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.
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American businesses that rely on Chinese goods are reacting with muted relief after the U.S. and China agreed to pause their exorbitant tariffs on each other’s products for 90 days. Many companies delayed or canceled orders after President Donald Trump last month put a 145% tariff on items made in China. Importers still face relatively high tariffs, however, as well as uncertainty over what will happen in the coming weeks and months. The temporary truce was announced as retailers and their suppliers are looking to finalize their plans and orders for the holiday shopping season. They’re concerned a mad scramble to get goods onto ships will lead to bottlenecks and increased shipping costs.
