CINCINNATI – Macy’s Inc. has elected its chief merchandising officer as president of the company, giving him additional oversight over marketing and the department store chain’s online business.
Macy’s said Monday that Jeffrey Gennette will also oversee Macy’s private brands like INC. He will start his new role immediately. The 52-year-old executive has been Macy’s chief merchandising officer since 2009 and held several leadership positions prior to that.
Terry Lundgren, Macy’s chairman and CEO, previously handled the duties of president as well.
The move comes as Macy’s, like many retailers, is trying to offer a seamless experience for the increasing number of shoppers who are going back and forth from stores to websites.
Gennette will now have a total view of merchandising and marketing in both stores and online.
His new role comes at a good time for Macy’s. The chain has been a standout among its peers. For the year ended Feb. 2, net income rose 11 per cent to $1.48 billion. Revenue was virtually unchanged at $27.93 billion. Revenue at stores opened at least a year, a key indicator of a retailer’s health, rose 2.3 per cent.
In an interview with The Associated Press, Gennette said his plan is to keep the momentum going. Macy’s has been benefiting from tailoring its merchandise to local markets and focusing on exclusive brands. Macy’s is also targeting marketing and merchandise at Millennial shoppers in their 20s and early 30s.
“There are signs of strength in all the Millennial businesses,” he added.
Macy’s, which has corporate offices in Cincinnati and New York, operates Macy’s and Bloomingdale’s stores across the country.
Shares of the company increased 37 cents to close at $59.29 Monday, in line with broader market gains.