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Cowen's Retail Expert Says Macy's Is 'Focused On The Right Areas'

Cowen's Retail Expert Says Macy's Is 'Focused On The Right Areas'

Oliver Chen, Cowen's retail expert, was a guest on Wednesday's edition of CNBC's "Squawk On The Street" to discuss Macy's, Inc. (NYSE: M)'s stock which plunged 13 percent and hit a new 52-week low of $31.82 following the release of its first quarter results.

According to Chen, Macy's remains "focused on the right areas" but the question of management finding success in its investments and initiatives is a different question.

Related Link: Macy's Q1 Earnings Beat, But Revenues Miss; Cuts Full Year Outlook

He said Macy's is focused on beauty, the off-price market and the health and wellness categories - all of which represent "big themes" for retailers moving forward for the "Instagram generation" of customers.

"We really want to see more excitement in the stores," Chen continued. "And what we want to see Macy's do is work with vendors to determine exclusive products that excites the customer and gets them back in the store."

Chen also suggested Macy's management will continue to pursue strategic opportunities to monetize its real estate assets given its existing marquees properties.

Shares traded recently at $31.84, down 13.9 percent on the day.

Latest Ratings for M

Jul 2020UBSDowngradesNeutralSell
Jul 2020Morgan StanleyMaintainsUnderweight
Jun 2020Credit SuisseMaintainsUnderperform

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