Written by Phil Rubin
First Macy’s and Kohl’s, then the Pete Nordstrom “Mic Drop”.
“Comedy is not pretty.” – Steve Martin
Today, retail is increasingly like comedy. Lots of data and little of it used. Lots of digital, but little relevance. Lots of loyalty programs, but little more than transactional offerings. A joke for so many retailers, though not those who have filed for bankruptcy.
Last week was incredibly telling, as retailers continued reporting poor earnings. Two former industry leaders, Macy’s and Kohl’s, resorted to the old “let’s change CMOs and then shift the marketing mix” game. They even did it on the same day. Macy’s said it was shifting more print to digital and conversely, Kohl’s said it was doing just the opposite. Not pretty in either scenario.
Subsequently, Nordstrom announced a 64% decline in its quarterly profit and lowered guidance for the year, citing Amazon as a key…
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