Macy's clipped by coupon cutbacks
On the fast track to establish itself as the dominant department store, Macy's moved too hastily, cutting way back on coupons in favor of rewards programs for credit card holders.
What Macy's rapidly learned was that customers can't be weaned too drastically. That is especially true of shoppers at the defunct May Co. stores, including coupon-crazed Strawbridge & Clothier.
"May Company was far more promotional than Federated had ever been with coupons," said Jim Sluzewski, spokesman for Federated Department Stores, which will assume the Macy's name on June 1. "So the reduction was drastic, and I think what we learned is that we were doing it too fast."
So, Macy's did what smart retailers do. The company acknowledged making a mistake and announced it was putting the brakes on its drive to eliminate couponing.
Chalk one up for consumers.
What Macy's rapidly learned was that customers can't be weaned too drastically. That is especially true of shoppers at the defunct May Co. stores, including coupon-crazed Strawbridge & Clothier.
"May Company was far more promotional than Federated had ever been with coupons," said Jim Sluzewski, spokesman for Federated Department Stores, which will assume the Macy's name on June 1. "So the reduction was drastic, and I think what we learned is that we were doing it too fast."
So, Macy's did what smart retailers do. The company acknowledged making a mistake and announced it was putting the brakes on its drive to eliminate couponing.
Chalk one up for consumers.
posted by Eileen Smith at 3:21 PM
1 Comments:
I never liked Macys compared to Strawbridges, coupons or not. In fact, I would need an incentive (coupon or something) to really shop there.
I remember about 6 years ago when looking for a dress I saw one in Macys that I liked. I decided to check Strawbridge also and saw the same dress for $40 less. Right then and there I decided Macys was overpriced on most items.
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