Macy's-Communication Strategy
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The document provides an overview of industry and company trends for Macy's. Regarding industry trends, it notes that traditional retail shopping is declining while value-oriented stores and online shopping are growing in popularity. For Macy's specifically, it states that while other brands have seen positive sales growth and increased customer traffic, Macy's has experienced declining sales and foot traffic. It also summarizes that Macy's current marketing messages do not tie together well and make the brand feel remote and non-inclusive. Competitive analysis shows that Macy's needs a unique communication strategy to distinguish itself from competitors. The solution proposed focuses a new concept on highlighting Macy's long history and role in consumers' lives from events to sales,
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Macy's-Communication Strategy
- 1. Consumer Behavior I Fall 2016
- 3. Size of retailers based on US sales ( in Billions) Industry Snapshot Source: Statista 298 74 64 27 25 19 14 13 5 0 75 150 225 300 375
- 4. Traditional Retail Shopping is Declining Industry Trends Value Oriented Stores are becoming more popular Malls are Seeing Declining Sales Online shopping is growing
- 5. Percentage of U.S sales at general merchandise stores, by type, 2000-16 0% 1,750% 3,500% 5,250% 7,000% 8,750% Warehouse clubs and superstores Discount department stores Traditional Department stores All other general merchandise stores Source: Mintel, Department Store Reteiling US, September 2016
- 6. Online Shopping Market in the U.S. (in billions) 0 100 200 300 400 500 2011 2012 2013 2014 2015 2016 Source: Mintel, Online and Mobile Shoppings, US, September 2016
- 7. 02 About Macy’s • Largest retail brand of Macy's, Inc. (NYSE:M) • Fashion & affordable luxury • 734 locations in 45 states, the District of Columbia, Puerto Rico and Guam • >100 international destinations @ macys.com • Known for epic events--Macy's 4th of July Fireworks® and the Macy's Thanksgiving Day Parade® • 4 flagship stores -- including Herald Square (NYC), Union Square (SF), State Street (CH), and Dadeland (MIA), South Coast Plaza (SoCal) • Tourist Site for visitors • 150-year tradition • Strengthen communities--- supporting local and national charities giving more than $69 million each year to help make a difference
- 8. Macy's History New York retailer Rowland Hussey Macy opens his first store on the corner of 14th Street and 6th Avenue with the iconic red star as the logo The store expands Moves to its current 34th street Herald Square location Macy’s kept expanding and is promoted as “World’s Largest Store” Thanksgiving Day Parade debut Federated changed its name to Macy’s inc Expanding digital footprint: Online orders increased by 25% Closing 36 physical stores
- 10. -34% -23% -11% 0% 11% 23% Nordstrom Kohl's JC Penney Macy's historical sales growth of major department stores (in millions) Business Snapshot Negative sales growth while other players' sales increased Source: company 10K
- 11. Number of people that purchased in Macy’s within the last 30 days (in millions) Business Situation Snapshot Customer traffic has seen a declining trend 40 42 44 46 48 50 52 54 2008 2009 2010 2011 2012 2013 2014 2015 Source:: Statista
- 12. Key Takeaways Industry Consumers are shifting towards value-oriented stores and online shopping Macy’s While Other brands have seen a positive sales growth & increase foot traffic to store Macy’s has fallen behind.
- 14. #Old Friends A tribute to Macy’s Thanksgiving Day Parade Macy’s 2016 campaign
- 16. # Celebrate Everything with Macy’s “Love, holidays, family, friends, or just because…there are so many reasons to celebrate! And for generations, Macy’s has been lucky to be there with you every step of the way. So let’s keep celebrating the big things, the little things and everything in between, together.” —Macy’s Macy’s 2016 campaign
- 18. #AmericanIcon “This year, American Icons is all about the celebration of music and we’re offering a medley of different experiences for customers to get involved.” —Macy’s CMO, Business Wire “Macy’s Summer Vibes” Macy’s Public Events
- 20. Are people getting what Macy’s has been trying to communicate?
- 25. What do we know? Macy’s is linked to a feminine image, with good fashion sense, and is known for its holiday events. But is still somewhat remote and not inclusive.
- 26. Key Takeaways Industry Consumers are shifting towards value-oriented stores and online shopping Macy’s While Other brands have seen a positive sales growth & increased customer traffic, Macy's has declined Message & Brand Perception The messages do not tie together and makes Macy’s feel remote and non inclusive.
- 30. Top Competitors
- 31. Get your Penny’s worth "JCPenny focuses on building private brands and revenue per customer to create sustainable loyalty. If JCPenney can help her discover the things she loves more easily, innovatively and consistently than anyone else, we know she'll come back for more."
- 32. Reinvent Yourself "We want to provide our outstanding service every day, one customer at a time. "
- 33. Expect great things "We not only offer the best merchandise at the best prices, but we're always working to make your shopping experience enjoyable. "
- 34. Like no other store in the world "We are still finding various ways to show that we are no ordinary store by trying to have our own unique ways and being able to give everyone the best in fashion and designing, all in a mind-blowing way. "
- 35. The Challenges…
- 36. Key Takeaways Industry Consumers are shifting towards value-oriented stores and online shopping Macy’s While Other brands have seen a positive sales growth & increase foot traffic to store Macy’s has fallen behind. Message & Brand Perception The messages do not tie together and makes Macy’s feel remote and non inclusive. Competition Macy’s needs a unique communication plan to make it stand out amongst the competition
- 37. The Solution As marketers what should we do to fix this?
- 38. Hone In on These Things
- 39. New Concept Our new concept includes these 4 things
- 40. Department stores come and department stores go, but few have been around as long as Macy’s. Why? Because Macy’s has always been a part of the fabric of your life; from special sales, to the annual Thanksgiving Day Parade.” 47% 44% 29% 60% 26% Age 18-34 Age 35-49 Age 50+ HH with children under 18 HH w/o children under 18 Degree of reception of the concept People like to think of Macy’s as a fabric of their lives
- 41. age group: 18-50 With children under 18 in household Feel that the relationship with Macy's has become closer 37% 31% 20% 40% 21% 62% 64% 39% 66% 44% Age 18-34 Age 35-49 Age 50+ HH with children under 18 HH w/o children under 18 Feel positive emotions towards Macy’s
- 42. People Think about Macy's as America & Families consider Macy's "Comfortable" and "Safe & Secure" 18-34 35-49 Children under 18 in HH
- 43. Macy's' wide variety has 8 0 6 2 4 Macy's Bloomingdale' s Kohl's Nordstrom JC Penney The Number of Items People Think of Each Department Store First ws that the fact that Macy's is in people's life from the behavioral dime
- 50. Thank You !