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Terry Lundgren Says Death of Stores Talk “Grossly Exaggerated”

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It’s no secret brick-and-mortar is struggling, but Macy’s chairman and CEO Terry Lundgren—who still very much believes in the store—says talk about the format’s demise is overblown.

In an interview for CNBC’s “On the Money,” Lundgren agreed that the notion of the department store’s death is “grossly exaggerated.”

As he pointed out, “In the last five years my own company has grown by $5 billion with 38 less stores than we had five years ago.”

And Thursday’s Thanksgiving turnout was anything but an indication that consumers aren’t interested in stores.

Read more at Sourcing Journal.

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