After a week in Miami, I got back home to San Francisco. As I was opening my mail, I got this letter from Macy's. It told me that a store that I've never been to is closing.
There are so many things wrong with such a move. At some point, someone had a meeting about doing this. They thought it would be a good idea to inform customers of a store closure. A store to which they have never been to. No data correlation. No omnichannel strategy. Nada.
Some traditional retailers deserve pain. This is lunacy and a waste of marketing dollars.
I love shopping offline and local. That said, the ones that don’t innovate will die pretty fast.
If Macy's does stupid things like this and had US$24.9B in revenues last year, imagine what you can do when you start and scale your company. This is the beauty of venture capital and entrepreneurship.
Long live $SHOP and $AMZN + the entire sea of DTC founders out there. Short $M — Just mentally since I don't short stocks as a matter of principle.
As I read Nassim Taleb's Skin in the Game, I ponder about the need to have skin in the game to build something valuable, enduring, and long-lasting.
I recently read The Four Agreements by Don Miguel Ruiz. I highly recommend you take a look and spend time reflecting on how you can be better at some of them.
On the book "Getting More: How to Negotiate to Achieve Your Goals in the Real World", author Stuart Diamond teaches how to negotiate better.
