The trade war between the United States and China has lasted for more than one year — and a resolution is nowhere in sight.World Economyread more
The Fed is expected to cut rates Wednesday, but it is unlikely to tell markets what they want to hear on future rate cuts.Market Insiderread more
Pelosi said Trump should not have tried to address China's trade practices in a way that opened Americans up to financial pain.Politicsread more
Investors await the Fed's latest decision on monetary policy, set to be released on Wednesday stateside. The U.S. central bank is widely expected to cut rates by 25 basis...Asia Marketsread more
TransferWise posted an annual net profit of £10.3 million on revenues of £179 million.Technologyread more
Live the high life with a night's stay at Highclere Castle, the iconic stately home made famous by Downton Abbey.Spendread more
Large banking institutions face the risk of failure if interest rates in Europe continue to stay negative, warns the global chief economist of the Economist Intelligence Unit.Banksread more
The fallout from two fatal crashes of Boeing 737 Max planes has ensnared the manufacturer's most-loyal customer: Southwest Airlines. The carrier has canceled thousands of...Airlinesread more
Brent crude oil jumped the most in history in the previous session after attacks on Saudi's oil industry disrupted the kingdom's production.Marketsread more
In the survey, conducted after the third in the Democratic Party's series of debate, the former vice president draws 31% compared to 25% for the Massachusetts senator. At 14%,...2020 Electionsread more
Stocks rose slightly on Tuesday, but gains were capped as the Federal Reserve kicked off a two-day monetary policy meeting.US Marketsread more
Macy's said Wednesday it's dipping its toes into both the clothing subscription and apparel resale businesses.
The department store operator said it started a pilot this month with resale marketplace ThredUp at 40 Macy's stores across the country, taking up about 500 square feet of space at each location.
"We know many consumers are passionate about sustainable fashion and shopping resale," CEO Jeff Gennette said on a call with analysts. "This partnership gives us the opportunity to reach a new customer and keep them coming back to shop an ever-changing selection of styles, and brands, that we don't typically carry."
Earlier, Macy's reported fiscal second-quarter earnings that fell well short of estimates and cut its forecast for the year. Shares fell more than 13%. Macy's results were hurt as it was forced to mark down merchandise during the spring to clear inventories.
Gennette told analysts that millennial and Gen Z shoppers especially are looking for rental and resale options. He said this strategy is also a way for Macy's to acquire new customers.
As Macy's puts merchandise from ThredUp into its stores, it will be taking items from brands and categories that Macy's doesn't currently offer, Gennette explained, telling analysts this won't result in any cannibalization of Macy's existing offering.
Meanwhile, at its Bloomingdale's business, Macy's is working with CaaStle, a start-up that assists retailers in rolling out subscription clothing services.
Gennette said: "Learning from Bloomingdale's will inform the development of a similar rental service at Macy's in the near future. ... We need to play in this game."
Macy's certainly won't be the first retail to try this, either.
Companies including Express, American Eagle, Ann Taylor and Urban Outfitters have launched subscription or rental services for their clothes. The companies are all trying to build on the success of platforms like Stitch Fix and Rent the Runway, which offer clothes either through personalized boxes, or on a rent-to-own basis. Luxury consignment platform The Real Real is also growing; when it reported earnings on Tuesday evening it said revenue jumped 51% from a year ago to $71 million.