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- [00:00]
Indiana University Narrator
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.
- [00:29]
Bloomberg Audio Studios Announcer
Bloomberg Audio Studios Podcasts, radio news.
- [00:34]
Podcast Host
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.
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Tony Spring
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.
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Interviewer
A big part of your strategy, this bold new chapter, is also to shrink the footprint of Macy's. At its peak, you guys had what, seven to 800 stores? You're less than what, 400 now? Around 400, around 400 today. And the plan is to go down to roughly about 350. You've done a big remodel of some of the existing stores already. 125. How much further does that go in 2026?
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Tony Spring
We'll add more stores in 26 and we'll close some more stores in 26. And I think as you describe it, is working on both sides of the equation. Closing stores is not alone a strategy. Reimagining stores without dealing with stores that are past their prime is not complete enough of a strategy. So we want to make sure that we're doing both things. And of course, it's supported by a healthier digital business, one that is both a place of transaction and a place of discovery. We want to build relationships with the consumer. That means we have to be able to provide a better experience where they live. We think of the digital business as a channel at times. And I'm like, no, the digital business is actually a geography. The people who shop digitally in New York shop in their stores in New York. And they want to see a great experience digitally, physically and in between.
- [03:47]
Ryan Reynolds
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Indiana University Narrator
Yeah.
- [04:07]
Ryan Reynolds
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