Abstract: Walmart has topped Fortune magazine’s list of the 500 most valuable companies in the US once more. 16 other fashion retailers have also made the list, but none of them are newcomers. This research paper will take a closer look at the most recent developments to stem from these companies. Many retailers have struggled in 2017, and Macy’s has closed 68 stores, cutting 10,000 jobs. The announcement was issued alongside an unfavorable earnings report, showing comparable store sales dipped 2.1% last quarter. The news caused its stock to plunge nearly 10% during after-hours trading Wednesday. Macy's (M) said it expects to lay off about 3,900 workers as a result of the upcoming store closures, and another 6,200 jobs will be cut as the company works to streamline its management team [15]. A few stores have already been shuttered, but 63 will close down between now and mid-2017, leaving about 660 U.S. stores left open. The closings are among the 100 stores Macy's said last August that it intends to shutter. The expected savings from these cuts will be invested in the company's digital business as well as marketing efforts including Bluemercury, Macy's Backstage and China, Macy's said. Mark Cohen, a professor at Columbia Business School, said it's not the last time Macy's will make this type of announcement [16]. Other companies have made significant profit in 2018, and are expanding in the online retailing. High competition between online retailers such as Amazon, and Walmart exists and is ongoing. Other companies invested into organic and natural fibers such as VF Corporation, and that influenced positively on their revenues. A few stores have already been shuttered, but 63 will close down between now and mid-2017, leaving about 660 U.S. stores left open. The closings are among the 100 stores Macy's said last August that it intends to shutter. The expected savings from these cuts will be invested in the company's digital business as well as marketing efforts including Bluemercury, Macy's Backstage and China, Macy's said. Mark Cohen, a professor at Columbia Business School, said it's not the last time Macy's will make this type of announcement [16]
Keywords: Fashion companies, Walmart, Nike, Luxury, moderate, budget, fortune, Amazon, Macy’s, Gap, eBay, Nordstrom, PVH, Footlocker, Ralph Lauren, Hanes- Brands, Sears, Kohl’s, J.C. Penny.
Title: A study of the most valuable Fashion Companies that made 2018 Fortune Magazine 500 list, and to which market segment the winner belongs? Luxury, moderate, or Budget?
Author: Dr. Sana Abbasi
International Journal of Management and Commerce Innovations
ISSN 2348-7585 (Online)
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