With Saks’ bankruptcy, Macy’s has some wind at its sails
CNN • • business
Key Points:
- Saks Global filed for bankruptcy protection, highlighting ongoing challenges in the luxury retail market that have also affected Barneys, Lord & Taylor, and Neiman Marcus.
- Macy’s and its higher-end subsidiary, Bloomingdale’s, are positioned to capitalize on Saks' struggles by focusing on retail fundamentals, such as improving customer service and store conditions.
- Under CEO Tony Spring, Macy’s has closed over 100 underperforming stores and reported its first quarterly sales growth in years, exceeding Wall Street expectations and showing signs of a turnaround.
- Despite these gains, Macy’s still faces competition from potential Saks resurgence and the persistent threat of online retail, alongside shifts in consumer behavior favoring secondhand luxury and direct-to-consumer brand marketing.
- Analysts view
