BOCA RATON, Fla. — Terry Lundgren, chairman, chief executive officer and president of Macy's Inc., was the headliner at the Personal Care Products Council's general session last week and his message was simple: It's time for change.
Lundgren's 850-door retail chain is of pivotal importance to a number of the cosmetics executives seated in the hall, and he was to the point. Quoting Albert Einstein's definition of insanity as doing the same thing over and over and somehow expecting different results, Lundgren underscored the importance of beauty, which is located in the front of his stores and provides the first impression that consumers get of Macy's. That's key because Lundgren signalled his concerns over the vexing question of differentiating the stores to compel "the customer to choose us. We have to do that through trying new ideas."
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