Macy’s a demand created for lifestyle products in these

Macy’s Inc. is a well-known brand. It has maintained its upmarket appeal over the years and has registered healthy growth over the holiday seasons. When consumer tastes and market dynamics change with time, new sets of external threats and opportunities emerge. Macy’s faces a certain level of external threats that can impose a severe impact on the business operations of the company.Threats:The retail markets in the United States are highly competitive, with a large number of market players offering a wide range of products. J.C. Penney is one of Macy’s main competitors. J.C. Penny has announced plans to reinvent itself, with some new policies such as price reduction. They recently signed an agreement with Macy’s ally, Martha Stewart. Keeping this in mind, Macy’s should take measures to protect itself since it might lose customers to J.C. Penney as a result of some of J.C. Penney’s changes and improvements.Discount stores: Industry giants such as Wal-Mart and Costco are incredibly price-competitive in comparison to Macy’s. During unfavorable economic conditions, these stores have the edge over exclusive stores like Macy’s. Discount stores are Macy’s most significant threat. To compete with these stores Macy’s Inc. needs to reinvent itself. This means emphasizing specific discounts for the deal-hunting shoppers and de-emphasizing discounts on significant name brand items. Along with cutting clutter in stores, so that Macy’s can build a selective aura around hotter brand names that can draw more customers and sell at more significant profits.Opportunities:Online Shopping: E-commerce holds vast potential for the company. Its popularity has grown in recent years, and more people are transacting over the Internet than in prior years. Macy’s Internet business, they launched a mobile application for the iPhone, and they have plans to develop its online platform further to generate more revenue.Emerging markets: the Purchasing power of the growing middle class in emerging markets such as India and China. There has been a demand created for lifestyle products in these two countries. Taking cues from other lifestyle brands that have a successful presence in these countries, Macy’s can initiate the process of exploiting them. Macy’s opportunities measure higher than its threats and weaknesses. Macy’s E-commerce platform is their most significant opportunity. Macy’s needs to put more emphasis on developing their E-commerce platform in order to increase their sales and profits.  As they close 68 of the 880 store locations (Business Insider, 2017), they need to start a company-wide restructuring that will shift more resources to their online E-commerce platform.