Terry Lundgren: Macy's Is Booming In The Internet Business
Thanksgiving can lead many to talk about Macy's, Inc. (NYSE: M), the iconic retailer that has been presenting the annual Macy's Thanksgiving Day Parade since 1924. Apart from spreading joy through the parade, the retailer has also made its shareholders quite happy as shares are up more than 20 year to date, out of which 8 percent have come in the past month alone.
Macy’s CEO Terry Lundgren was on Bloomberg on Friday to discuss what's different this year about Black Friday and how the company's Internet sales are progressing.
"What's different is the fact that we did open a couple hours earlier than last year," Lundgren said. "We had a very diverse and very international crowd last night, lining the doors. We had over 15,000 last year, but well over that number last night standing outside the store coming in. So, it was just the diversity of the crowd that was here from all walks of life."
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When asked about what products are selling faster than the others and how apparels are selling, Lundgren replied, "The best part about apparel last night and this morning was active apparel. So, anything active is selling like crazy. Mens, womens and children and its both the functional active apparel as well as what we call spectator active, what you might look as active, but not really out there doing exercises. We got both of those products and they are all selling well."
"We are the eighth-largest Internet company in America after Netflix. Macy's is booming in the Internet business and today it's more important, we've got a great advantage over Amazon, we have got these things called stores, customers can actually come in to those products and touch the product," Lundgren added.
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