Macy’s CEO, a department store veteran, fights to fit in the Amazon future
in a letter to spin off the digital arm, speculating that Macy's online arm could be worth about $14 billion, roughly twice what Macy's is valued at today.Jana Partners won't comment on its stake in Macy's, but a person familiar with the situation said that Macy's is being urged to evaluate pursuing theof bringing in an investor to its dot-com business to accelerate its growth, highlight its value and better position it to attract top technology talent.
"To me, it's clear that a comprehensive retail ecosystem with physical stores in the best malls and the most productive off-mall locations integrated with the best-in-class e-commerce offering is a powerful combination and is moving us forward as a strong, digitally-led omnichannel business," Gennette said on Macy's second quarter earnings conference call on August 19.
The retailer announced a turnaround plan in February 2020, which includes the closing of 125 of its lowest-performing stores, the upgrading of 100 others, and heavy investment in accelerating its digital business.
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