New Macy's CEO Tony Spring looks to revive a 166-year-old retailer fighting for relevance
Publishing timestamp: 2024-02-04 07:00:01
Summary
Macy's new CEO, Tony Spring, will face challenges as the department store operator contends with slowing sales and activist investors. He will need to curate strong brands and store designs to win over shoppers and compete with online retailers. Spring will also focus on expanding Macy's offerings of trendier exclusive brands and luxury names, as well as chasing suburban shoppers with smaller stores. However, there are concerns that Spring, as a longtime executive at the company, may not bring enough new thinking and shake-up to the team. Macy's struggles have led to store closures and layoffs, and the company will need to find a sharper identity and make strategic decisions about its real estate footprint. Spring's ability to attract millennial and Gen Z shoppers will be crucial for Macy's success.
Sentiment: MIXED
Tickers: M, TJX, JWN, AMZN, TGT, WMT,
Keywords: business, apparel retail, amazon.com inc, tjx companies inc, business news, nordstrom inc, target corp, walmart inc, breaking news: business, macy's inc, retail industry,
Source: https://www.cnbc.com/2024/02/04/macys-ceo-tony-spring-takes-over-for-jeff-gennette.html