, Columnist
It's Not Too Late to Save Macy's
To start, spin off valuable real estate and close poor-performing stores.
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It wasn't Brexit, but something else happened on June 23 that may have broad repercussions for the retail world: Macy's said longtime CEO Terry Lundgren will step down.
Lundgren embodies the industry's old guard. Running America's largest department store for more than a dozen years, he tried to uphold a relic of retailing that has now fallen out of step with the way many of today's consumers want to shop. His successor, Jeff Gennette, isn't exactly new blood -- he joined Macy's in 1983 and was groomed for decades -- but the handover does present an opportunity for him to make bolder moves to save the struggling retailer and provide a guidepost for the rest of the industry to follow.