Macy’s CFO: It’s Not Amazon
A quick follow-up from our post yesterday.
Supporting our perspective that Amazon isn’t the villain behind the decline of major brick-and-mortar department stores, a most unlikely but very reliable voice has stepped out to clear the air.
On Wednesday at the UBS Consumer & Retail Conference in Boston, Macy’s CFO Karen Hoguet said it’s not Amazon, but rather off-price chains like TJX, Burlington, and Ross that are doing the most damage to their bottom line, mostly due to their constantly changing inventory and low prices.
Again, it’s perhaps simpler to point the finger at the behemoth who changed the game, but we should be careful not to place blame based on an assumption that the very people suffering the consequences will refute.