Advertisement
Macy's
Macy's CEO in no rush for big Bloomie's outlet push
By Phil WahbaNEW YORK, May 20 (Reuters) - Macy's Inc (M.N) will take it slowly as it expands its Bloomingdale's outlet stores, preferring to wait for the right locations even as developers woo the upscale retailer, its chief executive said.
"We haven't assigned a number (of stores)," CEO Terry Lundgren said on a conference call with reporters on Friday. "We'll play it by ear over the next several years as we roll out."
Outlets are no-frills stores where department store chains traditionally have sold returned or unsold merchandise at steep discounts. More recently, some retailers have ordered merchandise, typically more affordable, specifically for outlet stores.
In recent years, luxury chains such as Saks Inc (SKS.N), Nordstrom Inc (JWN.N) and Coach Inc (COH.N) have opened more outlets to cater to bargain-hunters who love top brands, a source of revenue growth. Saks, for instance, closed six department stores last year, and now operates more outlets than full service stores.
Lundgren dismissed the notion that more outlets would hurt the cachet of its Bloomingdale's stores.
"It doesn't seem to have hurt the brand image of the other stores," he said.
Lundgren said the company was willing to wait to get into the right outlet malls.
Top outlet mall developers are wooing Bloomingdale's, he said.
"The outlet center developers are highly interested in Bloomingdale's because they know we'll bring additional traffic to the centers," he said.
Bloomingdale's accounts for about 10 percent of overall Macy's Inc sales. (Reporting by Phil Wahba; Editing by Gary Hill)
Tags: macy, macy s
Relate post:
Preakness 2011
Kids encouraged to never give up, just like Sammy Sloth
Blockbuster
'Supernatural' Season 7: Misha Collins to return as your Lord Castiel
New Zealand Doomsday
Slim Jim -- Macho Man Snapped Into Our Hearts Warung Bebas Videos
0 comments:
Post a Comment