Article

Top 100: 42. Macy's

June 2, 2011

Feeling flush after a major restructuring effort and a stronger-than-expected 2010, the venerated department store expects to regain its investment grade credit rating by using its cash to pay down debt. The restructuring spread responsibility for running stores to local teams in charge of smaller groups of stores which has allowed for more flexibility in stocking and marketing each location. The program also helped Macy’s improve sales, collaborate better with vendors and reduce expenses by nearly $500 million a year. The company also is adding a new loyalty program that will reward shoppers for purchases both in store and online, install 50,000 registers with the ability to order a product online if a customer doesn’t find it in the store and delve into social media and more mobile and online marketing to better reach younger shoppers.

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