TERRY J. LUNDGREN
TITLE: Chairman, president and chief executive officer.
COMPANY: Macy’s Inc.
NOMINATED FOR: Lundgren is not one to just roll over and play dead. Instead, the head of Macy’s Inc. has set his sights on increasing market share, taking on all comers, including J.C. Penney and Amazon, two of the most aggressive competitors. Penney’s is undergoing a dramatic repositioning under new ceo Ron Johnson and Amazon is moving to increase its fashion profile. But that doesn’t scare Lundgren.
“We have demonstrated that we are taking market share. We are going to continue to take market share,” he said earlier this year.
Among the weapons he’s using in the battle are opening what is billed as the world’s largest shoe department at the Herald Square flagship, squaring off in court against Penney’s over the Martha Stewart collection, enhancing the company’s online presence through an omnichannel approach, and continuing to stockpile new and/or exclusive brands. One of the store’s most ambitious initiatives is a new focus on the Millennial customer, shoppers between 13 and 30 who represent a group with spending power of $65 billion for product at the Macy’s price level. It’s also begun to dabble in luxury, with Gucci, Louis Vuitton, Burberry and Longchamp being highlighted in a new luxury hall at Herald Square, which itself is in the midst of a four-year, $400 million overhaul.