Terry J. Lundgren, the former chairman and chief executive officer of Macy’s Inc., received the prestigious Retail Excellence Award from the Baker Retailing Center of the Wharton School of Business on Wednesday. The event drew over 100 industry veterans, including notable figures such as Mindy Grossman, Geoffroy van Raemdonck, and Stacey Bendet, who gathered to celebrate Lundgren’s significant contributions to the retail sector.
In his remarks, Matt Shay, chief executive officer of the National Retail Federation, emphasized Lundgren’s vital role during his tenure. Shay noted Lundgren’s instrumental contributions, such as the successful merger with the May Department Stores, the implementation of the My Macy’s localization strategy, and his early support for e-commerce initiatives. Shay remarked, “He had this ability to continue to innovate, reimagine and operate with curiosity,” highlighting Lundgren’s forward-thinking leadership style.
Lundgren’s acceptance speech featured a touch of humor as he quipped about public speaking, stating, “You know what the five most important words in public speaking are — be brief, baby, be brief.” He went on to stress the importance of teamwork in effective leadership, saying, “The most critical characteristic of good leadership is recognizing that you do not have all the answers and to be good at surrounding yourself with people who do.” He described his team at Macy’s as “the Yankees,” an organization that overcame challenges through collaboration and shared vision.
Jay Baker, a key figure in Kohl’s growth during the 1990s and a co-founder of Wharton’s Baker Retailing Center, also spoke at the event. He recognized Lundgren’s longstanding commitment to the University of Arizona, where he established scholarships and contributed significantly to its retailing program. Baker noted, “We’re not competing, we are collaborating,” referring to the relationship between the University of Arizona and Wharton.
Lundgren’s career in retail began in 1975 as a trainee at Bullock’s, a division of Federated, which later acquired Macy’s. Over the next decade, he advanced through various roles in buying, store management, and merchandising. His leadership journey included a stint as executive vice president at Neiman Marcus before returning to Federated as chairman and CEO of its merchandising group in April 1994. He ultimately led Macy’s for 14 years before retiring as executive chairman in 2018.
The gathering not only celebrated Lundgren’s achievements but also highlighted the collaborative spirit that pervades the retail industry. As the sector continues to evolve, Lundgren’s insights and legacy remain influential among current and future leaders.
