PodcastsMay 21, 2026
Episode 5: Sotheby’s Frank Everett Puts the Auction Market in PerspectiveEverett covers colored stones’ surging popularity, the mellow return of the “Mellon Blue,” and his “The Devil Wears Prada” doppelgänger.
EditorsFeb 08, 2017
The Malaise of Macy’s
One of Macy’s biggest problems has been its inability to convert Kaufmann’s shoppers, Editor-in-Chief (and Western Pennsylvania native) Michelle Graff writes.
Macy’s flagship store in Herald’s Square, New York City. The retailer ranks No. 4 on National Jeweler’s 2016 list of $100 Million Supersellers with an estimated $1.56 billion in watch and jewelry sales in 2015.
I started this blog on Friday after reading numerous reports about the possible sale of Macy’s.
Since then, there has been other major news that’s broken in the retail world.
On Sunday, Tiffany & Co. announced that CEO Frederic Cumenal was stepping down and would be temporarily replaced by Chairman and former CEO Michael Kowalski while the jeweler hunts for a permanent leader.
Though some news outlets seemed shocked by the news, I wasn’t.
The retailer’s sales have been, to coin Kowalski, disappointing. Worldwide net sales rose 1 percent, declined 6 percent and 7 percent in the last three quarters, and Tiffany has posted poor holiday performances back-to-back.
I don’t think it’s hard to understand why Cumenal no longer has the corner office, or why another big jewelry retailer, Signet Jewelers Ltd., also recently changed up its senior management after its holiday season was less than stellar.
Retail is changing and retailers--particularly public companies that have to answer to shareholders--have to change with it.
So, while I may return to the topics of Signet and/or Tiffany at a later date, for now I want to talk about Macy’s, Retail Dive and an interesting conversation I recently had with my mother.
While reading multiple stories about the murky future of Macy’s on Friday, I came across this excellent analysis from RetailDive.com.
In her article, Contributing Editor Daphne Howland argues that what’s killing Macy’s isn’t competition from Amazon or off-price outlets but, rather, Federated Department Stores’ (which later changed its name to Macy’s) 2005 purchase of The May Company.
The acquisition left the retailer over-stored and unable to offer exactly what customers want in every market.
Federated/Macy’s bought up “thriving” regional chains--like Kaufmann’s in Western Pennsylvania, a retail staple of my youth--with roots in their respective communities and made them “cogs in a machine,” the articles states.
The story struck a chord with me because of a recent conversation I had with my mother, in which we got to talking about the state of retail where I grew up, in Beaver County, Pennsylvania.
Mom was telling me how she’d read in the local newspaper (long live print journalism!) that the Macy’s store in the Beaver Valley Mall--which I made famous via this blog before--was one of the many Macy’s that closed at the end of last year.
She wasn’t surprised to read that Macy’s was shutting down because it
Editors' Picks
Sponsored by
was never very busy when she shopped there, which, she also said, was not that often because she didn’t really like it.
To my mom, the store went downhill after it was converted from Kaufmann’s into Macy’s; she never saw much in there that she wanted to buy and the store itself wasn’t as nice either.
And, Mom said, a lot of other people in the area felt the same way.
Kaufmann’s had deep local roots.
Founded by 1871 by Jacob and Isaac Kaufmann, the department store was part of the fabric of Western Pennsylvania for decades. There’s the iconic clock in downtown Pittsburgh (“Meet me under the Kaufmann’s clock.”) and Fallingwater, the amazing Frank Lloyd Wright-designed weekend home the Kaufmann family had built in Mill Run, Pennsylvania, a must-see if you ever get to the area.
There really wasn’t any way for Macy’s to emulate that and, as a result, what ended up happening is exactly what my mom observed: People really never came to love Macy’s the way they loved Kaufmann’s.
My mom’s musings on Macy’s sum up perfectly the point that was made in the Retail Dive article.
The retailer got too big to deliver any kind of personalized experience to customers, to stock each store with merchandise that suited them and to make area residents feel that Macy’s knew what they liked.
And, it seems, this lack of personalization was especially detrimental to Macy’s in Midwest metropolitan regions like Pittsburgh, as this is where Macy’s is expected to close the most stores, according to Retail Dive.
Retail today is so different and so difficult that I cannot offer jewelers a panacea, a single solution for all their store’s problems. I cannot say that being a town’s “local jeweler” will save a store because, as we’ve seen, longtime family-owned retailers are closing down too.
And I cannot say that remaining a Kaufmann’s would have saved this specific store, given the long, slow economic decline of the area surrounding it and the myriad challenges facing brick-and-mortar retailers today, particularly those situated in aging malls.
But I think what can be learned from Macy’s is that for retailers, local/regional names do carry weight among area residents and aren’t necessarily so easily replaced.
As National Jeweler columnist Peter Smith stated when commenting on this story about San Francisco retailer Shreve & Co. closing the Portland, Oregon storeit opened in the space once occupied by 88-year-old store Carl Greve Jewelers: “I wonder if things would have been different if they had kept the Carl Greve name? Shreve’s had no awareness in that market. Sad to see.”
There is value in having a connection to the community and in knowing exactly what your customers want.
To my mom, the store went downhill after it was converted from Kaufmann’s into Macy’s; she never saw much in there that she wanted to buy and the store itself wasn’t as nice either.
And, Mom said, a lot of other people in the area felt the same way.
Kaufmann’s had deep local roots.
Founded by 1871 by Jacob and Isaac Kaufmann, the department store was part of the fabric of Western Pennsylvania for decades. There’s the iconic clock in downtown Pittsburgh (“Meet me under the Kaufmann’s clock.”) and Fallingwater, the amazing Frank Lloyd Wright-designed weekend home the Kaufmann family had built in Mill Run, Pennsylvania, a must-see if you ever get to the area.
There really wasn’t any way for Macy’s to emulate that and, as a result, what ended up happening is exactly what my mom observed: People really never came to love Macy’s the way they loved Kaufmann’s.
My mom’s musings on Macy’s sum up perfectly the point that was made in the Retail Dive article.
The retailer got too big to deliver any kind of personalized experience to customers, to stock each store with merchandise that suited them and to make area residents feel that Macy’s knew what they liked.
And, it seems, this lack of personalization was especially detrimental to Macy’s in Midwest metropolitan regions like Pittsburgh, as this is where Macy’s is expected to close the most stores, according to Retail Dive.
Retail today is so different and so difficult that I cannot offer jewelers a panacea, a single solution for all their store’s problems. I cannot say that being a town’s “local jeweler” will save a store because, as we’ve seen, longtime family-owned retailers are closing down too.
And I cannot say that remaining a Kaufmann’s would have saved this specific store, given the long, slow economic decline of the area surrounding it and the myriad challenges facing brick-and-mortar retailers today, particularly those situated in aging malls.
But I think what can be learned from Macy’s is that for retailers, local/regional names do carry weight among area residents and aren’t necessarily so easily replaced.
As National Jeweler columnist Peter Smith stated when commenting on this story about San Francisco retailer Shreve & Co. closing the Portland, Oregon storeit opened in the space once occupied by 88-year-old store Carl Greve Jewelers: “I wonder if things would have been different if they had kept the Carl Greve name? Shreve’s had no awareness in that market. Sad to see.”
There is value in having a connection to the community and in knowing exactly what your customers want.
More on Editors
The Latest
IndependentsMay 21, 2026
Springer’s Jewelers’ New Flagship Will Serve Next-Gen Luxury ShoppersFourth-generation CEO Lilly Mullen wants to emphasize experience, connection, and personalized service.
Events & AwardsMay 21, 2026
JA Announces Nina Pugliese Memorial ScholarshipThe new award, created in partnership with Henne Jewelers, honors the late designer’s legacy through supporting jewelry education.
Brought to you by
All Eyes on Gold Prices. Alternatives to Look For. And What to BEWARE of in VegasAs gold prices rise, today’s retailers are looking for alternatives at prices that will appeal to wider audiences.
SourcingMay 21, 2026
Botswana, Angola Join WFDBThe addition of the diamond-producing countries as nation affiliated members broadens the federation’s global representation, WFDB said.
Weekly QuizMay 21, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CrimeMay 20, 2026
NYPD Warns of Jewelry Swap Scams Targeting SeniorsThe NYPD is warning elderly New Yorkers to keep their jewelry hidden when walking outside to avoid being a target.
IndependentsMay 20, 2026
Adornment & Theory’s New Store Feels Like Home Designer Viviana Langhoff has realized her dream of owning a space for her Chicago jewelry store that looks and feels like her brand.
Brought to you by
How Modern Training Is Becoming a Competitive Advantage for Jewelry RetailersWith the trade and customer trust in mind, GIA® developed NextGem™ – on-demand training designed specifically for retail.
Events & AwardsMay 20, 2026
Here Is Couture’s 2026 Education Lineup The sessions will run from Friday, May 29, to Sunday, May 31, with one being a live taping of an episode of Couture’s podcast.
Lab-GrownMay 20, 2026
Savannah Friedkin Jewelry Names New CEOFormer Stephanie Gottlieb Fine Jewelry executive Morgan P. Richardson is joining the lab-grown diamond jewelry brand.
WatchesMay 19, 2026
Here’s the AP x Swatch Pocket Watch That Caused PandemoniumThe $400 pocket watch is a blend of Audemars Piguet’s iconic eight-sided Royal Oak and Swatch’s unserious Pop watches from the ‘80s.
CollectionsMay 19, 2026
Chris Ploof’s New Collection Makes an Ancient Metal ModernWith gold prices on the rise, the “Modern Electrum” collection uses an alternative, non-tarnishing metal alloy composed of gold and silver.
IndependentsMay 19, 2026
Ellen and Michael Fruchtman Retire, Sell Marketing Agency Fruchtman Marketing has new owners, Erin Moyer-Carballea and Manuel Carballea, and will relocate to Miami.
ColumnistsMay 19, 2026
Peter Smith: The (Mostly) Immutable Sales TruthsIn a column for the 2026 State of the Majors issue, Smith lists 10 time-tested principles about sales that still ring true.
ColumnistsMay 18, 2026
Edahn Golan: What a K-Shaped Economy Means for Fine JewelryIn a column for the 2026 State of the Majors issue, Golan spells out how the growing economic divide in the U.S. is reshaping the market.
CollectionsMay 18, 2026
Foundrae’s New Collection Taps Into JoyThe “Limitless Expansion of Joy and Hope” collection evokes summer through colored gemstones and motifs of butterflies and florals.
CollectionsMay 18, 2026
Hancocks London Acquires Historic ‘Inchiquin’ EmeraldThe jewel, circa 1890, is from the late Victorian era and was owned by descendants of the last high king of Ireland.
Events & AwardsMay 18, 2026
Here Are the 2026 JCK Industry Fund Grant Recipients This is what the nine recipients plan to do with the funds.
AuctionsMay 15, 2026
American Collector Ponies Up Almost $17K for John Wayne’s RingThe Western star’s 14-karat gold signet ring sold for six times its low estimate following a bidding war at U.K. auction house Elmwood’s.
Events & AwardsMay 15, 2026
JA, MJSA To Sponsor Roundtable at TJSThe discussion, "Rebuilding the Jewelry Workforce," will take place on Saturday, May 16, in Troy, Michigan.
SourcingMay 15, 2026
State of Diamonds: The Way Forward for Natural DiamondsThe jewelry industry is reassessing its positioning as Gen Z reshapes the retail landscape and lab grown continues to gain market share.
AuctionsMay 14, 2026
White Diamonds Lead Sotheby’s Auction, Blue Diamond Does Not SellA matching pair of 18.38-carat, D-color diamonds from Botswana’s Jwaneng mine sold for $3.3 million, the top lot of the jewelry auction.
Supplier BulletinMay 14, 2026
A Diamond Is Forever Continues Desert Diamonds – Bridal ReinvigoratedSponsored by A Diamond Is Forever
SourcingMay 14, 2026
State of Colored Stones: The Spirit of Young American Gemstone CuttersThe next generation of lapidarists are entrepreneurial, engaged online, and see the craft as a means for artistic expression.
AuctionsMay 14, 2026
‘Ocean Dream’ Makes Waves at Christie’s, Fetching $17MIt was the second auction appearance for the fancy vivid blue-green diamond, which sold for $7.8 million at Christie’s Geneva 12 years ago.
CrimeMay 14, 2026
Second Man Arrested in Florida Pawn Shop Shooting Members of the U.S. Marshals Task Force took a 22-year-old man into custody. He was charged with tampering with evidence.
CrimeMay 13, 2026
JSA’s 2025 Crime Report Shows ‘Concerning’ Rise in ViolenceWhile the overall number of crimes was down, there were more incidences in which robbers pulled out guns, mace, or rammed cars into stores.
