Macy’s Inc. said Thursday that it will close approximately 100 Macy’s full-line stores and will invest in improvements in ongoing stores and digital vehicles. Stores will remain critical customer touchpoints for Macy’s, along with online shopping and mobile apps, as omnichannel retailing continues to evolve, Macy’s Inc. said in a press release.
Terry J. Lundgren, Macy’s Inc.’s CEO since 2003 and Chairman since 2004, will transition the position of CEO to Jeff Gennette in the first quarter of 2017. Gennette will join the Macy’s, Inc. board of directors, effective today – bringing the size of the board to 14 members. He will assume additional management responsibility during the transition period, including oversight of the Macy’s stores organization.
Belk, the largest family-owned department store in the U.S., says it is looking for a suitor. But will a competitor like Macy’s Inc. or Nordstrom come to the rescue? Or will it seek help from a private equity firm?
Macy’s Chief Financial Officer Karen Hoguet told analysts the company’s retail network gives it an advantage in the ever-more-crowded same-day delivery sweepstakes, as well as in omnichannel fulfillment.