Eric's questions to Macy's Inc (M) leadership • Q2 2024
Question
Eric, on for Chuck Grom, asked if the positive comps in the 'First 50' locations are driven by existing customers spending more or by new/lapsed customers. He also inquired about how the company is communicating these store changes to drive traffic.
Answer
CEO Tony Spring stated the growth is from a combination of existing and new customers, driven by increased traffic and conversion versus other stores. He noted that the new Head of Marketing is working with the stores team on geo-targeted communications via email, search, and SMS to promote events and new products. COO and CFO Adrian Mitchell added that investments in staffing, visual presentation, and local events are gaining traction and driving more customers into these stores.