Macy’s last week announced plans to cut about 100 stores to strengthen itself “as America’s preferred omnichannel shopping destination.”
The company said it was reallocating resources to high-growth stores and e-commerce operations. It will also cash in on the real estate opportunities that some of its stores present, Macy’s said.
“With this strategy, we will be able to reinvest in a more energized shopping experience in our remaining stores and elevate our total customer experience across all methods of shopping,” said Macy’s President Jeff Gennette. Gennette, who was quoted in the company’s news release, will become CEO in 2017.
Autos, e-commerce lead retail sales
Auto and e-commerce sales were the good news in the Commerce Department’s report on retail sales last week. They registered growth of 1.1 percent and 1.3 percent from June, respectively, according to the Wall Street Journal. Overall, retail sales stayed about the same in July from the month before, but grew 2.3 percent from a year ago, the Commerce Department reported Friday.
CVS adds digital payment to app
The CVS Health drug store chain was the latest to add an in-store digital payment option as part of its smartphone app last week, according to USA Today. CVS Pay is starting out in New York, New Jersey, Pennsylvania and Delaware. It will become available nationwide by the end of the year.