(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.
Categories: Macy's State Street Shopping
Mike Doyle
I’m an #OpenlyAutistic gay, Hispanic, urbanist, Disney World fan, New York native, politically independent, Jewish blogger in Chicago. I believe in social justice, big cities, and public transit. I write words and raise money for nonprofits. I’ve written this blog since 2005. And counting...
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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…
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!
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
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…
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.
Great post – although I do think that death is preferable to the South Loop Target.