Macy's has discovered that despite their spending power, millennials are not shopping at Macy's. Because of their large spending power, they have developed a three year plan to target these individuals. Their plan involves six aspects:
1) Reorganize the corporate organization to allow for more collaboration2) Better identify customer preferences so that they can market to them better3) Make the merchandise more relevent to the local market4) Use technology to make a more seamless buying experience5) Create more engaging internet content6) Improve the in store experience through better training
Thus far, Macy's has implemented more attractive brands for this specific demographic, to prevent the retailer from becoming old and out of style. The article mentions that this millennial demographic spends large amounts of money on clothing and other textiles, to which Macy's is missing out on because of their marketing power.
Personally, I don't generally have Macy's on the top of my shopping destinations. I think they have noticed this gap in their marketing and spending power among consumers in time to rectify their challenges. I don't think of Macy's the same way I think of Dress Barn, or Ann Taylor. While the articles insinuate that they are becoming "out of style" and "old" I don't think they are past the point of no return. They've both noticed the gap, and begun to make changes to bring this demographic into their stores. I am personally interested in seeing these millennial specific brands they have brought in, and may just stop in to see what this is all about.
Ashley
Links:
https://blogs.lt.vt.edu/bit5414/2012/03/24/macys-goes-all-millennial/
http://today.msnbc.msn.com/id/46810098/ns/today-money/t/macys-has-new-mindset-millennials/#.T3n1plHU7zI
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