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In an era where department stores are losing their relevance, Macy’s — once a retail giant — finds itself at a crossroads. The 166-year-old company, which has long been a staple in the U.S. shopping landscape, is attempting to steer through a maze of declining sales, shifting consumer behavior and the relentless growth of digital commerce . Amid these challenges, Macy’s management has placed its hopes on its A Bold New Chapter strategy, which centers around an initiative known as the First 50 locations — an ambitious effort to revitalize its brick-and-mortar business and make a comeback in the competitive retail market. But with Macy’s sales continuing to slide and its stock price languishing, can this strategy truly turn the tide? Or is it simply a last-ditch effort to keep a sinking ship afloat? The Struggles Behind Macy’s Decline The story of Macy’s struggle to maintain its place as a retail powerhouse is a familiar one: declining mall traffic, a shift to online shopping and changing consumer preferences. The department store model, once synonymous with American shopping culture, is no longer the go-to destination for many consumers. Instead, shoppers flock to niche retailers, specialty stores and eCommerce platforms that offer convenience, personalized experiences and often lower prices. For Macy’s, the results have been stark. In its second-quarter results , the company revealed a 3.8% drop in second-quarter sales, with total sales falling to $4.9 billion. Comparable sales were down by 4%, reflecting the broader struggles in the department store sector. Yet, results for its First 50 stores presented a glimmer of hope, with these select locations seeing a 0.8% increase in comparable sales — a small but noteworthy sign of life in an otherwise difficult environment. Macy’s preliminary third-quarter results revealed overall net sales down 2.4% to $4.742 billion, primarily due to weaknesses in non-First 50 locations and digital sales. But its First 50 stores delivered their third consecutive quarter of growth, with comparable sales up 1.9%. Bloomingdale’s and Bluemercury also saw positive sales, with Bluemercury posting a 3.3% increase. Macy’s postponed its third-quarter earnings call to Wednesday (Dec. 11) after the company disclosed an accounting issue related to delivery expenses, where a former employee hid up to $154 million in costs . The issue did not affect cash management or vendor payments. Despite this setback, Chairman and CEO Tony Spring is unwavering in his optimism, highlighting the “First 50 Stores” as a key part of Macy’s future. These flagship stores, which represent a prototype for a more modern, experiential Macy’s, have been positioned as a potential blueprint for the retailer’s reinvention. Macy’s leadership points to improvements such as enhanced staffing, better merchandising and more in-store events as positive signs that the strategy is beginning to take root. While there are pockets of optimism within the company, these small wins stand in contrast to the larger trend of declining sales. Macy’s executives remain focused on the long-term potential of this strategy, but analysts and investors are wary about whether these efforts can truly reverse the company’s fortunes. The Activist Pressure and Strategic Overhaul As if Macy’s wasn’t already facing enough pressure, the retailer has now come under fire from activist investors, including Barington Capital Group and Thor Equities , which published a detailed presentation calling for a major shift in Macy’s capital allocation strategy, urging the retailer to reevaluate its spending and consider selling off some of its luxury brands, including high-end offerings like Bloomingdale’s and Bluemercury. The investors’ rationale is clear: Macy’s has spent billions over the past decade on capital expenditures , but these investments have failed to generate meaningful value. Since 2014, Macy’s has sunk $9.7 billion into capital projects, but during that same period, its market capitalization has shrunk by $15 billion. Barington has criticized Macy’s management for misallocating resources, including share repurchases that occurred when stock prices were much higher than they are today, offering little benefit to shareholders. While Macy’s has made some strategic moves, including closing low-performing stores as part of its “Bold New Chapter” initiative, the results so far have been underwhelming. Despite efforts to revitalize the brand, the company’s stock has dropped 13% since the announcement of the new strategy, and its valuation multiples are now at historic lows. In short, investors are losing faith in Macy’s ability to turn things around on its own. The Road Ahead: Can Macy’s Make a Comeback? With Macy’s still grappling with declining sales and increasing competition, the question remains: Can it recover? In an interview with PYMNTS, Neil Saunders , Managing Director, Retail, at research firm GlobalData , said “what investors want to hear from the announcement on Wednesday is the outlook and how holiday trading is shaping up so far. Unfortunately, there is unlikely to be much optimism on this front as many retailers are very cautious around the holidays and it is unlikely Macy’s is performing significantly better. As Macy’s is now facing more pressure from activist investors, it really needs to paint a clear and confident picture about its future.” Greg Zakowicz , Senior Ecommerce Expert at Omnisend , offered a sobering assessment of the retailer’s prospects. “The only thing it (Macy’s) has to prove is that it’s making strides at turning the company around,” he explained to PYMNTS. “I don’t know how they’re doing so far this holiday season, but I suspect it will be an average or slightly below-average season. We’re seeing more consumers consolidate their purchasing this season, benefiting companies like Amazon and Walmart .” Zakowicz noted Macy’s is facing an uphill battle to turn things around. “With its lack of differentiation, I don’t know how Macy’s is going to appeal to new shoppers and pull existing ones away from other stores in the short term,” he added. “They’re going to need to find a void in the market and fill the gap. Whether this is luxury goods or an elevated beauty and cosmetics department, they’ll need something to create a new reputation.” Looking Forward Does Macy’s have something to prove? “Absolutely,” Zachary Robichaud , Instructor, School of Retail Management, Ted Rogers School of Management , Toronto Metropolitan University , told PYMNTS. “Beyond addressing the immediate fallout from the stolen money incident, Macy’s must show it can navigate the broader challenges plaguing department stores, including declining foot traffic and the shift to eCommerce. Strong earnings and a clear strategy will be critical to reassure stakeholders.” Regarding the stolen money incident, Robichaud said it “points to potential gaps in internal controls, but it’s also a symptom of the broader struggles department stores face in maintaining relevance and operational efficiency in a highly competitive retail landscape. Department stores like Macy’s have been battling weak consumer sentiment and intensifying competition from online retailers. Holiday performance will hinge on their ability to execute promotional strategies and attract foot traffic in a challenging environment.” Should Macy’s be doing anything different? “Macy’s should focus on modernizing its business model, strengthening its digital presence, and reimagining the in-store experience to differentiate itself,” Robichaud added. “Greater investment in technology, customer personalization, and operational resilience is essential for long-term success.”Trump names Andrew Ferguson as head of Federal Trade Commission to replace Lina KhanPhotograph: Gregory Costanzo NEW YORK, Nov. 22, 2024 (GLOBE NEWSWIRE) -- The Board of Trustees of Alvin Ailey Dance Foundation today announced that Alicia Graf Mack, widely celebrated for her dance artistry during her years with Alvin Ailey American Dance Theater and for her leadership as the Dean and Director of the Dance Division of The Juilliard School, has been appointed Artistic Director of AILEY. She becomes the fourth Artistic Director in AILEY’s 66-year history, following Alvin Ailey, Judith Jamison (herself a renowned star of the Company), and Robert Battle. Ms. Graf Mack will assume her role with AILEY as of July 1, 2025. News of Ms. Graf Mack’s appointment follows shortly after the death at age 81 of Artistic Director Emerita Judith Jamison, who brought Alicia Graf Mack into Alvin Ailey American Dance Theater and championed her work. Alvin Ailey American Dance Theater’s 2024-25 season, which begins on December 4, celebrates the life and legacy of Ms. Jamison. Daria L. Wallach, Chairman of the Board of Trustees of Alvin Ailey Dance Foundation, said, “Living heritage is central to the artistic achievement of Alvin Ailey, and it is just as integral to AILEY as an organization. As we pass the artistic leadership of AILEY to Alicia Graf Mack, who was introduced to Alvin Ailey American Dance Theater under Judith Jamison’s direction, performed under the leadership of Robert Battle, and electrified the Company’s audiences around the nation and the world, we honor and celebrate the legacy that goes back to Mr. Ailey himself. We know that this powerful continuity across the generations, combined with Ms. Graf Mack’s outstanding talents as a dance artist, educator, administrator, and communicator, will ensure that both the traditions and the innovation of AILEY remain strong for years to come.” Anthony A. Lewis, Board member and head of the selection committee, said, “Out of the many gifted and highly qualified candidates we reviewed as part of an extensive search process, Alicia Graf Mack rose to become our clear-cut choice. Her record of success at The Juilliard School, her profound connection with AILEY, and the intangible personal and professional qualities she possesses make her an exceptional leader. We are convinced that she is the Artistic Director for AILEY’s future.” Alicia Graf Mack said, “It’s the honor of a lifetime to step into this role and continue the legacy of Alvin Ailey—a legacy rooted in celebrating the beauty and resilience of the human spirit. I am committed to preserving the company’s rich heritage while boldly exploring new voices and perspectives that push the boundaries of dance and reflect the world we live in today, and the world we hope to see. I am deeply grateful to AILEY’s Board for placing its trust in me, and am particularly mindful at this moment of the abiding influence of Judith Jamison, who brought me into this extraordinary organization and will forever be an inspiration to me and present in all of us. To all the dancers who have embodied Mr. Ailey’s vision, to Robert Battle, and to the artistic team including the wonderful Matthew Rushing, who have carried AILEY into the present as such a vibrant and indispensable artistic force, I offer my profound thanks. I will give my all to live up to this great responsibility, in service to the Company, our many supporters, our beloved audiences, and the entire AILEY community everywhere.” Alvin Ailey American Dance Theater’s annual five-week holiday engagement at New York City Center from December 4 through January 5 has been prepared by Interim Artistic Director Matthew Rushing. This year’s Opening Night Gala , honoring legendary dance educator Jody Gottfried Arnhold, will feature the return of Ronald K. Brown’s Grace on its 25 th anniversary, with live music by Tony ® and GRAMMY ® Award-winning artist Leslie Odom, Jr. with composer, visual artist, and GRAMMY ® Award-winning vocalist Cécile McLorin Salvant. The finale of Mr. Ailey's Cry will also be performed, to pay tribute to Judith Jamison, who originated the role and ignited the ballet with her unparalleled grace and power. Celebrating the life and legacy of Artistic Director Emerita Judith Jamison, the season will showcase the world premieres of Sacred Songs by Matthew Rushing, Finding Free by Hope Boykin, Many Angels by Lar Lubovitch (his first world premiere for the Company), and Al-Andalus Blues by Jamar Roberts, as well as a new production of Elisa Monte’s Treading and a generous selection of classic repertoire by Alvin Ailey and live music performances. Bennett Rink, Executive Director of AILEY, said, “Carrying forward into a new generation the bold vision of our founder, Alvin Ailey, and building upon the major achievements of Judith Jamison and Robert Battle in developing our organization, Alicia Graf Mack will place the unique stamp of her own leadership on AILEY while remaining true to our heritage. Knowing the great respect she has for Mr. Ailey’s legacy and her comprehensive understanding of the multiple artistic, educational, and social roles that the AILEY organization plays in the world, I look forward with the greatest enthusiasm to working with her as AILEY takes its next steps into an exciting future.” As Artistic Director, Alicia Graf Mack will oversee the artistic program of the entire AILEY organization, which includes Ailey II, The Ailey School, Ailey Arts In Education & Community Programs, and Ailey Extension. Alvin Ailey said, “Dance is for everybody. I believe that dance came from the people and that it should always be delivered back to the people.” Today, AILEY is one of the world’s leading modern dance companies and a global ambassador of American culture, deftly weaving performance, education, and community programming together to celebrate the human spirit and inspire, enlighten, and unite people of all backgrounds. AILEY is currently partnering with the Whitney Museum of American Art to present Edges of Ailey (through February 9, 2025), the first large-scale exhibition to celebrate the life, creativity, influence, and enduring legacy of Alvin Ailey. For more info, visit www.ailey.org . About Alicia Graf Mack Alicia Graf Mack starred as a principal dancer with Alvin Ailey American Dance Theater from 2005 to 2008 and again from 2011 to 2014 and now returns to serve as AILEY’s fourth Artistic Director. She comes to AILEY from The Juilliard School, where she has been the Dean and Director of the Dance Division since 2018. Born in San Jose, California, Alicia Graf Mack grew up in Columbia, Maryland, was offered an apprenticeship at Dance Theatre of Harlem by Arthur Mitchell while in high school, and relocated to New York City at age 17 to join the company. During a hiatus from Dance Theatre of Harlem, she earned a bachelor’s degree magna cum laude in history from Columbia University School of General Studies, then rejoined DTH until the company was temporarily disbanded in 2004. She also holds an MA in nonprofit management from Washington University in St. Louis. In addition to dancing with DTH and Alvin Ailey American Dance Theater, she has been a principal dancer with Complexions Contemporary Ballet and has danced as a guest performer with Alonzo King’s LINES Ballet, Beyoncé, John Legend, Andre 3000, and Alicia Keys. She performed in honor of Carmen de Lavallade at the Kennedy Center Honors 2018 and was also invited to perform in the memorial services of Arthur Mitchell at Riverside Church in New York City and Jessye Norman at the Metropolitan Opera. In 2007, Smithsonian magazine named her an American Innovator of the Arts and Sciences. She is a recipient of the Columbia University Medal of Excellence, an award given each year to an alumnus who has demonstrated excellence in their field of work, and in 2008 delivered the keynote address to the graduates of Columbia University’s School of General Studies. She is the recipient of the 2023 Dance Magazine Award. Before assuming leadership of the Dance Division of Juilliard, she co-founded D(n)A Arts Collective, an initiative created with her sister to enrich the lives of young dancers through master classes and intensives, taught as an adjunct faculty member at the University of Houston, and served as a visiting assistant professor at Webster University. Ms. Graf Mack serves on the Boards of Columbia University School of General Studies and Camille A. Brown and Dancers. In addition, she volunteers her time and talent to the summer intensive of the Art Saves Lives Foundation in St. Maarten. She is the co-producer and host of the podcast Moving Moments , featuring conversations with some of the most celebrated and ground-breaking artists in the field of dance. About AILEY Alvin Ailey American Dance Theater, recognized by US Congressional resolution as a “vital American Cultural Ambassador to the World,” grew from a now-fabled March 1958 performance in New York that changed forever the perception of American dance. Forged during a pivotal moment in the civil rights movement, the Company was established to uplift the African American experience while transcending boundaries of race, faith, and nationality with its universal humanity. Before his untimely death in 1989, Mr. Ailey named Judith Jamison as his successor, and for 21 years she brought the Company to unprecedented success. Alvin Ailey American Dance Theater has performed for an estimated 25 million people in 71 countries on six continents, promoting the uniqueness of the African American cultural experience and the preservation and enrichment of the American modern dance tradition. In addition to being the principal dance company of New York City Center, where its performances have become a year-end tradition, the Company performs annually at the John F. Kennedy Center for the Performing Arts in Washington, DC; the Auditorium Theatre in Chicago; The Fox Theatre in Atlanta; Zellerbach Hall in Berkeley, CA; and at the New Jersey Performing Arts Center in Newark (where it is the Principal Resident Affiliate), and appears frequently in other major theaters throughout the world during extensive tours. AILEY also includes Ailey II, a second performing company of emerging young dancers and innovative choreographers; The Ailey School, one of the most extensive dance training programs in the world; Ailey Arts In Education & Community Programs, which brings dance into the classrooms, communities, and lives of people of all ages; and Ailey Extension, a program offering dance and fitness classes to the general public, which began with the opening of AILEY’s permanent home, The Joan Weill Center for Dance—the largest building dedicated to dance in New York City—at 55th Street at 9th Avenue in New York City. For more information, visit www.ailey.org. Press Contact: Christopher Zunner czunner@alvinailey.org 212-405-9028 A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/220b97d0-161a-49d1-9701-050d98263dd6