How Macys can turn around its business as department store struggles [Video]

Macy’s needs to reignite its creativity by featuring more exciting products in stores and hosting engaging events to attract younger generations back, according to activist investor Barington Capital.

Those are just two of several changes the activist investor says are necessary to turn around Macy’s, which once established itself as a premier department store but has struggled to keep up with rapid industry changes and competition.

Jim Mitarotonda, the CEO of Barington Capital Group, made it clear that he is confident in Macy’s executive leadership, saying “there isn’t any reason” why the company shouldn’t be able to improve the execution of its business. While Macy’s CEO Tony Spring and CFO Adrian Mitchell “have a good understanding of the retail sector,” Mitarotonda told FOX Business that “the thinking has to change.” 

MACY’S ACCELERATES STORE CLOSURES THIS YEAR

Barington Capital, Thor Equities LLC and their respective affiliates, who are Macy’s shareholders, recommended that the retailer make changes to its capital allocation strategy and consider other structural actions to …