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Department Store Shakeups at Macy's and Barneys New York

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Macy's is closing select stores and investing in the omnichannel to ready the retailer for the changing marketplace.

Declines in foot traffic at department stores has forced top beauty brands such as Estee Lauder to rethink their brand strategies. Now comes word that Macy's, which recently announced its revamped retail strategy, will keep CEO Terry Lundgren as chairman, even as he retires as CEO. The retailer is also reportedly exploring a sale to private equity to defend against activist investors.

At the same time, Daniella Vitale has reportedly been named CEO of Barneys New York, succeeding Mark Lee, who has been appointed chairman.

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