Despite the torrid time it had in the final quarter of 2015, Macy’s has not managed to translate that weakness into a period of holiday cheer this time around. Sales continue to slide at a fairly hefty pace, with particular weaknesses in apparel. The latter is especially disappointing given the extremely soft sales during the prior year when the weather was firmly against winter fashions.
There is no doubt that, like other players, Macy’s suffered from the reduction in traffic to malls across the holiday period. However, we also think that it did little to help itself with shops that remained, for the most part, uninspiring and badly merchandised. Against an exceedingly tough backdrop, Macy’s seems to be making very little effort on the shop floor – a position that does not bode well for the future.. . . more