For Macy’s, a Makeover on 34th Street

Terry J. Lundgren, the chief executive of Macy's, strode through the women's shoe department of the company's flagship store in Manhattan's Herald Square, determined to find a bargain. With the lean build of an athlete and the immaculately coifed gray hair of a television anchor, Mr. Lundgren cased the floor and dashed over to a display table of classic shoes, aimed at women in office jobs. "Look at this great-looking boot for $69!" he exclaimed, holding out an unadorned black boot with a low heel.