How Macy’s And Other Retailers Are ‘Defying’ The Intrusion Of Amazon

Despite concerns about what impact Amazon will have on other retailers this holiday season, CNBC’s Jim Cramer said Friday that several groups are “defying” the intrusion of the online e-commerce giant. Cramer was particularly surprised by the news on Friday morning that department store operator Macy’s said it had a strong start to the holiday shopping season and will hire additional workers in anticipation of the demand continuing through Christmas. “Don’t you think it’s interesting that Macy’s strong traffic leads Macy to hire 7,000 more holiday workers?” Cramer asked on “Squawk on the Street.” Shares of Macy’s were up 1.2 percent Friday after the announcement. Despite the rise, Macy’s is down more than 32 percent this year, according to FactSet. Analysts had said this holiday season was a crunch time for Macy’s, which has suffered share losses to online rivals, including Amazon. See more at CNBC.