Macy’s CEO Vows Comeback In Meeting With Shareholders

In March 20 meetings with shareholders and reporters, Macy’s CEO Terry Lundgren acknowledged that the department store retailer is facing significant challenges but said he isn’t concerned about predictions that Amazon would bypass it as the country’s largest apparel seller, promising Macy’s would come back as it did in 2001 and after the Great Recession of 2008, the Cincinnati Business Journal reports. Perhaps referencing Amazon’s questionable retail profits, Lundgren said “It’s not important for me to be No. 1 or No. 2. It’s important to me to be a profitable retailer,” according to the publication. Lundgren also emphasized initiatives like Macy’s off-price Backstage stores, which he said would total 22 locations nationwide this year; Last Act apparel clearance spaces, which have been rolled out to all stores; and beauty and spa services retailer Bluemercury, which will expand to 115 stores by the end of 2017. Lundgren also promised changes to Macy’s jewelry and wedding sales, and an increase in sales in China. Read more at Retail Dive.