Macy’s CEO Sees Huge Opportunity In Luxury Retail As Other Chains Go Bankrupt
Macy’s appears to be excelling in luxury retail as its high-end department store peers go under. “Look at luxury right now, look at Neiman’s, look at parts of Lord & Taylor,” Macy’s Chief Executive Jeff Gennette told CNBC in a phone interview Wednesday, on the heels of the company’s second-quarter earnings report. “There is opportunity for us. Nordstrom is closing stores.” “Bloomingdale’s is having a moment,” he said about Macy’s higher-end department store banner. “We have brands in our arsenal that we didn’t have before that are looking for additional distribution.” Macy’s latest financial results surpassed analysts’ expectations, thanks in large part to a boost online. Digital sales were up 53% from a year earlier, as consumers visited Macy’s websites to stock up on jewelry, makeup, running sneakers, and mattresses, the company said. Read more at CNBC.