Retail

Macy’s CEO sees opportunity in luxury retail as others go bankrupt

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Macy’s appears to be excelling in luxury retail as its high-end department store peers go under. 

“Look at luxury right now, look at Neiman’s, look at parts of Lord & Taylor,” Macy’s Chief Executive Jeff Gennette told CNBC in a phone interview Wednesday, on the heels of the company’s second-quarter earnings report. “There is opportunity for us. Nordstrom is closing stores.” 

“Bloomingdale’s is having a moment,” he said about Macy’s higher-end department store banner. “We have brands in our arsenal that we didn’t have before that are looking for additional distribution.” 

Macy’s latest financial results surpassed analysts’ expectations, thanks in large part to a boost online. Digital…



Source cnbc.com

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