What the numbers say: Macy's global workforce declined consistently between 2012 and 2020. The company's staff numbers bottomed out at 75,711 in 2020 before bouncing back to 94,570 in 2022. Relevance: Despite developing its own online business, Macy's was hit hard as the rise of e-commerce reduced foot traffic in its stores. The situation got worse for Macy's when Nike ended its wholesale partnership with the company in 2021 to focus on its own e-commerce operation. However, Macy's announced last week that the footwear company reversed its decision and would sell through Macy's online site and at physical locations. Where to see the impact: Macy's still faces uncertainty as its CEO, Jeff Gennette, prepares for retirement. However, rebooting its collaboration with Nike may bolster the department store's capacity to weather the uncertain macroeconomic environment in 2023. |
