Macy's CEO Says Most Stores Are in 'Really Good Shape'

Jeff Gannett, CEO of Macy's, discusses the company's strong earnings, driven by consumer demand and the Polaris strategy. He addresses inflation concerns, labor market challenges, and plans for returning to pre-COVID normalcy. Gannett also outlines the development of Herald Square, emphasizing its importance to Macy's real estate strategy.

What was a significant factor contributing to Macy's recent earnings success?

• Expansion of store locations

• Reduction in product prices

• Stimulus checks boosting consumer demand

• Increased international tourism

What is one of the key strategies Macy's is using to adapt to post-pandemic consumer behavior?

• Closing underperforming stores

• Implementing the Polaris strategy

• Focusing on luxury items only

• Reducing online presence

How is Macy's addressing potential inflation and cost increases?

• By maintaining lean inventories and focusing on regular price sales

• By cutting down on marketing expenses

• By reducing employee wages

• By increasing product prices across the board

What is Macy's approach to attracting and retaining talent in a competitive labor market?

• Focusing on international recruitment

• Offering higher wages and better incentives

• Reducing employee benefits

• Hiring only part-time workers

What is a major challenge for Macy's flagship stores in 2021?

• High rental costs

• Overstock of inventory

• Lack of international tourists

• Decline in online sales

What is the purpose of the new tower project at Herald Square?

• To convert it into a residential building

• To enhance Macy's retail space

• To generate revenue and invest in infrastructure

• To replace the existing Macy's store

How does the Herald Square development align with Macy's broader strategy?

• It shifts focus away from retail to real estate

• It plans to reduce the number of stores

• It aims to monetize real estate assets and support retail operations

• It focuses solely on increasing retail space