Former Macy’s CEO Terry J. Lundgren was celebrated on Wednesday with the prestigious Retail Excellence Award, presented by the Baker Retailing Center at the Wharton School of Business. The event drew over 100 attendees, including prominent retail and brand executives such as Mindy Grossman, Geoffroy van Raemdonck, and Tony Spring, all gathered to honor Lundgren’s significant contributions to the retail industry.
During the ceremony, Matt Shay, CEO of the National Retail Federation, introduced Lundgren, highlighting his impactful tenure at Macy’s. Shay noted key achievements such as the merger with the May Department Stores, the launch of the My Macy’s localization initiative, and Lundgren’s foresight in investing in e-commerce. “He had this ability to continue to innovate, reimagine and operate with curiosity,” Shay remarked.
Reflecting on a lighter moment, Shay recounted an incident where a cork from a bottle of Champagne hit him during Lundgren’s acceptance speech. Lundgren, taking the podium, humorously advised the audience, “You know what the five most important words in public speaking are — be brief, baby, be brief.” He then elaborated on the essence of leadership, stating, “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.”
Lundgren emphasized the importance of teamwork, describing his experience at Macy’s by saying, “The team we had was the Yankees, an outstanding organization in every position. We had bumps in the road, but we overcame them.” His remarks resonated with the audience, many of whom have also navigated the complexities of the retail landscape.
Joining Lundgren on stage was Jay Baker, a notable figure in the retail industry and co-founder of the Baker Retailing Center. Baker acknowledged Lundgren’s contributions to both Wharton and the University of Arizona, where Lundgren has established scholarships and received recognition for his support. He emphasized a spirit of collaboration between the two institutions, stating, “We’re not competing; we are collaborating.”
Lundgren’s journey in retail began in 1975 as a trainee with Bullock’s, a division of Federated, which would eventually become part of Macy’s. He steadily advanced through various roles, gaining experience in buying, store management, and merchandising. His leadership at Neiman Marcus as CEO followed, before returning to Federated in April 1994, where he held the position of chairman and CEO of the merchandising group. Lundgren’s tenure at Macy’s lasted 14 years, culminating in his retirement as executive chairman in 2018.
The award ceremony not only recognized Lundgren’s past achievements but also reinforced the importance of leadership and innovation in the retail sector as it continues to evolve.