Shark Tank star investor Daymond John turned $40 worth of fabric into a $6 billion urban clothing brand. Now the retail and branding guru has a solution for Macy's precipitous decline: Turn Macy's into a gamified destination.
Legacy retail brands have been losing sales to the speed and convenience of e-commerce, a space being redefined by Amazon.
"Macy's can become the Disney World of retail if they are just willing to change the game," said John, speaking with CNBC from the iCONIC conference in New York City on Wednesday.
"First of all, they have one of the most iconic names in the world, and I think they are in one of the most iconic places in the world, and I think they can come up and be a Disneyland."
To do that, Macy's needs to turn its flagship New York City store on 34th Street into a place where people go to have fun. Then it needs to make sure that it gets the word out about how fun it is at its headquarters.
"You have a physical location; bodies are going to be there. Then content has to be produced out of that location about how people are having the most amazing time in the world in that location," says John. "That has to be spread all over the globe."