Based on the following about Macys: As of March 2018, Macys, Inc. operates 690 department stores in 45 states, Washington DC, and

Based on the following about Macys:

As of March 2018, Macy’s, Inc. operates 690 department stores in 45 states, Washington DC, and outside the USA in Colombia, Guam, Puerto Rico, China, United Arab Emirates, and Kuwait with third party license agreements. Headquartered in Cincinnati, Ohio, the company’s brands include Macy’s, Bloomingdales, and Bluemercury. Most stores are located in urban or suburban areas and include a mix of apparel, accessories, cosmetics, home furnishings and various other consumer goods. Macy’s reported revenues in excess of $25 billion in the year ending January 2017 deriving from 382 company-owned stores and the rest being leased.

Approximately 600 stores are department stores operating under the names Macy’s and Bloomingdale’s, and the remainder are specialty stores that include Bloomindale’s The Outlet, Bluemercury, Macy’s Backstage, and Last Act. Macy’s divested 66 stores in the year ending January 2017 and 43 year-end January 2016, with plans to continue reducing total store numbers by approximately 30 as leases expire.

Macy’s, Inc. employs 148,300 full-time and part-time employees with 10 percent represented by unions. Closing more and more stores every year, Macy’s, Inc. is struggling financially and needs a clear strategic plan. During the month of December 2017, Macy’s spent $32 million on television advertising, compared to J.C. Penney that spend $27 million that month.

Develop a Problem statement and Strategic Plan covering all the questions below:

Problem Statement 

• What is the primary problem in the case? Secondary problems? What are the ramifications of these problems in the long run? Short run? Include quantitative and qualitative analysis in your response.

Strategic Plan

Based on the problem identified, develop a 5-year strategic plan for the company. This plan should include:

1. Clear vision, mission statement and core values

2. SMART objectives to solve the problem

3. Corresponding strategies for the objectives identified

4. Implementation plan

5. Key Performance Indicators to monitor progress

***Please reference atleast 4 scholarly recourses and 4 sources of business data.