Fed focusing on home fix
April 26, 2007,
Cincinnati– Fixing Macy’s home department constitutes one of this year’s top priorities, Federated Department Stores chairman and ceo Terry Lundgren told analysts at the company’s investor meeting this week.
The job will be even more difficult at converted May doors, where total comps fell below expectations in February and March due to “very weak” home performance and bad weather. Also sluggish on the turnaround is the Macy’s North division – the former Marshall Field’s.
While Federated’s decision last year to convert Field’s to the Macy’s nameplate sparked controversy in Chicagoland, the change is not to blame for the division’s lackluster performance, Lundgren said. “It’s apparent customers don’t yet feel they know Macy’s well enough,” he said, adding the company needs to aggressively reach out to consumers and store associates to “talk them through all this.”
Vice chair Janet Grove told analysts the Martha Stewart Collection in home “is really going to be a wow” when it rolls out to all Macy doors this fall. She also announced the debut of another new brand in home: Haven, an “eco-chic” collection that will include bedding, bath, home fragrance, utility and loungewear. The collection will be introduced during the current year, Grove said.
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