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Can Macy’s Make It?

February 28, 2018 By Young Research

Macy’s, New York. By elbud @ Shutterstock.com

After going through a troublesome period, markets rewarded Macy’s yesterday thanks to some improvement in performance, and the company’s offloading some assets deemed unneeded. Macy’s CEO Jeff Gennette told the WSJ that “All boats are rising and everybody in retail right now is benefiting from strong consumer confidence.” Consumer confidence is strong. As you can see on the chart below, consumer sentiment, as measure by the University of Michigan survey, is nearing its all-time highs. Americans seem to be responding positively to tax cuts and an economic picture that looks better than it has since 2007.

Suzanne Kapner and Allison Prang report that Macy’s plans to keep the momentum going. They write:

To keep the momentum going, Macy’s plans to roll out several initiatives this year, including mobile checkout. Shoppers will be able to scan items on their mobile phones and then stop by a service desk to have censor tags removed.

Macy’s is also introducing an incentive plan, available to its more than 130,000 employees, including part-time workers. The plan will allow employees at all levels to share in sales when Macy’s beats internal benchmarks.

“Whether you are in our warehouse, or call center, I want you to wake up every day excited about working with our customers,” Mr. Gennette said.

The company is boosting capital spending to $1 billion a year on a continuing basis, up from around $900 million last year. Much of that money will go toward improving stores.

Mr. Genette said savings from the new tax law, which increased net income by 7 cents a share in the recent quarter, is giving Macy’s more money to funnel into these projects. Net income was $1.33 billion, compared with $472 million a year ago.

Read more here.

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