Transcript
Indiana University Narrator (0:00)
Old playbooks won't solve tomorrow's problems. Indiana University is proving how higher education can create solutions with industry. Our partnerships address future talent and workforce needs, support entrepreneurs and local businesses, and create solutions that turn discoveries into dollars. Together, we're building a model for industry partnerships that fuel economic growth. Explore IU's impact at iu.edu impact.
Bloomberg Audio Studios Announcer (0:29)
Bloomberg Audio Studios Podcasts, radio news.
Podcast Host (0:34)
You know, we were just talking about the increase in foot traffic in malls. A little bit earlier, I had a chance to catch up with the CEO of Macy's, Tony Spring, to talk about the increase in foot traffic, specifically in department stores and obviously specifically in the big brands that he manages, including Macy's and Bloomingdale's, and his big turnaround strategy to lessen the overall footprint of some of those stores. A leaner, leaner organization. Take a listen to what he had to say.
Tony Spring (1:01)
Set about improving the customer experience. So we've had record customer service scores. That's our net promoter score. Would people recommend Macy's to a friend? And we're seeing scores we've never thought possible at the brand. And that was a real focus of mine. We've improved the quality of the assortments. I thought there was way too much redundancy, way too many of the same things. And I thought the breadth of what we offer as a department store needed to improve. We need to go good, better, best, contemporary to classic, and a range of brands. Things as we've talked about, that are convenient, that you've heard of, that you count on, Staples, Levi's, Nike. And then at the same time, we've got to be there introducing new things that you haven't heard of that are becoming more popular because people are looking for that combination in the destination. We also wanted to make sure that our team was working together. So I'm a big believer that you need strategy, you need culture, you need leadership, and you need execution. We're now at the point where those four elements are coming together and we're delivering a better experience for the consumer. But you can't kind of have one without the other. You know, a great culture without a great business, a great business without a great culture. The combination of elements is what I sought out, sought out to do when I kind of came into the role. And I do think that, you know, patience and determination go together. You have to have the patience to kind of lay out what you want to accomplish. You have to accept the fact that some things just don't happen because you snap your fingers. And then you have to have the determination, the ambition to kind of go after what you think is the right thing to do for the business.