Macy’s CEO Says Gasoline Prices No Problem
By: As the Macy’s name replaced Federated Department Stores on the New York Stock Exchange Friday, heralded by the new ticker symbol, “M,” Macy’s CEO Terry Lundgren shared insights with CNBC’s Erin Burnett on “Squawk on the Street.”
The move comes at a time of change for the company. Macy’s has expanded to 800 U.S. locations, up 600 from two years ago. And, now the firm is targeting a wider market segment, from middle to upper-middle market shoppers: “We’ve got a lot of penetration in all these markets,” Lundgren said. “And, obviously we have to cater to a broad customer base with that many stores.”
April presented a challenging month for retail, yet Lundgren doesn’t foresee a major impact from rising gasoline prices: “So far, so good,” he said. “There really hasn’t been a major change in consumer shopping or consumer habits.”
