In an interview with CNBC's Jim Cramer, incoming Macy's CEO Tony Spring and current CEO Jeff Gennette emphasized the strength of the company's brands besides its namesake: high-end department store Bloomingdale's and luxury beauty retailer Bluemercury.
"It's all about curation of product and the delivery of a better experience for the customer. Retail is theater," Spring said."So Bloomingdales is our growth vehicle."the company is leaning into the success of its brands like higher-end department store Bloomingdale's and luxury beauty retailer Bluemercury."It's all about curation of product and the delivery of a better experience for the customer. Retail is theater," Spring said.
Gennette and Spring also claimed Macy's has an edge when it comes to holiday retail. Gennette said beauty and gift giving are a huge part of their strategy during the holiday season, accounting for more than 40% of the the company's brand sales during the fourth quarter. "We are more penetrated as a holiday destination than other retailers, and so this is something that we start the moment we finish holiday of '22, we started on '23." Gennette said."I feel very good about our Christmas strategies."Cramer analyzes last quarter's top 5 Dow performers31-year-old teacher quit her job.