Macy’s reported today that they are going to cut about 4,500 jobs and close 36 of its 900 stores after sales slumped during the holiday season. The department store chain attributed the declining sales to the warmer winters that has discouraged shoppers from buying coats. As a mid-range brand, Macy’s has struggled to compete with discount chains such as T.J. Maxx, Nordstrom Rack, as well as fast fashion brands like Zara and H&M. To get a leg up on the competition, Macy’s plans to open roughly 50 off-price locations under the Macy’s Backstage banner, which will add to the existing six in the New York area.
To combat the competition and conduct location analysis, businesses should get a geographical view of demographics such as consumer expenditure, retail potential and household income.
Contact us to find out how custom demographic data maps can benefit your business!
Businesses looking for the most accurate, up-to-date and detailed demographic data maps should visit MarketMAPS.com, contact Client Services at Sales@MarketMAPS.com or call a MarketMAPS Map
Specialist at 888-434-MAPS (6277).
Story Source: The New York Times