Following Macy’s landmark acquisition last year of over 400 department stores—a move meant to boost profits—the company was broadsided by a 40% tumble in stock prices that sent shockwaves through the boardroom and the scantly populated store aisles alike.
The culprit? Apparently, Macy’s new strategy of trying to wean consumers off of the coupons that they have long relied on fell flat, leading to the calamitous decline in sales that negatively impacted stock prices.
The company sought to break away from competing with other low to mid-market retailers, like JC Penney and Kohl’s, to focus on offering higher-end brands like Michael Kors and Oscar de la Renta.
Unfortunately for Macy’s, that was simply not enough to get shoppers in-stores. While Macy’s has traditionally abstained from running Hispanic FSI’s, it has nominally increased its Hispanic ROP investment this year to $4.95 million over $4.75 million during the same period last year, according to Portada Ad-Tracking.
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