Wisdom From The Top with Guy Raz
Carry Water on Both Shoulders: Terry Lundgren (Macy's and Neiman Marcus)
Sep 18, 2024
Terry Lundgren, former CEO of Neiman Marcus and Macy’s, has significantly shaped American retail. He discusses how leadership can awaken under pressure and shares that playing it safe is often the biggest risk. Lundgren recounts the challenges of merging Macy’s and Neiman Marcus and reflects on his journey from local department store president to leading a national giant. He emphasizes the importance of balancing digital innovation with traditional retail values and how his early experiences influenced his strategic vision for the future.
41:00
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Quick takeaways
- Terry Lundgren emphasizes that true leadership often emerges from challenges, highlighting the importance of growth through adversity in retail management.
- By embracing change and tailoring offerings to local markets, Lundgren transformed Macy's into a responsive national brand during a challenging retail landscape.
Deep dives
Terry Lungren's Impact on Macy's
Terry Lungren played a pivotal role in transforming Macy's into the largest department store chain in the U.S., particularly by embracing risks and changes in the retail landscape. He believed that avoiding change was a far greater risk than adapting to the shifting market, especially as traditional retail faced increasing competition from e-commerce. Lungren's leadership led to Macy's stock reaching an all-time high, showcasing the success of his strategies during a critical time in retail history. He highlighted that adapting to customer demands and embracing innovation were key to Macy's growth and dominance.
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