“Now is the time to reset our business model to thrive in a
future that is being driven by rapid evolution in consumer preferences and
shopping habits,” Lundgren said. “Our company must and will change in response
to the profound secular forces that are driving consumer spending.”
The change comes after Macy’s said it aims to
improve
the quality of its jewelry and the skills of its selling staff as part of a
plan to improve its performance. Sales fell 7.4 percent to $5.77 billion in the
first fiscal quarter after
41
store closures last year.