Instagram began tests that hide "like" counts on posts. That means influencers who market products on Instagram will have to rely on different metrics to show success.Technologyread more
Peter Neupert worked for Microsoft and Amazon-backed Drugstore.com, where he got to know Jeff Bezos. He now advises start-ups.Technologyread more
Disney's "Avengers: Endgame" is now the highest-grossing film of all time having earned $2.79 billion at the global box office.Entertainmentread more
Regional stability, oil prices and potential for war will all depend on what Iran does with its nuclear program in the event of the deal's termination.World Politicsread more
Facebook Vice President David Marcus is the face of the company's Libra digital currency, but the original driving force was a 26-year-old female corporate-development...Technologyread more
The firing of the tear gas was the latest confrontation between police and protesters who have taken to the streets for over a month to fight a proposed extradition bill and...China Politicsread more
Amazon's new policy for account suspensions doesn't go far enough to protect sellers from potentially unfair and wrongful suspensions, merchants say.Technologyread more
There is no end in sight to the Boeing 737 Max grounding after two fatal crashes, prompting airlines to rethink their growth plans.Airlinesread more
After a year of flooding, Midwest farmers face a stifling heat wave that's spreading across the U.S.Weather & Natural Disastersread more
On Saturday, Disney's Marvel Studios announced its upcoming slate of superhero films during a panel at San Diego Comic-Con.Entertainmentread more
"It troubles me that the most important political office in the world is becoming the face of racism and exclusion," Kaeser said in a Twitter post.Politicsread more
Amazon is an easy source of blame for the ongoing wave of store closures happening at bricks-and-mortar chains.
But according to Macy's CFO Karen Hoguet, there's a bigger competitive threat challenging her company's business over time: off-price.
As chains like Macy's and J.C. Penney remove 100 or more stores from their fleets, TJX, Burlington and Ross are on the expansion track. Their stores are resonating with shoppers because of their constantly changing inventory, as well as their consistently low prices, Hoguet said at the UBS Consumer & Retail Conference in Boston on Wednesday.
To fight back, Macy's is taking a page out of those chains' books.
"I think you're going to see more of that enter into the Macy's logic," she said.
Macy's has already started rolling out two off-price strategies to help boost its business. The Backstage concept operates as a pure off-price shop akin to Marshalls or T.J. Maxx. Macy's has been building standalone locations for Backstage, as well as dedicating branded sections in its stores for the inventory.
Meanwhile, the department store has tweaked its traditional strategy of marking down clearance goods on the main sales floor, in favor of sectioning off an area meant strictly for these goods. Those sections, called Last Act, have helped Macy's clear through dated inventory quicker and at better prices, Hoguet said.
Despite leaning into some of the strategies that have helped off-price retailers thrive, Hoguet said Macy's stores will always incorporate promotions. That's even as vendors like Michael Kors opt to sit out of its prolific Friends and Family sales. One example of how the chain could tweak its strategy is by better incorporating its loyalty program on these types of exclusionary purchases, Hoguet said.
"Customers typically don't need most of what we sell, and there is a psychology that loves that promotion," Hoguet said. "Every time we try to say to a customer group, 'What if we didn't have coupons?' The answer is, 'We hate them. But whatever you do, don't take them away.'"