Macy's CFO discusses staying close to consumers

By The Associated Press

The recession, along with the swift changes in consumer spending, are forcing retailers to respond just as quickly.

Macy's Inc. says it's having success with a program it calls "My Macy's," which seeks to tailor merchandise to local markets, which allows it to make changes more quickly. Here, Macy's CFO Karen Hoguet discusses the importance of closely monitoring consumer trends with investors on a conference call Wednesday.

QUESTION: How much uncertainty is there heading into the holiday season, and how are you trying to manage your holiday business?

RESPONSE:"...There is more uncertainty than usual in the environment. We...are trying hard to forecast what this environment will mean for holiday sales and profitability. It isn't easy. Unfortunately, we are all going to have to wait and see. ... The key ... is staying close to the details and reacting to trends by department, by vendor and even by item. We must react quickly to what is selling and to what is not. Fortunately, our new 'My Macy's' structure is more nimble than we have ever been before, and this is allowing us to be able to make decisions faster than ever. We are also now working in a much more collaborative way with our new vendors as a result of the new structure, which is also helping. The real time feedback ... is paying off."