From Intern to Chief Merchandising Officer, Tracy Margolies Has Been at the Center of the Department Store World for Two Decades
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On Nov. 29, Tracy Margolies will be honored with the Hall of Fame Award at the FNAAs. Below is an article from the Nov. 27 print issue about her journey so far.
From intern to chief merchandising officer, Tracy Margolies has been at the center of the department store world for more than two decades. Through it all, her first love has always been footwear.
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A force behind many of the game-changing initiatives at both Saks and Bergdorf Goodman, Margolies has been immersed in shoes since 2005, when Ron Frasch, then Saks’ chief merchant, told her he had a unique opportunity for her to carve a new path. Seizing it, the executive left Bergdorf — where she started her career — for Saks. Soon, the new VP and DMM of women’s footwear was well on her way to becoming a “shoe dog.”
“Tracy started her tenure at Saks in shoes and has been pivotal in redefining the way luxury consumers shop for footwear,” said Saks CEO Marc Metrick.
During her first stint at the department store — at a time when independent shoe designers reigned supreme and footwear was booming — Margolies spearheaded the ambitious rollout of 10022-SHOE, the footwear salon with its own zip code.
“That was a huge milestone in my career. The halo of what it did for Saks and for footwear overall, it was just a wonderful time,” she recalled. “It wasn’t just a functional category. It was fashion, and people were getting that fix.”
After racking up valuable experience at Saks, Margolies went back to Bergdorf in 2012 as SVP and GMM of beauty, contemporary 5F, footwear and handbags. She expanded her expertise in new areas of the business and, less than three years later, headed back down Fifth Avenue to become Saks’ chief merchandising officer.
Since then, Margolies played an instrumental role in the grand renovation of the Saks Fifth Avenue New York flagship, unveiled in 2019, and has championed diverse, next-gen talent through the New Wave at Saks designer accelerator program. Now she’s one of the driving forces behind the retail company’s digital transformation, and continues to oversee merchandising across e-commerce and stores. “The business is always evolving, and you have to like change,” Margolies said.
Here, the executive looks back at some defining professional and personal moments — and offers advice for the next generation of retail leaders.
A Fateful Decision in College
“I studied psychology at the University of Maryland and thought I wanted to be a psychologist. One day, I went to the career center and was looking for internships. I saw one at Bloomingdale’s, in the White Flint Mall. Every week I would go — one day I would be in visual, the next day in HR, the next day in the buying office. I decided from then on that I wanted to be a buyer. I was determined from the minute I took that internship. When I graduated college, I started my career at Bergdorf Goodman as an intern, and I was there for the first 10 years.”
The Learning Years
“I remember being hands on with everything. I was like a sponge. I spent a lot of time on the floor like a shopkeeper, being a manager and looking at schedules, and really getting to know the sales associates. One of the first things I learned was how important the customer is. I loved being around products and people. I wasn’t looking at the clock or the time. It was never ‘9 to 5.’ This was something I loved to do. It was more like a hobby.”
Becoming a ‘Shoe Dog’
“Ron Frasch called me and said, ‘I have the most amazing opportunity [at Saks] for you: You’re going to be a shoe dog.’ I loved footwear. I have so many amazing memories being in shoes. Franco Fieramosca, who was at Prada for many years, took me to my first factory. It is an experience I’ll never forget. He taught me about the quality and the craftsmanship, the soles and the lasts — everything I could ever learn about footwear. I went on a trip with Alexandre Birman in Brazil. I remember being in [the Aquazzura showroom with Edgardo Osorio and Ricardo D’Almeida Figueiredo] and learning about one of their first collections and the fringe boot. I would spend a lot of time on the floor creating our buys. I remember being with George [Malkemus] from Manolo Blahnik looking at swatches and colors and heel heights. We did that with the Christian Louboutin team, too. There’s so much emotion in footwear.”
A Single Mom by Choice
“I came to the point when I had to make a decision [about my priorities], and I decided to become a single mom by choice. When I had my son, Reed, it was the best thing in the world. I was on a career path and felt very strongly about that. I wasn’t about to put it aside. I do as much as I can for my work and as much I can for my son. It’s more about the quality of time, not as much about the quantity. I’m very present when I’m with him. I try to have a very well-rounded life. I hope I can inspire other women.”
Empowering the Next Generation
“It’s so important to have passion. If you’re passionate and you love what you’re doing, you’ll be successful. If you’re looking for something long-term, it’s not about a job, it’s about a career. Have as many different experiences as possible. I tried different categories of business and it gave me a macro perspective. Work for as many people as possible — learn the good, bad and ugly. You learn what you want to do as a manager and how you want to treat people. I live by the golden rule. I really believe that.”
The Digital Revolution
“We’re now a digital pure play [retailer], and for me, it’s been exciting to see that journey. We love our stores, but I’ve learned a lot over the past two years. It was great to think about things differently and change my mindset. When you’re too comfortable, it’s not good.”
As Margolies reminisced about her storied career, top executives talked about her influence across retail.
On Tracy
Christian Louboutin
“I call this award Tracy’s coronation. I’ve known her more than 20 years, and I do not remember any moment when she hasn’t been interested and enthusiastic about my work, and also about her work. She fully deserves everything nice, which comes to her because she is a truly gentle and dedicated person. Sometimes she’s almost nagging as she never takes no for an answer. At the end of the day, she is often right.”
Edgardo Osorio, founder and creative director, Aquazzura
“Tracy was one of the first retailers to believe in Aquazzura. She has supported us throughout the years — always sharing valuable feedback, while also contributing to the growth of the business, making Saks one of our biggest clients worldwide. She believes in long-term relationships and growing brands and talents to their full potential. Tracy has been there to support key moments, from collaborations to the launch of new product categories like Aquazzura handbags.”
Alexandre Birman, CEO, Arezzo & Co
“I’ve been fortunate to collaborate closely with Tracy ever since I introduced my [namesake] brand at Saks in 2012. Tracy possesses a unique and priceless talent for understanding a designer’s vision, a rare and invaluable quality that distinguishes her as a leader in the industry. She doesn’t just see the product; she also appreciates the beauty in the quality and craftsmanship.”
Ron Frasch, Former Saks President
“Many of my most respected merchants have entered the FN Hall of Fame, and Tracy joining this esteemed club makes me smile from ear to ear. I have worked with Tracy since she was a young executive at Bergdorf Goodman and saw her skills immediately. As any great merchant, she is paranoid and insecure! She’s always looking to improve performance and to win. When she joined me at Saks, she quickly became the example of the quality of executive we wanted. I am beyond proud of her achievements.”
Josh Schulman, Former Bergdorf Goodman President
“I first got to know Tracy when I was at Jimmy Choo and she was at Saks launching 10022-SHOE. It truly was a catalyst for the industry and put Tracy on the map as one of the preeminent luxury merchants in the world. When I arrived at Bergdorf Goodman, I considered it a great personal accomplishment that I was able to convince Tracy to return to BG as a GMM. It was here that I got to see her work up close as a merchant and a leader. She combines integrity, intellect and instinct with a passionate intensity to win.”
For 37 years, the annual FN Achievement Awards — often called the “Shoe Oscars” — have celebrated the style stars, best brand stories, ardent philanthropists, emerging talents and industry veterans. The 2023 event is supported by sponsors Authentic Brands Group, Birdies, Caleres, Crocs, FDRA, Nordstrom, Saucony and Vibram.
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