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St. Louis Business & Technology News
"When you think Saint Louis, think Saint Louis Front Page," a weekly publication covering the news and events in the greater St. Louis area. 
How To Reach Us:St. Louis Front Page P.O. Box 1354 St. Louis, MO 63188 Voice: 314-771-0200 Fax: 314-771-0300 To submit news, contact: editor@slfp.com To advertise, contact: advertising@slfp.com |
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ST. LOUIS (SLFP.com), February 3, 2009 - Macy's has announced that it will expand "My Macy's," a customer-centric localization initiative piloted in 20 selected geographic markets since spring 2008. The move is expected to focus resources on local customers to drive sales. As My Macy's is rolled out nationally to new local markets, Macy's, Inc. will be re-formed into a unified operating structure to support the Macy's business. A new Macy's, Inc. executive management team will lead the corporation going forward under the continued direction of Terry J. Lundgren, chairman, president and chief executive officer. "We have been very encouraged by early results from our My Macy's district structure in capturing new sales opportunities in pilot markets over the past year," Lundgren said. "In fact, of the company's top 15 best-performing geographic markets in December, 13 were My Macy's pilot districts. We are moving quickly and decisively to expand this model to all of our markets so we can pursue sales-driving opportunities as we position ourselves to capture share in every local market. "In addition, and especially in the current challenging economy, we must operate in a responsible manner that allows us to maximize the value we offer to our customers and enhance our profitability. That includes reducing expenses and conserving cash so we can remain financially healthy. In the short- and long-term, the actions being announced today will make us a more lean and efficient company and a stronger competitor," Lundgren said. A net companywide total of approximately 7,000 positions are being eliminated from the company's workforce in offices, stores and other facilities. This total includes approximately 1,200 positions being added to new My Macy's districts and regions. Trust in Business at 10-year Low in United States ST. LOUIS (PRNewswire), February 1, 2009 - Nearly two-thirds of informed publics (62%) trust corporations less than they did a year ago, according to the 10th Edelman Trust Barometer. When respondents in the United States were asked about trust in business in general, only 38% said they trust business to do what is right -- a 20% plunge since last year -- and only 17% said they trust information from a company's CEO. Both are lower levels of trust than those Edelman measured in the wakes of Enron, the dot-com bust, and Sept. 11. "It has been a catastrophic year for business, well beyond the evident destruction in shareholder value and need for emergency government funding," said Richard Edelman, president and CEO, Edelman. "Our survey confirms that it's going to be harder to rebuild our economies because no institution has captured the trust that business has lost -- trust is not a zero-sum game. Business must recast its role in society and move beyond simply generating ROI to its shareholders. It must partner with government and other institutions to assume societal responsibilities." The Edelman Trust Barometers explores trust in four institutions: business, government, media, and NGOs. This decline in trust also is playing out on Main Street. Seventy-seven percent (77%) said they refused to buy products or services from a company they distrusted -- the first time the survey explored people's direct actions toward trusted and distrusted companies. Seventy-two percent (72%) criticized a distrusted company to a friend or colleague. By a 3:1 margin, respondents say that government should intervene to regulate industry or nationalize companies to restore public trust. In the major Western European economies of the U.K, France, and Germany, three-quarters say that government should step in to prevent future financial crises (73%, 75%, and 74%, respectively); in the United States, not even half (49%) say that the free market should be allowed to function independently. Globally, the call for government intervention also extends to issues like energy costs, global warming, and access to affordable healthcare, as respondents, by at least a 2:1 margin, say government has the primary responsibility for solving these issues. But business must collaborate: Two-thirds (66%) expect business to partner with governments and advocacy groups to solve these issues. In contrast to the lack of trust in the Western economies that have historically shaped the global agenda, trust in business in several emerging economies increased. In China, the "trust in business" score rose from 54% to 71% among 35-to-64-year-olds. In Brazil, trust in business climbed to 69% from 61% a year ago. And while trust in banking dropped by 33 percentage points in the United States, trust in banks rose from 72% to 84% in China, and from 52% to 59% in Brazil. "People in emerging economies credit business with improved standards of living, which remain at historically high levels. But this trust gain for business may now be at risk, as 79% of Japanese, 56% of Chinese, and 49% of Indian opinion leaders say they have growing concerns about business, and Korea, Mexico, and Brazil report new low levels of trust in CEOs as spokespeople," said Mr. Edelman. Respondents say being able to "trust a company" is one of the most important factors in determining a company's reputation. Among a global audience of 25-to-64-year-olds, trust ranks just below the quality of a company's products and its treatment of employees -- more important than a company's financial future, job creation, giving back to the community, and innovation in products and services. Transparency, defined as frequent and honest communication, also outranks those attributes. Sixty percent (60%) said they need to hear information about a company three to five times before they believe it. Specialists remain the most trusted purveyors of information about a company, with 62% globally saying an academic or expert on a company's industry or issues would be extremely or very credible. Employees and peers are also considered credible sources of information about a company, with 47% trusting what they hear from "a person like yourself" and 40% trusting conversations they have with employees. "To regain trust and re-earn the mantle of authority, business needs to make substantive shifts in both policy and communications," said Mr. Edelman. "This means forging partnerships, effecting real change in business practices from executive compensation to supply chain, and communicating all with transparency. Without this type of public engagement, which fuels trust, it will be difficult for business to help rebuild the financial system or earn the license to innovate, much less operate."  
The Saint Louis Front Page is owned and maintained by the Moore Design Group for the sole purpose of disseminating news and information about the Metropolitan Saint Louis area. Text or graphics may not be copied, rewritten or distributed in any manner whatsoever without written permission. For more information, contact editor@slfp.com All rights reserved world wide © 1996 - 2009 Moore Design Group. |
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