What: Following the announcement of Gennett’s retirement, retail experts are questioning whether Macy’s can be modernized for a better future.

Why it is important: The new CEO faces a big challenge ahead as the department store has recently reported declining financial results and is in a growth desert.

While the department store has become more agile post-pandemic, data-driven, streamlined management, closed 80 weak stores, and improved inventory management under Gennette, Macy’s off-price and specialty stores need to grow as bigger contributors in the business.

Experts have stated that the department store is outdated and needs a new growth engine. While their newer channels like Market by Macy’s are more relevant, some have said that Macy’s fails to execute its strategies well, making the change in leadership an opportunity for new thinking and more enthusiasm.

Macy’s online business was down last quarter in addition to the store business being off and projects a further decline in sales and profits for 2023.

Pondering the future of Macy’s amid leadership changes