Macy’s CEO Predicts the Retailer Will Survive
CEO Jeff Gennette is convinced that Macy’s will survive the coronavirus pandemic. He sees the retailer as a fashion curator and destination for America and sees more opportunities for growth in the future. Referring to a call with the treasury secretary, Gennette says government aid is still a possibility, but he isn’t counting on it. Instead, Macy’s is finding other ways to weather the crisis.
How is Gennette retaining optimism during the pandemic? After all, he’s furloughed much of his workforce, is taking no salary and making decisions about a very uncertain future for a retailer that generates the majority of sales from stores that have been closed six weeks.