Macy's cfo updates home performance
October 25, 2013,
New York - Macy's home textiles business is "spectacular," cfo Karen Hoguet said this morning at the Telsey Advisory Group's annual fall investor conference here, with private labels driving the business.
The housewares business goes up and down, she said. Tabletop is "difficult" because consumers don't buy as much fine china as they used to. In fact, Hoguet described fine china as a declining cagtegory.
Furniture has been strong at Macy's "for four or five years now," she said. Macy's is now rolling out "small furniture" for apartment and condo dwellers. The program has been installed at Macy's Brooklyn store and in Chicago.
Like many other national retailers, Macy's is refining its omnichannel strategy and has been testing a service that allows consumers to buy online then pick up the merchandise at their local store. Blommingdale's is already rolling out the option to all of its stores, she said.
Although a lot of cap ex is going into omnimedia, Macy's Inc. continues to invest in stores as well, she said.
"We have to recognize that the America consumer still loves shopping," she said, adding that the Internet "is a great enabler" to the process.