Everyone knows the retail adage, “The customer is king.” But an even truer statement might be that the consumer wears the crown. Large swaths of the economy depend on the average American’s spending habits, and our much hoped-for recovery will be driven, at least in part, by their confidence in the system.
That fact hasn’t eluded Terry Lundgren, CEO of Macy’s . Which is why the consumer – and, of course, the customer – was a big theme during his sit-down with Cramer for Monday’s Mad Money, the start of the show’s Invest in America Week.
Here’s Lundgren on the 2009 holiday season: “The consumer didn’t spend last year, and I’m counting on the consumer spending a little more than they spent last year … and that’s all we need. Because our expenses are lower now, our inventory’s lower now, so we’ve been able to leverage those things to turn it into a positive.”