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Hal Lawton, from e Bay, will serve as Macy's president starting Sept. Investors appeared to welcome the news, with Macy's shares moving higher, recently up about 3 percent in early trading Tuesday. "All told, while the move won't impact sales or profitability overnight, we think the addition could mark the beginning of a new chapter for Macy's," Gordon Haskett analyst Chuck Grom wrote in a note to clients.
"Lawton will bring a fresh perspective — one that is arguably long overdue." Gennette on Tuesday said that Lawton understands the "intersection of retail and technology."Meantime, Gennette looks to double down on some of Macy's existing initiatives that have boded well for the company thus far.
The changes, announced Monday evening, are part of Gennette's first efforts to overhaul Macy's, and they take aim at making the retailer less bureaucratic by streamlining its decision-making."Yesterday's announcement is about how Macy's is going to grow sales faster," Gennette told CNBC's "Squawk Box " on Tuesday morning in an exclusive interview."We're going to grow sales faster at better margins."Like its peers, Macy's has struggled as a department store brand, where mall traffic is steadily declining, and shoppers are opting to make purchases either online or in different specialty outlets."The consumer wants Macy's to win again."In an attempt to return to growth, Macy's will cut 100 jobs, consolidating its merchandising, planning and private-label functions into a single department.The retailer is also expanding its customer insights and data analytics to include inventory replenishment and pricing capabilities.