CEO Jeff Gennette has been aiming to make Macy’s (NYSE: M) sales grow faster since the company has struggled as a department store brand where mall traffic is steadily declining. Shoppers are moving on to making purchases online or in different specialty outlets where margins have suffered as a result of heavy discounting and promotions used to bring shoppers in.
The company is aiming to cut 100 jobs as an attempt to return to growth as well as consolidating their merchandising, planning, and private label functions into a single department. Macy’s wants to also expand their customer insights and data analytics to include inventory replenishment and pricing capabilities. This fall, the department store is looking to launch a new loyalty program that will officially hit the market in October.
Shares of Macy’s have been recently up 3% in early trading Tuesday but stock has fallen more than 50% over the past 12 months, down 45% this year. The company still expects sales to decline by 2.2% to 3.3%.