- After four decades of pioneering Macy's (M) reinvention, Jeff Gennette is set to retire early 2024. His three-year Polaris plan, announced in 2020, saw the nearly 165-year-old store chain make digital strides, shut down struggling stores, and invest in their best locations for greater success.
-
Under Gennette's leadership, Macy's navigated a challenging three years that included the pandemic, resulting in the closure of 800 stores and the layoff of a significant number of employees. However, the company emerged with a modern, data-driven structure and reduced debt. Gennette's successor, Tony Spring, currently leads Bloomingdale's, which has been a driving force of Macy's success due to its focus on luxury brands and high-spending customers, despite having fewer stores than Macy's.
Why it matters
Despite a 50% drop in stock since Gennette became CEO in March 2017, the company has recovered significantly since hitting a low point in March and April 2020. Unlike other retailers, it avoided inventory issues last year and is well-positioned for the holiday season and new fiscal year. It has also begun exploring smaller off-mall shops, departing from its usual role as a shopping mall anchor.
