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Millennials shop for real bargains and buy less clothing. Have less disposable income due to lack of jobs. This all due to poor job creation, outsourcing, foreign worker dependence, and high debt load due to useless college degrees.
Millennials are entitled and live well above their means. Previous generations were fine shopping for age appropriate clothes at the Gap, not Millennials, they want to wear Prada now. They don't want to work hard and put in the same time their predecessors did to become successful. They want instant gratification and as a result elect for pricey showy items early in life. That puts them in early debt which ultimately leads them to their parents' basement. In my experience, millennials don't like Macys because it's not upscale enough for them. They want to shop at Coach and Michael Kor despite not being able to afford them; they will just go into credit card debt to sustain this faux image.
Has any word been given on which stores they are closing this tim?. I will say I do agree that these store closings are being dictated by the bean counters and not knowledgeable and practical retail managers. In the last round of closing, Macy's decided to close two stores that were near each other but served basically the same market area. Both stores were underperforming. Anyone who knows retail knows that market share is the big thing. By closing both stores Macy's is not serving a sizable market and giving up on revenue they could have capitalized on. Instead, they should have closed just one of these stores and kept the other thus keeping all their customers in that area. This move was just plain stupid and signals that the store is doomed to fail. Jay
From what I've read, a lot of the Macy's stores are still making a profit but they have seen reduced earnings each year. They don't see these stores as being sustainable. And I think they recognize their brand has been watered down and there are too many stores. Macys' reputation has taken a hit in the last 10-15 years. It's not what it was. In an effort to address problems early, I think they will close a lot of stores and make existing ones more upscale to compete with Bloomingdales and Nordstrom.
All of the "malls" that have been built in my area for the last 20 years have been open. Some are very nice and look like a mini NYC but the problem is we have 8 months of hot, humid rainy weather with daily thunderstorms for 4 months out of the 8. Plus you have to find a place to park and get in and out of your car numerous times. I don't understand the rationale of these new "malls".
We have one indoor mall in my county and it's referred to as the "ghetto mall" because it's becoming a high crime area.
I have to agree, I like the classic malls. Find a loser store like Macy's with little traffic so you can park near the entrance and you are quickly in a climate controlled environment. At Christmas these malls are wonderful, filled with holiday cheer and people on their best behavior, it is uplifting and elevating. Much better than drive here, dela with traffic lights, look for parking spot, get out in the cold, heat, or rain and then repeat 5 more times.
Millennials are entitled and live well above their means. Previous generations were fine shopping for age appropriate clothes at the Gap, not Millennials, they want to wear Prada now. They don't want to work hard and put in the same time their predecessors did to become successful. They want instant gratification and as a result elect for pricey showy items early in life. That puts them in early debt which ultimately leads them to their parents' basement. In my experience, millennials don't like Macys because it's not upscale enough for them. They want to shop at Coach and Michael Kor despite not being able to afford them; they will just go into credit card debt to sustain this faux image.
That might be true for some people. I sure don't know any of them. All of the folks I know who are my age group (25-35 years) have very principled and planned spending, out of necessity more than anything. I make a very decent wage and I still budget every dollar so that I will have enough to take care of things like car maintenance, retirement savings, healthcare cushion, and saving up for a house downpayment in a few years. Literally no one I know is doing what you described. They're either broke because they don't have a job or didn't go to college, or did go to college and found employment and are paying student loans, mortgages, etc.
The head honcho at Macy's talked about this on Bloomberg radio. In France, there is 1.4 square feet retail space per person. In Germany there is like 1.3. In the US, there is over 7 feet of retail space per person. And we as a society have decided to spend money on experiences versus things. We'd rather eat out, go on vacation, see movies than shop for things.
Retail has to downsize and change. As much a dent as Amazon has made, he also said that still 89% of the products that Macy's carries are bought at brick and mortar stores. There is also an age difference in shopping. People my age (57) we still shop, but younger people? Seems they hate going to a large Macy's. One young woman said she hates going to a Macy's because she wants to get in and buy and leave. Not go in, go to the third floor, find the jeans, go to the fifth floor, buy the shoes, goes to the first floor and get the purse... just too much work. Go to H&M, it's all there on one floor.
I know a few years ago someone gave us a Macy's gift card... and it was awful trying to spend it. Couldn't find a THING. But we are weird. I did find some nice socks.
But don't put the cart before the horse -- the stores that are closing aren't a death knell for anything. It's a market correction. Nothing more, nothing less.
Seems they hate going to a large Macy's. One young woman said she hates going to a Macy's because she wants to get in and buy and leave. Not go in, go to the third floor, find the jeans, go to the fifth floor, buy the shoes, goes to the first floor and get the purse... just too much work. Go to H&M, it's all there on one floor.
Millennials want instant gratification and have no patience for anything. It is understandable considering technology and how they grew up, but the bad part is they also don't have the patience to learn, put in their time etc....
I think if more high school kids worked for 2-3 years PT before graduating high school, it would help a lot with that.
Millennials are entitled and live well above their means. Previous generations were fine shopping for age appropriate clothes at the Gap, not Millennials, they want to wear Prada now. They don't want to work hard and put in the same time their predecessors did to become successful. They want instant gratification and as a result elect for pricey showy items early in life. That puts them in early debt which ultimately leads them to their parents' basement. In my experience, millennials don't like Macys because it's not upscale enough for them. They want to shop at Coach and Michael Kor despite not being able to afford them; they will just go into credit card debt to sustain this faux image.
How many millennials do you actually know that do this? No one I know does this. I never shopped at Macy's because I can get equally nice clothing at Kohl's for a considerably cheaper price. And actually, I love thrifting, and I have friends who will go out and brag about how little they spent for the amount of nice clothes they got, some of which still have the tags on them from the department store the donor bought the clothes from.
Seriously, do you know people who do this or did you just take this opportunity to bash an entire generation as a bunch of freeloaders who spend whatever money they do have on expensive clothes while leeching off Mommy and Daddy? I feel sorry for people who spend the energy to hold an entire generation in contempt while touting stereotypes (but they're the first ones screaming when anyone disparages THEIR generation, of course).
That might be true for some people. I sure don't know any of them. All of the folks I know who are my age group (25-35 years) have very principled and planned spending, out of necessity more than anything. I make a very decent wage and I still budget every dollar so that I will have enough to take care of things like car maintenance, retirement savings, healthcare cushion, and saving up for a house downpayment in a few years. Literally no one I know is doing what you described. They're either broke because they don't have a job or didn't go to college, or did go to college and found employment and are paying student loans, mortgages, etc.
Same here but lots of people have made assumptions about our entire generation based on nonsense they see in the news and in social media. Or maybe they do see that happening in their personal lives, who knows. I guess it's easier to just assume someone is awful than actually spend the time to get to know someone and be proven wrong.
Millennials want instant gratification and have no patience for anything. It is understandable considering technology and how they grew up, but the bad part is they also don't have the patience to learn, put in their time etc....
I think if more high school kids worked for 2-3 years PT before graduating high school, it would help a lot with that.
And another one....
Most people I went to high school with had jobs starting in 11th grade (some in 10th but most employers wanted you to be 16 so it was birthday dependent).
Literally no one I know in my millennial age group wants instant gratification and has no patience for anything.
But of course none of that matters, since you have made up your mind about an entire age group of people and are unwilling to change your opinion.
Millennials are entitled and live well above their means. Previous generations were fine shopping for age appropriate clothes at the Gap, not Millennials, they want to wear Prada now. They don't want to work hard and put in the same time their predecessors did to become successful. They want instant gratification and as a result elect for pricey showy items early in life. That puts them in early debt which ultimately leads them to their parents' basement. In my experience, millennials don't like Macys because it's not upscale enough for them. They want to shop at Coach and Michael Kor despite not being able to afford them; they will just go into credit card debt to sustain this faux image.
Generalize much? A person shouldn't make black and white assumptions about any class of anyone; they're not accurate and prejudiced as well. Besides, how many millennials do you know? You don't know every single one, and even if you did, you couldn't possibly have inside knowledge about every millennials' financial status, spending habits, and careers.
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