By Maria Armental
Macy's on Thursday announced a series of changes--including the
possibility of launching a Macy's off-price business--that the
retailer said is in response to the changing ways consumers are
shopping.
Specifically, Macy's plans to restructure the merchandising and
marketing functions at its Macy's and Bloomingdale's stores; adjust
certain store operations, including cutting the number of
associates at stores; and invest in growth opportunities, such as a
possible Macy's off-price business.
"Our business is rapidly evolving in response to changes in the
way customers are shopping," Chief Executive Terry J. Lundgren
said. "We must continue to invest in our business to focus on where
the customer is headed--to prepare for what's next."
The retailer expects to remain at about 175,000 associates, but
that certain parts of its workforce would increase and others would
decrease.
Macy's announced the changes along with its holiday sales
results. For November and December, Macy's said sales at existing
stores rose 2.7%, in line with the company's guidance for an
increase on that basis of between 2% and 3% in the fourth
quarter.
Write to Maria Armental at maria.armental@wsj.com
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