Facing competitive headwinds from e-commerce and closeout retailers, Macy’s new CEO Jeff Gennette is focused on growing the company’s core business while also expanding the department store’s efforts in the digital space.
In an interview with CNBC from the Global Retailing Conference in Tuscon, AZ, Gennette— who officially took the CEO spot in March— highlighted several initiatives currently being tested to revitalize the struggling retailer. These include Macy’s Backstage concept and exploring new ways to enhance its customer’s in-store shopping experience.
The interview also revealed that 10% of Macy’s customers account for 50% of the retailer’s sales, and that two-thirds of Macy’s shoppers are also off-price shoppers.
Earlier this year, Macy’s announced it was closing 68 locations and reported a drop in comparable store sales and net income for the fourth quarter, which included the 2016 holiday shopping season.