FDS to build Macy's & Bloomingdale's brands to boost profit
21 Sep '05
3 min read
Famous departmental store operator Federated Department Stores Inc (FDS) announced a series of strategic decisions to build its nationwide Macy's and Bloomingdale's brands and reduce costs. These moves will help stimulate long-term growth in sales while taking full advantage of integration opportunities created through the merger of Federated and The May Department Stores Company, which was completed on Aug. 30, 2005.
Terry J. Lundgren, Federated's Chairman, President and Chief Executive Officer informed that to better serve our customers in this highly competitive retailing environment, they must concentrate on their best national brands and reduce costs so they can deliver outstanding value to shoppers.
They believe that continuing to build Macy's and Bloomingdale's aggressively across America will accelerate our comp store sales performance and increase profitability, thereby driving shareholder value.
Marshall Field's Nameplate Conversion All Marshall Field's stores will convert to the Macy's nameplate in fall 2006. This includes 62 locations in Michigan, Illinois, Minnesota, Wisconsin, North Dakota, Indiana, Ohio and South Dakota that will continue to be operated by the Minneapolis-based division that will become known as Macy's North.
Lord & Taylor Federated intends to study the Lord & Taylor division during the remainder of 2005 and make a decision about its future by the end of the current fiscal year.
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