Final answer:
Macy's is implementing new strategies to counter the trend of store closures by embracing the shift towards sustainability and adapting to the evolving retail environment, which includes changes in consumer behavior, the impact of globalization, and challenges such as the COVID-19 pandemic.
Step-by-step explanation:
Macy's has been addressing the challenge of adapting to the changing retail landscape by announcing new strategies. These strategies are aimed at reversing the trend of store closures that the company has experienced since 2016. In response to shifts in consumer behavior and the increasing importance of sustainability, some brands are redefining luxury through a commitment to environmental consciousness. For example, Inditex, the parent company of Zara, has pledged to use sustainable or recycled materials in all its products by 2025. Additionally, the Fashion Industry Charter for Climate Action has brought together various stakeholders to commit to reducing the industry's environmental impact with the goal of achieving net zero emissions.
Department stores like Macy's played a significant role in shaping modern consumer culture by offering a broad range of products and standardizing the shopping experience. The advent of department stores shifted buying patterns from small, family-run shops to large establishments with fixed prices and widespread advertising. These innovations have made a lasting impact on how people shop and consume goods.
However, the retail environment has continued to evolve with trends such as the McDonaldization of society, where local diversity is replaced with standardized franchises. To keep up with such changes and the recent impact of the pandemic, Macy's new strategy will likely need to reflect a deep understanding of the current consumer mindset and incorporate elements such as e-commerce, experiential retail, and personalized services.