The former Apple Store impresario took over the 110-year-old discounter late last year, with the goal of transforming it into a merchant prince once more. He has already changed the branding, marketing, and pricing but says his real efforts are in reshaping the company's mind-set:
"Our number-one competitor is ourselves. It's our ability to change. And the way you unlock potential is to find a new way to compete, ideally in a way that's never been done before, so it's seen as new. For decades, department stores were organized to have a center core of cosmetics, jewelry, and women's handbags. We're going to have something new called Town Square. It's a series of 80 to 100 shops. Department stores have been limited intellectually by their traditional categories of home and apparel. We can put in whatever shops we want. It liberates you to do what's relevant to people in their lives.
"Our number-two competitor is everyone else.”