'Look at luxury right now, look at Neiman's, look at parts of Lord & Taylor,' Macy's Chief Executive Jeff Gennette told CNBC. 'There is opportunity for us. Nordstrom is closing stores.'
, with the clock ticking for another plan to come through.
Gennette, though, says he sees $10 billion in market share up for grabs because of the shakeout in retail. Some of those dollars are coming from consumers who have more money in their pockets to spend, he said. "Customers have got time on their hands. They can't travel. They were budgeting for travel, and they want to reward themselves," Gennette said.
That trend is helping to offset some sales the company has lost as international tourism came to a standstill.the company is going to test a smaller-format Bloomingdale's department store located away from the mall"It has to be tested, and it has to be proven," Gennette said about the new space. "The customer is going to vote on this."
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