Columbia Business School Professor Rita McGrath sent out a terrific tweet several days ago. She offered a thought about Macy's, the department store struggling to adapt to the new business environment in which find themselves. Macy's faces multiple threats these days, including e-commerce, as well as more nimble specialty retailers that pursue "fast fashion" strategies. I have posted McGrath's tweet here. What an awesome concept! Who would miss Macy's if they disappeared tomorrow? What customers find them indispensable? What customers are highly devoted to Macy's and why? What do people get at Macy's that they cannot get anywhere else? Every firm should be asking this question. It truly challenges management to consider what makes their organization truly distinctive.
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