Business

Jeff Gennette – The Deal Corporate Governance Conference – Notes

Jeff Gennette’s notes from The Deal Corporate Governance Conference which took place on the 7th of June, 2018. Find the previous coverage here and here and here. and the full notes here.

For the third year, Jim Cramer and The Deal will host an exclusive gathering of corporate decision makers and their key advisors to discuss the best strategies to meet and master the latest and most critical challenges in managing their companies to maximize shareholder value. The Deal Corporate Governance Conference’s keynotes, one-on-one interviews and panel discussions will provide actionable insights into how to identify and implement practices that rise to the occasion.

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The Deal Corporate Governance Conference Jeff Gennette
Image source: The Deal

Jeff Gennette, Chairman and CEO, Macys, Inc.

  • 2015, 2016 was tough time
  • Department store sector was suffering, not cyclical trend
  • Prioritize and maintain cash flow, control debt
  • Identify and monetize select assets
  • Retail and real estate strategies go hand in hand
  • Cash income from real estate give some breathing room
  • Retail will be long term
  • Forensic mapping of customer transaction
  • Understanding what she liked and not liked
  • Paying points along the journey
  • Looking for inspiration, clear value, good experience,
  • Merchandising strategies
  • Mobile, .com for convenience
  • Marketing strategy
  • Brick and mortar is improving
  • Ecommerce growing quickly
  • Moving faster and competing harder
  • Getting happy and loyal customers
  • Share goals and incentives in organizations
  • Need healthy brick and mortar and ecommerce
  • Mall partners for retail and real estate strategies
  • Star rewards program, doing well
  • Backstage, up price initiative, new distribution center in Columbus
  • Store pickup, improving buy online ship to store
  • Growth 50, 50 stores best of what we tested in 2017
  • 2018 investment and growth
  • To keep people at bay, do well and execute
  • Game plan that is outside of comfort zone because comfort zone is not working
  • Idea that modern day CEO is so vulnerable
  • Any store that is too highly leverage, no flexibility
  • Pay down debt, don’t buy back stock, have enough cash to keep business going
  • What are the gaps in my skills? I am an operator and merchandiser
  • Look who is the best at tech to operate and scale
  • Know where the customer is, your talent in the company and surrounding yourself with people who can fill your gaps
  • How you do it?
  • How did you know what the customer is thinking
  • What they tell you with surveys, loyalty program observations, focus groups
  • How to keep amazon at bay
  • Be who you are and do it better