Why Macy’s Departing Chairman Thinks the Chain Has Turned a Corner
Macy’s was among the many retailers to report sales gains for the holiday season, stoking renewed hope the retail industry is finally learning to combat Amazon.com and finding its footing again. The numbers, which put the department store chain on track to post its first quarter of comparable sales growth in three years, are the start of an awaited payoff to years of investment in Macy’s e-commerce firepower, says Macy’s departing executive chairman and former long-time CEO Terry Lundgren. Macy’s recently said comparable sales, a measure the strips out newly closed stores, rose 1% in November and December, a modest result compared to the torrid growth of overall retail sales. But at least it was an increase. As Lundgren sees it, Macy’s is now beginning to reap the benefit of moves such as closing dozens of weak stores, decentralizing buying decisions, ramping up integration of stores and e-commerce and using clout with vendors to get more exclusive items. Read more at Fortune.
