Macy's 2003 Annual Report Download - page 5

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D
ear Fellow Shareholder:
2003 was a year of progress, accom-
plishment and change. We deliberately
set about looking at our business in new
ways this past year, challenging assumptions
about how department stores operate
and what our
customers expect
from us. We
listened to our
core customers,
and we learned
a lot from what
they told us…
As a result of this input, we began doing
some things differently. We focused more
resolutely than ever on our four key
priorities for improving our business over
the longer term – differentiating and
editing merchandise assortments,
simplifying pricing, enhancing the overall
shopping experience and communicating
better with our customers through more
cost-effective marketing.
We continued investing in our initiatives
to reinvent the department store. In our
Macy’s-brand divisions, we spent more
than $50 million of our total 2003 capital
expenditure budget on such physical
improvements as updated and enhanced
fitting room areas to make shopping more
fun and relaxing; easy-to-read directional
signage to make finding what customers
want more convenient; shopping buggies
to make conveying bulky purchases easier,
especially in the home area; and
conveniently located price checkers
throughout the store to make real value
easier to understand.
We began capital-
izing on the unique
strengths of our
national brands –
Macy’s and
Bloomingdale’s –
attaching the
Macy’s name to our
regional department
stores, and launching Bloomingdale’s
into the Atlanta market.
Federated has a long and valued history
with our regional department store groups,
and each of these stores has a long and
valued history in the communities they
serve. Most of these premier retail brands
have been around for more than 150 years,
coming together under the Federated
umbrella to become stronger and more
• MAKE THE SHOPPING EXPERIENCE MORE FUN
• GIVE ME FASHION THAT’S NEW AND RIGHT FOR ME
• LET ME FIND UNIQUE PRODUCTS IN YOUR STORES
• MAKE YOUR PRICING CLEARER AND EASIER TO UNDERSTAND
• GIVE ME GOOD QUALITY AND VALUE, NOT JUST LOW PRICES
• MAKE THE STORES LESS CLUTTERED
• PROVIDE A PLACE TO REFRESH AND RELAX IN YOUR STORES
• MAKE EVERYTHING MORE CONVENIENT
ONE
TERRY J. LUNDGREN
CHAIRM AN, PRESIDENT &
CHIEF EXECUTIVE OFFICER
LETTER TO
SHAREHOLDERS