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Fast Five Shorts | Macy’s Announces Store Closures · Omni Talk Retail

• 0:00
  All
• 0:00
  right,
• 0:00
  Chris.
• 0:00
  Macy's
• 0:01
  last
• 0:01
  Thursday
• 0:01
  revealed
• 0:02
  that
• 0:02
  the
• 0:02
  revealed
• 0:03
  the
• 0:03
  first
• 0:03
  66
• 0:04
  locations
• 0:05
  that
• 0:05
  it
• 0:05
  plans
• 0:05
  to
• 0:06
  close
• 0:06
  as
• 0:06
  part
• 0:06
  of
• 0:06
  its
• 0:07
  plans
• 0:07
  announced
• 0:08
  nearly
• 0:08
  a
• 0:08
  year
• 0:08
  ago
• 0:09
  to
• 0:09
  shutter
• 0:09
  about
• 0:09
  150
• 0:10
  stores.
• 0:11
  According
• 0:11
  to
• 0:11
  Retail
• 0:12
  Dive.
• 0:12
  The
• 0:12
  66
• 0:13
  locations
• 0:13
  span
• 0:13
  22
• 0:14
  states
• 0:14
  and
• 0:15
  many
• 0:15
  are
• 0:15
  mall
• 0:16
  anchor
• 0:16
  locations.
• 0:17
  Several
• 0:18
  are
• 0:18
  also
• 0:18
  standalone
• 0:19
  furniture
• 0:19
  stores
• 0:20
  that
• 0:20
  in
• 0:21
  some
• 0:21
  cases
• 0:21
  will
• 0:22
  shift
• 0:22
  operations
• 0:22
  to
• 0:23
  nearby
• 0:24
  full
• 0:24
  line
• 0:24
  stores.
• 0:25
  Department
• 0:25
  store
• 0:25
  is
• 0:26
  closing
• 0:26
  four
• 0:27
  of
• 0:27
  its
• 0:27
  24
• 0:28
  small
• 0:28
  format
• 0:29
  stores,
• 0:29
  a
• 0:30
  shift
• 0:30
  from
• 0:30
  the
• 0:30
  acceleration
• 0:31
  of
• 0:31
  small
• 0:31
  farmland
• 0:31
  at
• 0:32
  openings
• 0:33
  announced
• 0:33
  in
• 0:33
  2023.
• 0:35
  Six
• 0:35
  out
• 0:35
  of
• 0:35
  the
• 0:36
  nine
• 0:36
  of
• 0:36
  the
• 0:36
  retailers
• 0:37
  freestanding
• 0:38
  off
• 0:38
  price
• 0:38
  backstage
• 0:39
  locations
• 0:40
  will
• 0:40
  also
• 0:40
  close.
• 0:41
  Chris,
• 0:42
  are
• 0:42
  you
• 0:42
  surprised
• 0:43
  at
• 0:43
  all
• 0:43
  by
• 0:43
  the
• 0:44
  details
• 0:44
  surrounding
• 0:45
  Macy's
• 0:45
  store
• 0:46
  closure
• 0:46
  news?
• 0:47
  I
• 0:47
  think
• 0:47
  I
• 0:47
  might
• 0:48
  know
• 0:48
  the
• 0:48
  answer
• 0:48
  to
• 0:49
  this.
• 0:50
  Yeah,
• 0:50
  I
• 0:50
  think
• 0:51
  I
• 0:51
  am.
• 0:51
  I
• 0:51
  am
• 0:51
  somewhat
• 0:51
  surprised.
• 0:52
  Yeah,
• 0:52
  I'm
• 0:53
  not,
• 0:53
  I'm
• 0:53
  not,
• 0:53
  I'm
• 0:54
  like,
• 0:54
  I'm
• 0:54
  not
• 0:54
  like
• 0:54
  on
• 0:54
  the
• 0:55
  shocked
• 0:55
  level.
• 0:55
  Like
• 0:56
  if
• 0:56
  1
• 0:56
  through
• 0:56
  10
• 0:56
  with
• 0:57
  10
• 0:57
  was
• 0:57
  shocked,
• 0:58
  I'm
• 0:58
  probably
• 0:58
  like
• 0:58
  a
• 0:59
  5
• 0:59
  here.
• 0:59
  Like
• 1:00
  I'm
• 1:00
  surprised
• 1:01
  that
• 1:01
  this
• 1:01
  is
• 1:01
  what
• 1:01
  they're
• 1:01
  saying
• 1:02
  because
• 1:03
  particularly
• 1:03
  that
• 1:03
  it
• 1:03
  looks
• 1:04
  like
• 1:04
  it's
• 1:04
  in
• 1:04
  a,
• 1:04
  it's
• 1:04
  an
• 1:05
  about
• 1:05
  face
• 1:05
  on
• 1:05
  their
• 1:06
  small
• 1:06
  format
• 1:06
  stores,
• 1:07
  you
• 1:07
  know,
• 1:07
  and
• 1:07
  like
• 1:07
  it's
• 1:08
  100%
• 1:08
  about
• 1:08
  face.
• 1:09
  And,
• 1:09
  and
• 1:10
  I
• 1:10
  think,
• 1:10
  I
• 1:10
  think
• 1:10
  that
• 1:11
  about
• 1:11
  face
• 1:11
  is
• 1:11
  important
• 1:12
  to
• 1:12
  call
• 1:12
  out
• 1:12
  for
• 1:12
  two
• 1:12
  reasons.
• 1:13
  First,
• 1:14
  we
• 1:14
  visited
• 1:14
  these
• 1:14
  stores
• 1:15
  in
• 1:15
  Texas,
• 1:15
  I
• 1:15
  think
• 1:16
  one
• 1:16
  of
• 1:16
  which
• 1:16
  is
• 1:16
  closing
• 1:17
  now
• 1:17
  if
• 1:17
  I'm
• 1:17
  not
• 1:17
  mistaken
• 1:18
  from
• 1:18
  reading
• 1:18
  the
• 1:19
  article.
• 1:20
  And
• 1:20
  we
• 1:20
  were
• 1:21
  not
• 1:21
  impressed.
• 1:21
  In
• 1:22
  fact,
• 1:22
  I
• 1:22
  think
• 1:22
  my
• 1:22
  joke
• 1:23
  at
• 1:23
  the
• 1:23
  end
• 1:23
  of
• 1:23
  that
• 1:23
  video
• 1:24
  tour
• 1:24
  was
• 1:24
  if
• 1:25
  it
• 1:25
  walks
• 1:25
  like
• 1:25
  a
• 1:25
  Macy's
• 1:26
  and
• 1:26
  quacks
• 1:26
  like
• 1:26
  a
• 1:27
  Macy's,
• 1:27
  it's
• 1:27
  still
• 1:27
  a
• 1:27
  Macy's
• 1:28
  because.
• 1:29
  And
• 1:29
  I
• 1:29
  still
• 1:30
  for
• 1:30
  the
• 1:30
  life
• 1:30
  of
• 1:30
  me
• 1:30
  can't
• 1:30
  understand
• 1:31
  why
• 1:31
  the
• 1:31
  world
• 1:31
  needs
• 1:32
  a
• 1:32
  scaled
• 1:32
  down
• 1:32
  Macy's.
• 1:33
  I've
• 1:33
  just
• 1:33
  never
• 1:34
  bought
• 1:34
  into
• 1:34
  that
• 1:34
  idea.
• 1:35
  So,
• 1:35
  so,
• 1:36
  so
• 1:36
  that's
• 1:36
  why
• 1:36
  I'm
• 1:37
  kind
• 1:37
  of
• 1:37
  not
• 1:37
  surprised
• 1:37
  by
• 1:38
  this.
• 1:38
  Sure,
• 1:38
  sure.
• 1:39
  Then
• 1:39
  two,
• 1:40
  and
• 1:40
  this
• 1:40
  is
• 1:40
  the
• 1:41
  more
• 1:41
  important
• 1:41
  point
• 1:41
  here.
• 1:42
  It
• 1:42
  tells
• 1:43
  me
• 1:43
  that
• 1:43
  they
• 1:43
  don't
• 1:44
  have
• 1:44
  a
• 1:44
  new
• 1:45
  path
• 1:45
  to
• 1:45
  growth
• 1:46
  upon
• 1:46
  which
• 1:47
  they
• 1:47
  can
• 1:47
  rely
• 1:48
  with
• 1:48
  any
• 1:48
  great
• 1:48
  certainty
• 1:49
  right
• 1:49
  now.
• 1:49
  And
• 1:49
  that
• 1:50
  is,
• 1:50
  that
• 1:50
  is
• 1:50
  freaking
• 1:51
  scary.
• 1:51
  I
• 1:51
  think
• 1:52
  everything
• 1:53
  they've
• 1:53
  been
• 1:53
  telling
• 1:53
  the
• 1:53
  media
• 1:54
  and
• 1:54
  the
• 1:54
  analyst
• 1:54
  community
• 1:55
  could
• 1:55
  soon
• 1:55
  blow
• 1:56
  up
• 1:56
  in
• 1:56
  their
• 1:56
  face.
• 1:57
  And
• 1:57
  while
• 1:57
  Macy's.
• 1:58
  Here's
• 1:58
  the
• 1:58
  other
• 1:58
  point.
• 1:59
  While
• 1:59
  Macy's
• 2:00
  is
• 2:00
  reporting
• 2:01
  supposedly
• 2:02
  good
• 2:02
  news
• 2:02
  about
• 2:02
  their
• 2:03
  bold
• 2:03
  new
• 2:04
  chapter
• 2:04
  strategy
• 2:04
  in
• 2:05
  their
• 2:05
  50
• 2:05
  stores.
• 2:06
  Like
• 2:06
  I'm
• 2:06
  always
• 2:07
  skeptical
• 2:07
  when
• 2:07
  I
• 2:07
  hear
• 2:08
  about
• 2:08
  50
• 2:08
  store
• 2:08
  tests
• 2:09
  because
• 2:09
  the
• 2:10
  entire
• 2:10
  executive
• 2:10
  team
• 2:11
  is
• 2:11
  right
• 2:11
  around
• 2:12
  those.
• 2:12
  The
• 2:12
  entire
• 2:13
  store
• 2:13
  operations
• 2:13
  team
• 2:14
  is
• 2:14
  right
• 2:14
  around
• 2:14
  those.
• 2:14
  They're
• 2:15
  getting
• 2:15
  the
• 2:15
  resources
• 2:15
  to
• 2:16
  be
• 2:16
  successful.
• 2:17
  Yeah,
• 2:17
  yeah.
• 2:17
  They're
• 2:17
  going
• 2:18
  to
• 2:18
  work
• 2:18
  in
• 2:18
  the
• 2:18
  short
• 2:18
  term
• 2:18
  but
• 2:19
  at
• 2:19
  some
• 2:19
  time,
• 2:19
  at
• 2:20
  some
• 2:20
  point
• 2:20
  those
• 2:21
  types
• 2:21
  of
• 2:21
  pilots
• 2:21
  revert
• 2:22
  back
• 2:22
  to
• 2:22
  the
• 2:22
  mean.
• 2:23
  And
• 2:23
  so
• 2:23
  that's
• 2:23
  why
• 2:24
  I'm
• 2:24
  just
• 2:24
  like,
• 2:24
  wow,
• 2:24
  I
• 2:24
  don't
• 2:25
  see
• 2:25
  you've
• 2:25
  got
• 2:25
  a
• 2:25
  lot
• 2:25
  here
• 2:26
  going
• 2:26
  on,
• 2:26
  Tony
• 2:27
  Spring.
• 2:27
  And
• 2:27
  so
• 2:27
  I'm,
• 2:27
  I'm
• 2:28
  very
• 2:28
  skeptical
• 2:28
  again
• 2:29
  about
• 2:29
  your
• 2:30
  growth
• 2:30
  trajectory
• 2:30
  and
• 2:31
  whether
• 2:31
  department
• 2:31
  stores
• 2:31
  are
• 2:31
  still
• 2:32
  going
• 2:32
  to
• 2:32
  exist.
• 2:32
  Yeah,
• 2:33
  it's
• 2:34
  like
• 2:34
  having
• 2:34
  50
• 2:34
  flagship
• 2:35
  stores.
• 2:35
  Right?
• 2:36
  It
• 2:37
  is.
• 2:37
  I
• 2:37
  mean
• 2:37
  it
• 2:37
  is
• 2:37
  that,
• 2:38
  that's
• 2:38
  the
• 2:38
  thing.
• 2:38
  If,
• 2:38
  if
• 2:38
  you
• 2:39
  know
• 2:39
  retail
• 2:39
  like
• 2:40
  we
• 2:40
  do,
• 2:40
  like
• 2:41
  yes,
• 2:41
  these
• 2:42
  are
• 2:42
  going
• 2:42
  to
• 2:42
  be
• 2:42
  successful
• 2:43
  because
• 2:43
  by
• 2:43
  crook
• 2:44
  or
• 2:44
  by
• 2:44
  nook
• 2:44
  or
• 2:44
  whatever
• 2:44
  the
• 2:45
  hell
• 2:45
  the
• 2:45
  expression
• 2:45
  is,
• 2:46
  Tony
• 2:46
  Spring
• 2:46
  going
• 2:46
  to
• 2:46
  make
• 2:47
  sure
• 2:48
  that's
• 2:48
  not
• 2:49
  right.
• 2:49
  I
• 2:49
  know,
• 2:49
  but
• 2:50
  by
• 2:50
  hooker,
• 2:51
  by
• 2:51
  crook,
• 2:51
  that's
• 2:51
  what.
• 2:53
  Yeah,
• 2:54
  right.
• 2:54
  Tony
• 2:54
  Spring
• 2:55
  is
• 2:55
  going
• 2:55
  to
• 2:55
  make
• 2:55
  sure
• 2:55
  that
• 2:56
  these
• 2:56
  things
• 2:56
  work
• 2:56
  because
• 2:57
  his
• 2:57
  reputation
• 2:57
  depends
• 2:58
  on
• 2:58
  it.
• 2:58
  Right.
• 2:59
  So,
• 2:59
  so,
• 3:00
  so
• 3:00
  yeah.
• 3:00
  So,
• 3:01
  I
• 3:01
  mean,
• 3:01
  I
• 3:01
  don't
• 3:01
  know.
• 3:01
  But
• 3:02
  yeah,
• 3:02
  it
• 3:02
  diverts
• 3:03
  media
• 3:03
  attention.
• 3:04
  It
• 3:04
  diverts
• 3:05
  media
• 3:05
  attention.
• 3:06
  I
• 3:06
  mean,
• 3:06
  no,
• 3:06
  I,
• 3:06
  I
• 3:07
  guess
• 3:07
  my
• 3:07
  whole
• 3:07
  point
• 3:08
  is
• 3:08
  that
• 3:08
  I,
• 3:08
  I
• 3:09
  actually
• 3:09
  think
• 3:09
  this
• 3:09
  is
• 3:10
  the
• 3:10
  most
• 3:10
  sensible
• 3:10
  thing
• 3:10
  that
• 3:11
  they
• 3:11
  can
• 3:11
  do.
• 3:11
  I
• 3:11
  mean,
• 3:12
  I
• 3:12
  think
• 3:12
  that
• 3:12
  what
• 3:13
  Tony
• 3:13
  Spring
• 3:13
  is
• 3:14
  doing
• 3:14
  is
• 3:14
  trimming
• 3:14
  the
• 3:14
  fat
• 3:15
  here.
• 3:15
  Like
• 3:15
  this
• 3:15
  is
• 3:16
  just.
• 3:16
  Macy's
• 3:17
  is
• 3:17
  making
• 3:17
  sensible
• 3:18
  move.
• 3:19
  You
• 3:20
  got
• 3:20
  to,
• 3:20
  you
• 3:20
  got
• 3:20
  to
• 3:20
  start
• 3:20
  shutting
• 3:21
  some
• 3:21
  of
• 3:21
  these
• 3:21
  down
• 3:22
  because
• 3:22
  they're
• 3:22
  having
• 3:22
  a
• 3:22
  huge
• 3:23
  impact
• 3:23
  on
• 3:23
  the
• 3:23
  bottom
• 3:24
  line.
• 3:24
  And
• 3:24
  you
• 3:25
  know,
• 3:25
  our
• 3:25
  sources
• 3:25
  that
• 3:26
  we've
• 3:26
  talked
• 3:26
  to
• 3:26
  at
• 3:26
  Macy's,
• 3:27
  you
• 3:27
  know,
• 3:27
  like,
• 3:27
  like
• 3:28
  it
• 3:28
  was
• 3:28
  mentioned
• 3:28
  in
• 3:28
  the
• 3:28
  article,
• 3:29
  like
• 3:29
  a
• 3:29
  lot
• 3:29
  of
• 3:29
  these
• 3:30
  malls
• 3:30
  are
• 3:31
  the
• 3:31
  only
• 3:31
  mace,
• 3:32
  like
• 3:32
  the
• 3:32
  only
• 3:33
  store
• 3:33
  that's
• 3:33
  still
• 3:34
  in
• 3:34
  a
• 3:34
  dead
• 3:35
  or
• 3:35
  dying
• 3:35
  mall
• 3:36
  and
• 3:36
  no
• 3:36
  one's
• 3:37
  going
• 3:37
  to
• 3:37
  come
• 3:37
  there.
• 3:37
  There's
• 3:37
  no
• 3:38
  other
• 3:38
  reasons
• 3:38
  to
• 3:38
  get
• 3:39
  them
• 3:39
  there.
• 3:39
  So
• 3:40
  it
• 3:40
  just
• 3:40
  doesn't
• 3:40
  make
• 3:40
  sense.
• 3:41
  It's
• 3:41
  a
• 3:41
  bad
• 3:42
  experience
• 3:42
  because
• 3:43
  like
• 3:43
  I
• 3:43
  think
• 3:43
  you
• 3:44
  said
• 3:44
  in
• 3:44
  a
• 3:44
  conversation
• 3:45
  we
• 3:45
  were
• 3:45
  having
• 3:45
  here,
• 3:45
  like
• 3:45
  there's
• 3:46
  nobody
• 3:46
  that
• 3:46
  wants
• 3:46
  to
• 3:47
  work
• 3:47
  there.
• 3:47
  Like
• 3:47
  it's
• 3:48
  just,
• 3:48
  it's,
• 3:48
  it's
• 3:49
  a
• 3:49
  bad
• 3:49
  experience.
• 3:50
  It's
• 3:50
  sour
• 3:51
  with
• 3:51
  the
• 3:52
  brand
• 3:52
  immediately.
• 3:53
  So
• 3:53
  I
• 3:53
  think
• 3:54
  there
• 3:54
  and
• 3:54
  it
• 3:55
  makes
• 3:55
  sense.
• 3:55
  And
• 3:56
  you
• 3:56
  know,
• 3:56
  honestly
• 3:56
  Chris,
• 3:57
  I
• 3:57
  kind
• 3:57
  of
• 3:57
  give
• 3:57
  them
• 3:57
  kudos
• 3:58
  for
• 3:58
  shutting
• 3:58
  down
• 3:58
  these
• 3:59
  small
• 3:59
  format
• 3:59
  stores
• 4:00
  because
• 4:00
  I
• 4:00
  think
• 4:00
  a
• 4:00
  lot
• 4:01
  of
• 4:01
  other
• 4:01
  retailers
• 4:02
  would
• 4:02
  have
• 4:02
  kept,
• 4:03
  I
• 4:04
  think
• 4:04
  they
• 4:04
  would
• 4:04
  have
• 4:04
  tried
• 4:04
  to
• 4:05
  push
• 4:05
  it.
• 4:05
  And
• 4:05
  you're
• 4:05
  100%
• 4:06
  right.
• 4:06
  Like
• 4:07
  small
• 4:07
  format
• 4:08
  Macy's.
• 4:08
  I
• 4:09
  don't
• 4:09
  hate
• 4:09
  the
• 4:09
  idea
• 4:10
  but
• 4:10
  it
• 4:10
  can't
• 4:10
  just
• 4:10
  be
• 4:11
  Macy's
• 4:12
  shoved
• 4:12
  into
• 4:12
  a
• 4:13
  smaller
• 4:13
  box.
• 4:13
  And
• 4:13
  I,
• 4:14
  that
• 4:14
  was
• 4:14
  the
• 4:14
  big
• 4:14
  problem
• 4:15
  for
• 4:15
  me
• 4:15
  was
• 4:16
  that
• 4:16
  there's
• 4:16
  a
• 4:17
  glut
• 4:17
  of
• 4:17
  inventory.
• 4:18
  Like
• 4:18
  it
• 4:18
  just,
• 4:19
  it
• 4:19
  the,
• 4:20
  you
• 4:20
  know,
• 4:20
  the
• 4:20
  sales
• 4:20
  experiences
• 4:21
  weren't
• 4:22
  consistent.
• 4:22
  Like,
• 4:22
  it
• 4:22
  just,
• 4:23
  it
• 4:23
  didn't
• 4:23
  make
• 4:23
  sense.
• 4:24
  So
• 4:24
  I
• 4:24
  think
• 4:25
  I'm
• 4:25
  actually,
• 4:26
  I'm
• 4:26
  kind
• 4:26
  of
• 4:26
  impressed.
• 4:27
  I'm
• 4:27
  going
• 4:27
  to
• 4:27
  give
• 4:27
  me
• 4:27
  a,
• 4:28
  give
• 4:28
  Tony
• 4:28
  Spring
• 4:28
  a
• 4:29
  little
• 4:29
  bit
• 4:29
  of
• 4:29
  a
• 4:29
  boost
• 4:30
  here
• 4:30
  and
• 4:30
  say
• 4:30
  like
• 4:30
  this
• 4:31
  is
• 4:31
  a
• 4:31
  very
• 4:31
  Amazon
• 4:32
  move
• 4:32
  of
• 4:32
  them.
• 4:32
  Like,
• 4:33
  this
• 4:33
  isn't
• 4:33
  working.
• 4:33
  We're
• 4:34
  cutting
• 4:34
  it
• 4:34
  out.
• 4:34
  Even
• 4:34
  though
• 4:35
  we
• 4:35
  invested
• 4:35
  a
• 4:35
  bunch
• 4:35
  of
• 4:35
  money,
• 4:36
  we
• 4:36
  told
• 4:36
  everybody
• 4:37
  we
• 4:37
  were
• 4:37
  going
• 4:37
  to,
• 4:37
  this
• 4:38
  was
• 4:38
  our
• 4:38
  strategy.
• 4:39
  Like
• 4:39
  we
• 4:39
  can't
• 4:39
  make
• 4:40
  money
• 4:40
  off
• 4:40
  the
• 4:40
  backstage
• 4:41
  stores.
• 4:41
  The
• 4:42
  small
• 4:42
  format
• 4:42
  Macy's
• 4:43
  isn't
• 4:43
  working.
• 4:43
  Like,
• 4:44
  they're
• 4:44
  going
• 4:45
  to
• 4:45
  have
• 4:45
  to
• 4:45
  try
• 4:46
  to
• 4:46
  course
• 4:46
  correct
• 4:46
  and
• 4:47
  make
• 4:47
  those
• 4:48
  tough
• 4:48
  decisions
• 4:48
  right
• 4:49
  now
• 4:49
  if
• 4:49
  they
• 4:49
  want
• 4:49
  to
• 4:49
  survive
• 4:50
  as
• 4:50
  a
• 4:50
  brand.
• 4:51
  So,
• 4:51
  yeah,
• 4:52
  not
• 4:52
  surprised,
• 4:53
  I
• 4:53
  guess.
• 4:53
  Yeah,
• 4:54
  you're
• 4:54
  right.
• 4:54
  You're
• 4:54
  right.
• 4:54
  It's
• 4:55
  kind
• 4:55
  of,
• 4:55
  it's
• 4:55
  probably
• 4:55
  a
• 4:56
  smart
• 4:56
  move,
• 4:56
  but
• 4:56
  it's
• 4:56
  not
• 4:57
  a
• 4:57
  move
• 4:57
  that
• 4:57
  makes
• 4:57
  me
• 4:57
  feel
• 4:58
  any
• 4:58
  better
• 4:58
  about
• 4:58
  the
• 4:59
  trajectory.
• 4:59
  That's,
• 5:00
  that's,
• 5:00
  that's
• 5:01
  100
• 5:01
  agree.
• 5:02
  Yeah,
• 5:02
  like
• 5:02
  there's,
• 5:03
  there's
• 5:03
  got
• 5:03
  to
• 5:03
  be
• 5:03
  more
• 5:04
  going.
• 5:05
  I,
• 5:05
  I
• 5:05
  still,
• 5:06
  like,
• 5:06
  I
• 5:06
  think
• 5:07
  that
• 5:07
  there,
• 5:08
  you
• 5:08
  know,
• 5:08
  I
• 5:09
  really
• 5:09
  think
• 5:09
  that
• 5:09
  Macy's
• 5:10
  just
• 5:10
  needs
• 5:10
  to
• 5:10
  sit
• 5:11
  down,
• 5:11
  take
• 5:11
  a
• 5:11
  hard
• 5:12
  look
• 5:12
  at
• 5:13
  what,
• 5:13
  what
• 5:13
  the
• 5:14
  future
• 5:14
  of
• 5:14
  Macy's
• 5:15
  needs
• 5:15
  to
• 5:15
  be
• 5:15
  and
• 5:16
  then
• 5:16
  start
• 5:16
  acting
• 5:17
  on
• 5:17
  it
• 5:17
  and
• 5:17
  even,
• 5:18
  even
• 5:18
  start
• 5:18
  consolidating
• 5:19
  I
• 5:19
  think
• 5:19
  some
• 5:19
  of
• 5:20
  the
• 5:20
  larger
• 5:20
  Macy's
• 5:21
  footprints
• 5:21
  too,
• 5:22
  to,
• 5:22
  to
• 5:22
  really
• 5:23
  makes
• 5:23
  the
• 5:23
  most
• 5:24
  economical
• 5:24
  sense
• 5:25
  what
• 5:25
  the
• 5:25
  new
• 5:26
  customer
• 5:26
  wants.
• 5:26
  It's
• 5:27
  interesting
• 5:27
  too
• 5:27
  because
• 5:27
  he
• 5:28
  came
• 5:28
  out
• 5:28
  yesterday
• 5:28
  and
• 5:28
  said,
• 5:29
  he
• 5:29
  said,
• 5:29
  I
• 5:30
  think
• 5:30
  on
• 5:30
  stage
• 5:30
  at
• 5:30
  nrf,
• 5:31
  even
• 5:31
  he
• 5:31
  said,
• 5:31
  like
• 5:31
  we
• 5:32
  believe
• 5:32
  in
• 5:32
  having
• 5:32
  three
• 5:33
  brands.
• 5:33
  He
• 5:33
  doesn't
• 5:33
  want
• 5:33
  to
• 5:34
  spin
• 5:34
  them
• 5:34
  off.
• 5:34
  You
• 5:34
  know,
• 5:34
  he
• 5:35
  wants
• 5:35
  it
• 5:35
  when,
• 5:35
  when.
• 5:36
  And
• 5:36
  I
• 5:36
  actually
• 5:36
  think
• 5:36
  we've
• 5:37
  talked
• 5:37
  about
• 5:37
  before,
• 5:37
  but
• 5:37
  I
• 5:37
  think
• 5:37
  Bloomies
• 5:38
  as
• 5:38
  a
• 5:38
  smaller
• 5:39
  strategy
• 5:39
  makes
• 5:39
  a
• 5:39
  ton
• 5:39
  of
• 5:40
  sense.
• 5:40
  But.
• 5:41
  Yeah,
• 5:41
  but
• 5:42
  the
• 5:42
  other
• 5:42
  point
• 5:42
  I
• 5:42
  make
• 5:42
  too,
• 5:43
  and
• 5:43
  before
• 5:43
  we
• 5:43
  move
• 5:43
  on
• 5:43
  is
• 5:44
  we
• 5:44
  interviewed
• 5:44
  Joe
• 5:44
  Call,
• 5:45
  their
• 5:45
  head
• 5:45
  of
• 5:46
  assets
• 5:46
  protection
• 5:47
  and
• 5:47
  great
• 5:47
  guy,
• 5:48
  learned
• 5:48
  a
• 5:48
  ton.
• 5:49
  So
• 5:49
  brilliant,
• 5:50
  great
• 5:50
  interview.
• 5:51
  To
• 5:51
  hear
• 5:51
  his
• 5:51
  perspective,
• 5:52
  particularly
• 5:52
  on
• 5:52
  putting
• 5:52
  products
• 5:53
  behind
• 5:53
  glass
• 5:53
  was
• 5:53
  really
• 5:53
  interesting
• 5:54
  to
• 5:54
  listen
• 5:54
  to.
• 5:54
  But
• 5:55
  the
• 5:55
  thing
• 5:55
  I
• 5:55
  got
• 5:55
  listening
• 5:56
  to
• 5:56
  him,
• 5:56
  I
• 5:56
  was
• 5:56
  just
• 5:56
  like,
• 5:57
  man,
• 5:57
  department
• 5:58
  stores
• 5:59
  are
• 5:59
  just
• 5:59
  so
• 6:00
  hard
• 6:00
  and
• 6:01
  so
• 6:01
  outdated.
• 6:01
  You've
• 6:02
  got
• 6:02
  multiple
• 6:03
  entrances,
• 6:03
  you've
• 6:03
  got
• 6:03
  a
• 6:04
  guard,
• 6:04
  you've
• 6:04
  got
• 6:05
  split
• 6:05
  levels
• 6:05
  at
• 6:06
  most
• 6:06
  of
• 6:06
  these
• 6:06
  stores.
• 6:07
  Like,
• 6:07
  it's
• 6:07
  just,
• 6:08
  it's
• 6:08
  just
• 6:09
  the,
• 6:09
  it's
• 6:09
  just
• 6:09
  kind
• 6:09
  of
• 6:10
  the
• 6:10
  dinosaur
• 6:10
  in
• 6:10
  a
• 6:10
  lot
• 6:10
  of
• 6:11
  ways.