Quotations From Macy's CEO Terry Lundgren: Retail Survival Strategies
Why do retail industry leaders care about quotations from Macy's CEO Terry Lundgren about retail survival strategies? When you are the head of one of the oldest retail chains in the U.S., you are not only responsible for the present-day success of your retail organization, you're also responsible for ensuring the survival of a retail legacy and the success of a company that is an iconic institution in American business.
That's the position that Terry Lundgren finds himself in every day in his role as the CEO of Macy's, and it's a weighty responsibility that he seems to understand very well. The strategies being employed by CEO Terry Lundgren will either lead Macy's into the future and preserve the Macy's company longevity, or they will lead Macy's to the end of its retailing history, along with extinct and bankrupted retailing companies like The Great Atlantic & Pacific Tea Company, Blockbuster, and Circuit City.
Either way, Lundgren's thoughts and quotes about retail survival strategies and longevity will be significant.
What follows are quotable quotes from Terry Lundgren which reveal his leadership philosophy about retail longevity, and the solid business practices that continue to drive Macy's after 150 years and keep it one of the oldest and largest U.S. retail chains. Read and share Lundgren's quotable quotes and then click the links at the bottom of the page for more inspiring and funny leadership quotable quotations.
Quotes From Macy's CEO Terry Lundgren
- "Those department stores that have survived the decades did so by keeping pace with customer needs and preferences." –Terry Lundgren, Robin Report
- "We think of Macy’s today as the Great American Department Store because we have kept alive our heritage while also changing for the future." –Terry Lundgren, Robin Report
- "Macy’s has survived and thrived for 152 years. By adapting to the current demands of our customers, we can be here 152 years from now if we keep the customer at the center of all decisions." –Terry Lundgren, Robin Report
- “It was clear then that it was time to make the necessary changes. We couldn't afford to waste a recession.” –Terry Lundgren, Barron's Online
- “We are building a culture of growth at Macy's ... Our performance cannot be attributed to a single factor, but rather to the coordinated execution of a series of complementary ... strategies.” – Terry Lundgren, Tulsa World
- "Despite the economy, consumers will still spend. The goal is to get them to spend more with us versus our competitors. What we are trying to do is win market share." –Terry Lundgren, Money.CNN.com
- “The value we provide day in and day out is very competitive.” –Terry Lundgren, Cincinnati Business Courier
- "We have been outperforming most of our major competitors. And we’re doing it by having the right product in the right place at the right time for each customer. This sounds so elementary, but it really is a complex process that requires a large amount of human intelligence." –Terry Lundgren, Robin Report
- "I think the more a big, well-known brand like Macy’s can personalize the shopping experience the better chance you will have at fending off all forms of competition." –Terry Lundgren, Robin Report
- "My Macy’s localization really isn’t a 'program' or an 'initiative.' It is the way we run our company. My Macy’s is our sustainable competitive advantage." –Terry Lundgren, Robin Report
- "I would be interested in buying a brand, but it can't be just a name. It needs to have good management and design talent and also have the potential to expand into other categories. As for more exclusives, if I can find more ideas like Martha Stewart and Tommy Hilfiger, I'd sign them in a minute." –Terry Lundgren, Money.CNN.com
- "In the end, the product has to be right – on trend and at the right price point. You can’t just slap a brand label on a garment and expect the customer will accept it. The brand has to be genuine, and the goods have to be right. It all comes down to product and people." –Terry Lundgren, Robin Report
- "We just added mattresses to our on-line [selection], and that had the surprising effect of driving traffic into the stores from customers who wanted to feel them.” –Terry Lundgren, Shopping Centers Today
- “We also are developing and testing a wide range of new ideas and innovations that will allow us to evolve with our customers and continue to improve our performance.” –Terry Lundgren, Los Angeles Times
- “The more we can make our stores as interesting as our online experiences, the more we are going to benefit in the future.” –Terry Lundgren, youlookfab.com
- “I love the idea of using technology to bring the personalities of our designers to customers inside our stores ... This is a perfect example of how we make the in-store experience reflect some of the benefits you get when you shop online.” –Terry Lundgren, youlookfab.com
- “There's no way you can duplicate or even buy the level of experience or the nationwide reach of the network we've created ... It functions much the way the old local retailers did back in the early days but with the power of nationwide buyers. Our purchasing clout gives us access to the best brands...” –Terry Lundgren, Barron's Online
- "As much time as I spend in the stores—and I probably spend more time than most C.E.O.’s in the stores—I want to spend more time in the stores because I never come back saying: “Boy, that wasn’t a good use of my time. I need to spend more time in my office.” - Terry Lundgren, New York Times
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