Retail expert available to discuss store closings

WEST LAFAYETTE, Ind. — Last week's store closing announcements from national retailers Finish Line and Macy's is a sign of smart cost cutting, according to Richard Feinberg, professor and interim department head of Consumer Science at Purdue University's College of Health and Human Sciences.

"It is always a good strategic move to look at all the stores in a chain and rank them by profitability," Feinberg said. "This should be done even if the times are good."

Feinberg is an expert in retail management, consumer behavior and consumer psychology. He is available for media interviews and can talk about recent store closing announcements.

Possible topics Feinberg can discuss include:

* Organizations who make big strategic changes when faced with problems, like lower revenue, have a greater chance of success than those who wait for the end to happen and do nothing. 

* Reorganization builds confidence with investors. Macy's in particular needed to strategically reorganize. Doing it now may be the best thing they do for the next 10 years. 

* Cutting costs is extremely important for profitability. A retailer like Macy's has close to a five percent profit margin. Closing stores has a positive impact on the company's bottom line. 

* Competition from mobile devices, tablets and smart phones are encouraging consumers to abandon brick-and-mortar retailers.

* In 2015, online sales were expected to exceed 10 percent of all holiday spending for the first time. However, websites influence 60 percent of all holiday purchases.

Feinberg's research focuses on retail management, consumer affairs, customer relationship management, consumer psychology, leadership strategies and consumer behavior. He has written national studies on consumer behavior and retailing and has been published in major journals.  He serves as consultant for several professional groups and has extensive experience with national print and broadcast media. 

Source: Richard Feinberg, 765-491-5583 or 765-494-8301, xdj1@purdue.edu  

News service contact: John Hughey, 765-494-2432, hugheyj@purdue.edu