Macy’s Chief Executive Jeff Gennette sees prices of overstocked items falling soon. “Customers are about to get some amazing deals on products that were hot during the pandemic,” says Gennette, who has run the biggest U.S. department-store chain since 2017.
Markdowns on excess inventory of everything from sweatpants to home goods could pinch retailers’ profit margins, however. Consumers changed their spending habits this year faster than expected on items for the office, dining out, and travel. “In a lot of cases, they’re visiting our stores again to see and touch products,’’ Gennette adds while seated in a dark paneled conference room above Macy’s flagship store in Manhattan.
The 61-year-old CEO is trying to breathe new life into its brick-and-mortar stores, which face existential threats from online competitors, fast-fashion retailers, and discount chains. His solution? Forge firmer ties between Macy’s virtual and physical settings. “We are focused on building a comprehensive omnichannel ecosystem,” Gennette explains.Time