Malls, retailers struggle to survive coronavirus impact
Malls and retailers are fighting to survive amid the coronavirus pandemic as 25,000 stores have already closed in 2020. FOX Business’ Jeff Flock with more.
NEW YORK (AP) — Macy's is refashioning what the Black Friday sales bonanza events will look like in a pandemic.
Continue Reading Below
Macy's CEO Jeff Gennette told analysts Wednesday said that the department store will be pivoting its Black Friday business more toward online and will likely be going "full force" with holiday marketing right after Halloween. It also will be staggering events to reduce customer traffic in the stores. And curbside pickup is going to be a "big secret weapon" — a service it didn't offer during the holiday 2019 season.
"We have a very strong game plan about how we're going to keep this trend of digital going," Gennette said during a conference call. "But when you think about Black Friday, if you think about the 10 days before Christmas, what does that mean in terms of traffic if people are nervous about gathering with crowds? Everything is on the table right now."
MACY'S TAKES $3.2B CORONAVIRUS HIT
Gennette said that Macy's will release details about plans for Black Friday — the day after Thanksgiving that traditionally kicks off holiday shopping — in early September.
Gennette's comments came as Macy's released final results for its fiscal first quarter ended May 2, which showed how the shutdowns to curb the spread of the coronavirus took a big financial toll.
MACY'S TO LAY OFF 3,900 EMPLOYEES AS CORONAVIRUS HITS SALES
The company has been releasing preliminary profits and sales results in recent weeks.