M - Why Macy's Stock Plummeted 22% in the First Half of 2023
2023-07-10 10:32:13 ET
Shares of Macy's (NYSE: M) dropped 22% in the first half of 2023 according to data provided by S&P Global Market Intelligence . The department store chain continues to experience retail woes, and it slashed its full-year guidance after the first-quarter report.
This is only the latest chapter in the ongoing saga of Macy's. The entire department store and mall strategy that was a staple in the 1980s and 1990s has been on the decline for years, and many stalwarts from that generation are limping along as they take various measures to recapture their glory years.
Macy's has succeeded to some degree with a variety of amelioratory actions. These include closing some stores, experimenting with new store sizes, adding brand stores-within-a-store, beefing up its digital chops, and several more. But these all still feel like bandages on a wound that just isn't healing.
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Why Macy's Stock Plummeted 22% in the First Half of 2023