Macy's CEO Tony Spring asserts that "the department store is here to stay," outlining his strategy to revitalize the retail giant. Spring anticipates the continuation of a "K-shaped" economy through 2026. This economic disparity between higher and lower-income consumers necessitates careful price management.
The CEO noted that initial "back-to-basics" efforts are already showing early signs of success. Spring's strategy involves significant investment in top-performing stores. These locations reported 2.7% growth in comparable sales during the third quarter.
Spring also addressed a past internal issue involving an employee who hid over $150 million in delivery expenses. He framed the incident as an opportunity to reinforce leadership values and transparency within the company. Looking ahead, Spring remains optimistic about engaging customers through major events, specifically citing the 100th Thanksgiving parade.