As the embattled retailer tries to get back to profitability and sales growth, it is meeting with investors Wednesday in New York to rally support for its turnaround plans.
Among the key points it's making are that shoppers still go to malls, and that a department store chain can still offer customers something unique that they can't just buy onMacy's is focusing on three pillars: Its role as a fashion destination, its role in providing value to shoppers and its role in celebrating America, CEO Jeff Gennette said, hinting at Macy's events like its Thanksgiving Day parade.
A key test of this plan will be finding ways to reach younger customers as their spending power grows. "Macy's needs to quickly re-capture lapsed customers and connect with new [and] younger shoppers before it's too late," Gordon Haskett analyst Chuck Grom said. Department stores over the years have gained a sour reputation. Sales have lagged behind other types of retailers such as
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