Macy's shares soared Tuesday morning after the company far exceeded profit estimates. The retailer also said it reached an agreement to sell some of its real estate assets to Brookfield Asset Management. Joining The Long and The Short to discuss is Melissa Gonzalez, CEO, and Founder of The Lionesque Group and Melissa Armo, Founder of The Stock Swoosh.
Armo says she's pleasantly surprised by Macy's gaining such a big lead at the beginning of the year. She believes tax reform will also help a lot of the retailers, including Macy's, throughout 2018. However, she thinks Macy's still needs to figure out a way to bring more foot traffic to the stores. Gonzalez is excited about Macy's improving e-commerce business and the decision to scale back the discounts and flash sales.
Plus, is real estate retail's next big asset? Gonzalez says it's a smart move to partner with Brookfield Asset Management and sell off some office space, similar to what Lord & Taylor did with WeWork. However, Macy's ultimately needs to bring more customer experiences to the store to compete with the elephant in the room, Amazon.
Fans of the Grand Theft Auto series got a glimpse of the latest release that's not due out until 2025. The trailer was officially released after a leak on the 'X' platform, giving an idea to industry experts of the massive effect GTA will have on the gaming sector. Cheddar News senior reporter Michelle Castillo breaks it all down.
Tax season is around the corner as soon as we conclude the holiday festivities. Mark Steber, chief tax information officer with Jackson Hewitt, joined Cheddar News to discuss some tax changes that people should be aware of and what to expect during next year's tax filing season.
