Macy's CEO said that since reopening its stores after the lockdown, it has seen sales at its off-price concept, Macy's Backstage, outperform the rest of the store.
In a conversation with Cowen retail analyst Oliver Chen, CEO Jeff Gennette said Tuesday that in the past few weeks as stores have reopened as lockdown restrictions ease, it has seen sales at its off-price concept, Macy's Backstage, outperform than the rest of the store, indicating that consumers are seeking value over anything else at the moment.
Experts say off-price stores, in general, are well-positioned to benefit from the pandemic. There are two key reasons for this. Firstly, the off-price model has historically benefited from periods of economic uncertainty when customers are looking to stretch their dollars.
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