Macy's 2002 Annual Report Download - page 8

4
OUR VIEW OF
THE DEPARTMENT
STORE AND ITS
FUTURE IN A
COMPETITIVE RETAIL
ENVIRONMENT.
Why do you believe so strongly in the
department store?
Department stores offer
the greatest flexibility
of any retail format for
selling fashion
merchandise in a
consumer society that’s
driven by change,
newness and value. In a
department store, we
can offer an array of
merchandise categories
that expand or contract with consumer preferences and
merchandise trends. We can capitalize on shoppers’ interests
in accessorizing and coordinating cohesive “looks” – all within
the same four walls. Research and experience underscore
that customers want access to the best brands, and many of
Federated’s best-selling designer and name brands, such as
Kenneth Cole, Ralph Lauren, and Sean John, are sold only in
department stores such as Macy’s and Bloomingdale’s.
Moreover, department stores – and the regional malls they
anchor – remain magnet destinations with great appeal to many
time-starved Americans. With one stop in a department store,
shoppers can buy what’s needed for themselves, every member
of the family and their homes. Customers also can purchase
wedding gifts through our nationwide gift registry, and access
specialized services such as interior design, personal shopping
and gift-wrapping. Malls are the preferred shopping destination
for many customers because they can see and accomplish more
in one trip without the hassle of driving all over town.
Department stores today may look and feel different than the
ones our parents shopped, but that’s the point: department
stores can and do change with the times. Our challenge is to
embrace this change and continue to improve our execution of
this proven retailing format.