Hudson Bay to buy Macys? Riiiiiiight.
Tom Dougherty, CEO – Stealing Share
8 February 2017
Retailers need an intervention
I love how “people familiar with the matter” dictate the course of events today. The Wall Street Journal reported that Canadian retailer, Hudson Bay, the parent of Lord and Taylor and Saks, has approached Macy’s about a possible deal. This, according to the aforementioned, from “people familiar with the matter.”
Seriously? This is news? Does anyone believe this shit?
“Like so many other industries that face troubles – fast food comes to mind – the answers are not part of the traditional institutional collective. Fixing retail takes an outsider’s perspective.”
The idea of the smaller Hudson Bay entertaining the idea of taking over Macy’s is ludicrous. Though, on second thought. This is just the kind of thinking that brings retail to its current, sad state. This is akin to Luxemburg taking over the United States. (We’ll see how that analogy plays out after the next four years.)
Macy’s is a behemoth that Hudson Bay could not afford. Besides, just ask Macy’s itself how its acquisition strategy has gone.
Hudson Bay should consider a different strategy
Getting bigger does not mean getting wealthier in the retailing business. At least not any more. Macy’s has proven that brick and mortar is not the solution. But Hudson Bay begs to differ if the Wall Street Journal is to be believed. What would a Hudson Bay-owned Macy’s even look like?
This is the problem with retailers. It is not the individuals who run these companies. The collective institutional thinking of the retail industry is the problem. It is the thinking that what once worked will work again.
To fix retail, retailers must get out of their own way. Like so many other industries that face troubles – fast food comes to mind – the answers are not part of the traditional institutional collective. Fixing retail takes an outsider’s perspective.
Hudson Bay surely wants to grow. But acquiring Macy’s is not a growth strategy. It is a death wish. The retail space is littered with the carcasses of companies who tried and failed at the same strategy.
Too much customer service Tom Dougherty, CEO - Stealing Share 21 June 2018 Too much customer service is a real thing I’ve said this before, but I gotta say it again. Too much customer service drives me bat-shit crazy. Not surprisingly, Best Buy kills me with this....
Dow Jones ousts GE Tom Dougherty, CEO - Stealing Share 20 June 2018 Dow Jones kicks out GE. Now what? In 1896, the stock market adds GE as one of Dow Industrial Average’s first companies. As of June 26th of this year, it will no longer be part of the DJIA. I typically...
Tim Cook is leading the way Tom Dougherty, CEO - Stealing Share 19 June 2018 Apple CEO Tim Cook Tim Cook. Apple Act 2. Like everyone else, I worried about Apple’s succession plan. I was a died-in-the-wool member of the Steve Jobs cult. I was not sure what to make of...