Macy’s (M) Chairman and CEO Tony Spring took the helm of the nearly 100-year-old department store in February of this year. With Macy’s facing falling sales, losing market share, and receiving pressure from an activist investor, Spring announced “A Bold New Chapter,” an initiative to turn the company around and "create a more modern Macy’s, Inc." Yahoo Finance senior reporter Brooke DiPalma speaks with Tony Spring at Yahoo Finance Invest about this turnaround plan. "We’re looking at ourselves in the mirror and we see something that we don’t like," Spring says. After assessing its issues, the retailer is charting a new course that involves closing old stores in low-traffic areas and opening its new "go-forward" locations and smaller storefronts. "Our strategy is a three-year strategy, and it’s creating sustainable, profitable growth. It’s delivering a better experience for the customer. It’s reimagining this portfolio and ultimately delivering more value to our shareholders," Spring explains to Yahoo Finance. Even with a new strategy, Macy’s faces existential hurdles like a more choiceful consumer. "Am I concerned when I see the customer being careful about price? Of course," says Spring. Still, he points to Macy’s vast portfolio as a selling point even in this environment and expressed confidence in the company’s ability to bring customers through its doors.
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