The retail industry has seen the middle class impacted by the success of cost-saving places like Walmart and luxury brands, while department stores like Macy's are aiming to pivot towards a more upscale experience to avoid the 'messy middle'. Bloomingdale's, Macy's higher-end store, exemplifies the fusion of e-commerce and physical stores to boost sales. The integration of physical stores increases digital sales in the area, showcasing the importance of an e-commerce strategy in retail reinvention. Additionally, customer feedback emphasizes the preference for less cluttered shop floors and knowledgeable salespeople.
Episode 268: Neal and Toby explain why Macy's is closing over 150 of their stores and what kind of strategy they are pivoting to for the long-term. Plus, the cyberattack on UnitedHealth that is majorly impacting pharmacies and are NFTs making a comeback? Next up, TikTok's biggest audience are actually millennials and how a $1 billion donation helped a medical school in New York go tuition free. And finally, a college is getting rid of vending machines that recognize your face.
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