) will drastically change how it does business this holiday season, executives said on Wednesday, placing a sharper focus on online sales and promoting more beauty and home items to shoppers opting to stay home due to the COVID-19 health crisis.
The holiday season accounts for a huge chunk of annual sales for retailers. This year, retailers are rolling out their earliest-ever holiday deals and promotions. Recently announced holiday surcharges will lead to higher delivery expenses that will weigh on the holiday quarter, the company said. Macy’s, along with its department store rivals, depends heavily on tourists - particularly those traveling from overseas - to drive sales, especially at stores like its flagship Herald Square location in New York City.
FILE PHOTO: A sign that marks the Macy's store is seen at the Herald Square location in New York, U.S., May 9, 2016. REUTERS/Shannon Stapleton/File Photo
Good Luck Macy's! We'd like you to hold on, if you can, but you must be online, and dump all that real estate...