Posted Sep 3, 2020, 3:34 AM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 52,769
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Originally Posted by mrnyc
i wonder if they can keep macys open while they build?
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Most likely. They kept Penn Station open while they built that toilet above it.
https://finance.yahoo.com/news/macy-...213132979.html
Macy’s Shows Progress and Confidence Navigating COVID-19 Amid Q2 Losses
David Moin
September 2, 2020
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At Macy’s Inc., the numbers haven’t turned around yet, but perceptions are starting to.
Despite continued heavy losses and headwinds, Macy’s, according to its chairman and chief executive Jeff Gennette, is poised to grab hundreds of millions of dollars in market share from stores being closed by competitors, increase cost savings, commence holiday selling earlier this year, and test small store prototypes and unveil new private brands.
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Some analysts and retail experts have lately expressed greater confidence in the company compared to seasons past, citing the store’s raising over $4 billion in debt this year to manage through the pandemic and stay liquid, and the potential to capture sales from J.C. Penney, Lord & Taylor and other stores closing in malls.
In addition, Macy’s, which generated $24.6 billion in sales last year, has been dramatically streamlining its headcount and store fleet, and is pivoting assortments to play up casual fashion and home-related merchandise while downplaying some categories that have lost appeal during the health crisis.
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• Bloomingdale’s and Macy’s saw a surprising upsurge in luxury sales.
• Bloomingdale’s and Macy’s will next year test small store formats, requiring enormous editing and reimagining the selection.
• The redevelopment of the Herald Square flagship with an office tower has been put on hold due to the weakened state of real estate resulting from the pandemic, but not scrapped for good.
• Macy’s Thanksgiving Day parade is on but will be staged differently:”2020 needs these moments of joy,” Gennette said.
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NEW YORK is Back!
“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
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