What: Despite the department store’s net sales falling, the company still plans to invest up to USD 3 billion in technology over the next three years.

Why it is important: The company is continuing to invest in growth and not losing sight of its long-term goals as it looks to rebound from a weak quarter.

Macy's is cutting back on CapEx projections but will continue to invest in growth, particularly in technology.

The company’s CFO and COO has taken responsibility for stores, supply chain, and technology, with the aim of stitching these areas together and modernizing Macy’s technology infrastructure to support its omnichannel goals.

Macy's has invested in data and analytics technology within stores and has redesigned its website and mobile app, strengthening its omnichannel communications.

The company reported a decline of 6.8% in sales in Q1 and also slashed its full-year guidance.

In March, executives laid out a capital spending plan to invest USD 1 billion in 2023 and up to USD 3 billion over the next year, with the primary focus being digital and technology products.

Macy’s remains committed to tech investments after sluggish quarter