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Retail Reshuffle: Macy's Trims Costs, Walmart Raises Wages Macy's joins the ranks of Citigroup, Google, and Amazon with job cuts in 2024. The department store chain is eliminating 2,350 positions (3.5% of total staff, 13% of corporate) to streamline operations and invest in e-commerce and visual merchandising. ️ This news comes amidst a changing retail landscape: Macy's faces a takeover bid and prepares for a new CEO. Walmart hikes wages, highlighting contrasting approaches to employee compensation. Is this a sign of an industry in flux? How will these moves impact employees and consumers? Let's discuss the future of retail and the responsibility companies have towards their workforce. Share your thoughts in the comments! #macys #layoffs #retail #ecommerce #walmart #wages #futureofwork #leadership #employeerelations

Tough day for the team at Macy's, with news that 3.5% of the company's staff - including 13% of its corporate employees - will be laid off. While it's painful for individuals, the moves make a lot of sense from a strategic and communications sense. 1. New CEO Tony Spring takes over from Jeff Gennette next month, and making this move ahead of his accession enables the outgoing boss to shoulder some of the responsibility and give Spring the best chance of a clean slate. 2. The announcement comes just before an earnings announcement, which offers management the chance to shift focus analyst attention to the bright shiny new initiative which will hopefully drive the business forward. 3. The reduction in the costbase will enable Macy's to invest meaningfully in customer experience in their stores and on digital platforms, to create more of a premium environment that customers want to be part of. There are always ways to improve (for instance, Macy's have announced that layoffs will be communicated on January 26, given employees more than a week to worry about their fate), but on the whole it's a net positive in difficult circumstances. #corporatecommunications #layoffs #investorrelations

Yesterday Macy's announced that it would close five stores and have corporate layoffs. This is bad news for the folks that got laid off, but it is not all that bad for Macy's and the  five malls that are losing Macy's. Macy's stated in 2020 that they were going to close 125 stores of their least productive locations over the next few years. Macy's has been closing a few stores a year since that announcement and these closings seem to be a continuation of that program. Based on our discussions with several of the five mall owners that are losing a Macy's in these closings, it may actually assist two of the owners in their re-development of their malls. Retail vacancies are at their lowest level in about 18 years. Retail rental rates are increasing. The amount of vacant department stores on the market has greatly decreased. So when a department store closes less than 1% of their stores, it does not have the impact on the retail market that major department store closing had in the past. https://lnkd.in/gip39jZ8

In a bid to streamline costs and address slowing sales, venerable department store retailer Macy's (NYSE:M) has revealed plans to cut approximately 2,350 jobs and shutter five stores, according to an announcement made on Thursday. The move is part of the company's ongoing efforts to adapt to the evolving retail landscape and changing consumer behaviors. A memo obtained by CNBC stated, "As we prepare to deploy a new strategy to meet the needs of an everchanging consumer and marketplace, we made the difficult decision to reduce our workforce by 3.5% to become a more streamlined company." The layoffs will impact staff across various stores and the retailer's corporate office. This strategic shift comes on the heels of #Macy's recent plans to open around 30 smaller stores in strip malls over the next two years. More at #Proactive #ProactiveInvestors #NYSE #M http://ow.ly/bBgX1059IFj

The drumbeat of white collar unemployment is steadily picking up pace. It's not just tech, consulting, and financial companies who are cutting jobs - the retail sector is the latest to experience a wave of salaried personnel reductions. Macy's is laying off approximately 13% of its corporate staff - 2,350 jobs which is 3.5% of its total workforce - and closing five stores in an effort to reduce costs and focus on spending on improving the shopping experience for customers (whatever that means). https://lnkd.in/ezyQneWZ Wayfair is laying 1,650 employees -13% of its global workforce - including 19% of its corporate team, "with a focus on people in management and leadership positions,"as it looks to cut layers of management and reduce costs after going “overboard” with corporate hiring during the Covid pandemic. https://lnkd.in/epuh2k59 Wayfair's business surged during the pandemic, with annualized revenues doubling from $9 billion to $18 billion “almost overnight,” causing the company to hire to meet the demand. But as the impact of the pandemic receded, volume in the the home goods sector shrank, so Wayfair was forced to make cuts to its workforce in response. According to the company, the current jobs being eliminated are at the senior level, folks who had “too much time” and spent that time meeting with other senior leaders instead of actually executing. Last month, Hasbro and Etsy announced staff reductions of 1,100 and 225 workers, respectively. #layoffs #unemployment #jobs #retail #retailjobs #recession #economy #employment

New Post: Macy’s Plans to Cut 2,350 Jobs and Close 5 Stores - Macy’s, the country’s largest department store operator, told employees Thursday that it was laying off 13 percent of its corporate work force. The move comes as the company prepares to unveil a new strategy that will be overseen by its incoming chief executive.The cuts amount to roughly 2,350 jobs, or about 3.5 percent of the company’s overall work force, which includes employees at the subsidiaries Bloomingdale’s and Bluemercury. The layoffs will be achieved by eliminating some roles and consolidating teams, according to memos seen by The New York Times.The company also said it would close five of its more than 560 Macy’s stores.The memos said the decisions were based on consumer research and were meant to make the retailer more competitive by improving its cost structure and driving faster decision making.The cutbacks were first reported by The Wall Street Journal.Tony Spring will take over as Macy’s chief executive next month from Jeff Gennette, a company veteran who is retiring after holding the post since 2017. Mr. Spring, who ran Bloomingdale’s, was named to the top position in March and has undertaken a research effort alongside Adrian Mitchell, the chief financial officer and chief operating officer at Macy’s.The company said it would unveil its wider strategy in the near future.“As we prepare to deploy a new strategy to meet the needs of an ever-changing consumer and marketplace, we made the difficult decision to reduce our work force by 3.5 percent to become a more streamlined company,” a Macy’s spokesman said in an emailed statement.In a memo to employees, the company said it would be “offshoring certain areas of the business,” but did not provide details.As consumers have spent less on apparel and discretionary items over the past year, Macy’s has struggled to increase its sales, and it has been facing pressure to improve its business. In December, an investor group submitted a bid to take the company private at $5.8 billion, which was more than $1 billion above its market value at the time.The share price has risen more than 50 percent over the last two months but remains lower than it was a year ago or early in the pandemic.“Macy’s obviously needs to keep investors satisfied, and its focus on profit has accomplished that at a time when sales performance has been extremely lackluster,” Neil Saunders, managing director of the research and consulting firm GlobalData Retail, said Thursday by email. “However, this strategy comes with an expiry date; ultimately no retailer can shrink itself to success.” #Macys #Plans #Cut #Jobs #Close #Stores https://lnkd.in/dz7Ep_rj

Macy's Inc. is making some major changes to its leadership and operations in 2024. The department-store chain is laying off around 2,350 corporate staff members — 13% of its corporate workforce — and closing five locations in an attempt to streamline costs and refocus resources on enhancing the consumer shopping journey, The Wall Street Journal reported. Macy's overall workforce will see a 3.5% reduction, excluding seasonal hires, as the company looks to introduce more automation to its supply-chain operations and outsource some roles to third-party providers. Additionally, tiers of management will be reduced to improve efficiency. https://lnkd.in/eRz3-Af3

Happy Monday Retailers! Are you struggling to staff your stores right now and figuring out your labor strategy for Q4? What is Reflex? A talent marketplace exclusive to retail connecting retailers with experienced retail associates on demand or consistently. What types of retail roles? Front of house: Sales (part/full time), floor organization, greeters, event help, seasonal needs, fitting rooms, and more. Back of House: inventory, shipments, omni orders, bopis, stock organization and more What is the talent like? Experienced associates that work at some of the top brands in retail that are vetted, background checked, interviewed and onboarded to ensure quality for our retailers How can I get the same workers? Our two sided review process allows you to favorite workers after every shift to prioritize them for your brand. How reliable is Reflex? 98% fulfillment rate with all of our retailers- doesn’t matter if it’s the weekend or a busy holiday season. How long to get started? It can take as little as 48 hours to get access to amazing retail talent in your stores. For more questions: email me at Chris@reflex.careers or request a demo at the link in my bio:) #reflex #retail #retailers #retailindustry #retaillabor #staffing #retailmanagers #retailsolution #strategy #leadership

ICYMI: Macy's will be reducing #overhead and redirecting spend to improve the #customerexperience. Enter #customeranalytics and the continued trend of retailers investing increased sums in upgrading #digital #technology. #CustomerManagement #Inflation #softlanding #retail #AIandml #aiinretail https://lnkd.in/ewz2mQEa