The most important factors that will foreseeably impact the new strategy's SWOT as it is implemented at Macy's locations across the country.
Strengths
Leveraging existing brand
Demonstrated long-term history of consumers trusting the Macy’s brand
Have demonstrated expertise in many different categories of merchandise
Weaknesses
Seen as outdated / hard to break from past images in consumer’s minds the mall image
With a new strategy, there are risks in changing the brand’s approach on this large scale. However, on the flip side, it would be risky to stay the same.
Aren’t leading with private label brands online despite their verbal emphasis of them
Poor press update and timelines provided to consumers.
Opportunities
Capturing new customers who have less reference points to the outdated elements of Macy’s
Capturing customers through experience and specialty events
Utilizing the smaller format stores to improve overall brand distribution, reach, and efficiency
Using these smaller formats to test and experiment to determine strong versus weak ideas. The smaller scale testing will likely allow failure costs to stay relatively low and allow them to quickly scale successes
Threats
Smaller format approach is already being done, and more innovatively by brands like Nordstrom’s, which could cause consumers to preference other retailers who carry similar products who are implementing this format better
Consumers may see constant testing as a failure to have strong brand focus
Pandemic or other conditions that may impact their plan for event-scaled experiences
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