Week Six Journal Post

WEEK 6

Currently Macy's merchandises clothing, furniture, shoes, accessories, bedding, bath, kitchenwares, and etc.

Are these trends, fads, classics, etc. 

Working in mens wear the classics include the Charter club cashmere which never changes each year.

There is also the Raph Lauren Polos which never change design and hardly ever in color.

Trends that are currently in mens include the color story of Blue. Last year it was a green color story.

But currently prints of island clothes, linen pants, and white popovers are performing extremely well.

 

How does your company set prices?

Our company sets prices on a high low ticket bases where the average unit retail can range from the lowest price which is where Macy's makes the bare minimum of profit to the highest price where it can make double or triple the profit. The Macy's way of selling is definitely based on Markdowns and promotions.

Did you receive any new training this week?

I did receive new training this week. One of the lessons I learned was costing and how to generate a sales plan. A sales plan is what a financial plan is. It is basically figuring out your cost, gathering your receipts, gaining your mark up percents, turnover, and other loads in order to determine the price of goods and amount of sales on average that will be generated.

Experiences you had in dealing with co-workers, customers, boss?

I actually did have a confrontation with a boss yesterday. I forgot that sending an email is technically working outside of the company and I sent an email to an HR representative. The following day I had to sit down with HR to explain to me why it was not okay to do so and how working off the clock is a legal issue. I apologized and told them that I honestly forgot until after I sent them the email realizing what I had done.

Value of time spent in comparison with experience & knowledge gained?

The value of time spent and the experience of knowledge gained has been about equal. I have learned more things that a typical fashion intern would learn along with being included in many projects where I make the decision of what style or color will be used and giving the okays for designers to change or create new designs.

What are you looking forward to next week?

I am actually excited to learn how to put together a dot com selling report along with an over view of costing. Since The Macy's dot com business is a separate entity for the Macy's brick and mortar, I am interested in seeing the inner working of internet sales.