Three takeaways from Macy’s presentation this morning
November 14, 2017,
New York – What’s on the agenda at Macy’s Inc.?
Company cfo Karen Hoguet shared some perspective during a Q&A session at the Morgan Stanley Global Consumer & Retail Conference here this morning:
Amped up growth in store of off-price. Hoguet reiterated the company will begin to expand Macy’s Backstage “pretty aggressively” in 2018. There are currently 45 Backstage units located inside Macy’s departments stores as well as seven free-standing Backstage locations. Growth will take place with the store-in-store model.
Slicing and dicing. Macy’s has assorted its department stores into three classifications: strategic (245 locations), secondary and other. Some of those could reduce their square footage and lease out remaining space to other retailers and businesses.
“With the secondary stores, a lot are very good from mall grade or store performance point of view,” she added, “but aren’t as critical to our footprint. We have monetized some of those because the real estate value was greater than the store value to us.”
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