Retail “falling giant” Macy’s stock price has collapsed more than 50% from a July 2015 high, when the corporation loudly announced that it was cutting ties with then-Republican presidential candidate Donald J. Trump over his “controversial comments” about Mexican immigration.
Macy’s stock was trading at a recent high of $72.31 per share in July 2015, shortly after announcing that it was dropping Trump on July 1, 2015.
Today, that stock was worth just $32.90 per share — a massive 54% collapse.
As a few big name brands have dropped President Donald J. Trump and Ivanka Trump’s brands last week, it brought to mind one of the first to throw down the gauntlet with The Donald, Macy’s department stores. Within a month of Trump’s announcement promising to stem the tide of illegal immigrants from Mexico, Macy’s cut off its 10+ year long relationship with Trump.
The reason that Macy’s gave for phasing out Trump products and eventually dropping all his lines was ostensibly one of politicaly correct ethics. A lot of retailers are going for what they call the “multicultural market”. Money classified as coming from that market was apparently the fastest-growing in the sector of consumer spending. Earlier in 2015, when Trump made his announcement to run, Macy’s collaborated on an extensive line launch with a Mexican pop star.
While it’s fair to say that companies understand that their customers can be broken down demographically based on real differences, it is odd that Macy’s chose to side with “New Americans” as opposed to those who have been shopping at Macy’s stores for generations.
Leaving the breakdowns on Macy’s sales and revenue for others, simply looking at Macy’s stock price between their announcement of cutting ties with with Trump to today tells you everything that you need to know: Macy’s shareholders have lost more than half of their equity. A “socially conscious investor” lost most of what they bought in 2015. Sad!
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Some people know the well-known saying that “it is hard to kick against the pricks.” So far “you can’t stump the Trump” is a truism that holds.
Stay tuned for more.
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