What: Macy’s executives share their forecasts for the company at the Goldman Sachs 28th Annual Global Retailing Conference.

Why it is important: The leadership team shared their strategy going forward and give a positive outlook based on the current momentum.

For the quarter ending on 31 July, Macy’s reported a net income of USD 345 million. The executives revealed that Macy’s is being driven by data-centric loyalty and personalization efforts, pricing science, inventory management, and agility (through the luxury to off-price offer). There was also an effort to add categories previously not carried such as home fitness, pets, outdoor recreation — as well as expanding in toys through the new partnership with Toys ‘R’ Us.

Macy’s three-year strategy centers on personalization and the loyalty program, expanding assortments, accelerating digital growth, closing 125 department stores, opening smaller scale off-mall stores, boosting some private brands into billion-dollar businesses, and reducing costs.

Going forward, Macy’s wants to be a one-stop-shop for the Millennial mom through the expansion of its off-price business and through the partnership with Toys’R’Us. The retailer is also looking to become more advanced in in live video shopping, enhancing the beauty category with site-lits, adding a fragrance finder in the first quarter of 2022 and “more robust beauty adviser interface.”

Macy’s Execs Talk Momentum, Handling Headwinds and 2022