hidden obsessiveness in Yours Truly. I've always liked the place--it reminds me of a pancake-flat Bronx Zoo, minus the Bengali Express monorail ride through Wild Asia that I grew up riding. But there's one thing I unfortunately didn't grow up with at ...
Free food is a hard thing to turn down in a recession. But one month using Just For U, Dominick's new electronic coupon website, is a few weeks too much. I appreciated the gift cards I received from Dominick's PR firm to try out the service. But the clunky, outdated website and lack of a real-time mobile app had me wonderin...
Great post – although I do think that death is preferable to the South Loop Target.
Great post. But it’s going to take him a while to realize his folly if ever. So excuse me if I’m a little pessimistic.
Tony, given how hard it can be to cross that intersection at Roosevelt and Clark on foot, death can BE going to the South Loop Target
Levois, I’m of half a mind to agree. I’ll let you know when I find the other half…
Macys? What is this Macys you speak of?
Speaking of shopping, I guess I’m going to break down and shop at Sears from now on.
http://preview.tinyurl.com/yjxfr6
As I wrote to Macy’s North management, It’s the MERCHANDISE, STUPID!!!
The replacements for Woodward and Field Gear are inferior and over priced.
Sizing in Tall or Extra Tall is nonexistent.
Where is the exciting merchandise…not here!
Scraping on State Street: A Year of Macy’s
(Photo: “It’s that ABC news van again…”.) It’s generally not a good sign when the ABC news van is parked in front of your establishment in the middle of the business day. So it was on Monday, as I…