Macy's "Believes" in Spite of Economy

Despite lagging sales, starting November 6th Macy's is asking investors and America to believe.

After the success of Macy's inaugural 2008 "Believe" campaign, they are continuing with the tradition beginning in early November.

"Believe stations" in every store that features a "believe meter" will be available for children (and adults) to drop off their Christmas wishes, stamped and addressed to Santa at the North Pole.

With every letter, $1 will be donated, up to 1-million, to the Make-A-Wish-Foundation for children with life-threatening medical conditions.

Macy's is continuing the tradition, and keeping in the charitable spirit despite some third-quarter results that aren't so merry.

Sales were down 10-percent from the August 08' quarter, along with a net income, which is how much the company actually earned or lost, decline of 90-percent.

This comes after Macy's has already had to close 11 stores this past year, cutting at least 7,000 jobs, or 4-percent of their workforce.

But same-store sales, stores that have been open at least a year, are at a 2.3-percent decline, up from 9-percent in April, and have "outperformed nearly all of our major competitors in same-store sales," according to Terry J. Lundergren, Chairman, President and Chief Executive Officer, on Macy's website.

Rumors have been circling about the possibility of Macy's filing for bankruptcy, but no reports indicate the company is heading in that direction.

In fact, Macy's stock went from a hold to a buy by Citigroup, according to MarketWatch, because of a new plan entitled My Macy's, based on consumer research. The company will be focusing more on consumer needs on a location-by-location basis to help drive-up sales.

According to the Associated Press in 2008, Macy's was projected to be one of the hardest hit retail companies because of the financial crisis, and the quarterly results indicate that they may not be too far off.

Regardless, Macy's will be continuing to "believe", adding a Santa tour this year that will stop in 25-cities across the U.S until December 24th, lightening the spirit of young girls and boys, providing an escape away from a grim economic reality.