From a business perspective, if there was one positive for Macy’s during the pandemic, it was inventory control. In early 2020, with stores closed, revenue suddenly stalled and no clear end in sight, there were a lot of unknowns.
But one thing was certain: Cash was king. Cash preservation had to be paramount, leading to the difficult decision to furlough 90 percent of colleagues. There was also movement from a markdown allowance model toward a net cost model, shifting the culture by putting merchant and supply chain partners and others on enterprise metrics. And that was just the start. Read more at NRF.