This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Macy's Business Lessons From Miracle

CINCINNATI ( TheStreet) -- Just about everything you need to know about holiday business can be learned by watching Miracle on 34th Street.

The 1947 film, about a white-bearded man who believes himself to be Santa Claus and a little New York outfit called Macy's (M - Get Report) that hires him to be just that and then forces him to defend his assertion in court mere days before Christmas, hides a bagful of lessons behind its grainy footage and questionable plot devices.

For Macy's, whose online sales jumped 16.5% in November even as same-store sales declined 6.1% for the month and 3.6% for last quarter, they're lessons that hit especially close to home.

As Macy's continues its "Believe" campaign in a retail environment that's changed quite a bit in 62 years, here are some business bastions from Miracle on 34th Street worth believing in. (The store declined to comment for this article.)

1. Customer service: When Kris Kringle sent customers to other stores for items Macy's didn't have, it resulted in huge returns on 34th Street, but seemed a bit of a stretch anywhere beyond the silver screen. However, Amazon (AMZN - Get Report) was ranked No. 1 by J.D. Power and Associates for customer service this year partially for doing just that.

If you go searching for a shearling boot that's only available at L.L. Bean or skull rain boots that are only for sale at The Gap, Amazon will not only tell you how much the item costs, but will provide a link to that item on the other company's Web site. That is why the Luxury Marketing Council noted earlier this year that many high-end retailers like Coach (COH - Get Report) and Burberry have cut back on advertising this season and poured their resources into customer service.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
SFN $25.80 0.00%
AMZN $389.51 3.71%
COH $42.54 0.33%
JCP $8.65 -0.69%
M $66.79 0.51%

Markets

DOW 18,034.93 +208.63 1.17%
S&P 500 2,100.40 +19.22 0.92%
NASDAQ 4,994.6020 +62.7870 1.27%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs