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BUSINESS Thursday 15 November 2018
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Macy's charges into the holiday shopping season like a boss

By ANNE D'INNOCENZIO sections. The company's
Associated Press revamped loyalty card pro-
NEW YORK (AP) — Macy's gram has helped keep its
is heading into the crucial best customers engaged.
holiday season firing on all And it's trying to become
cylinders, logging its fourth more nimble. Macy's ac-
consecutive quarter of quired Story, a concept
sales growth at existing lo- store, which rotates themes
cations and getting strong and what it sells every few
reactions from customers months.
both online and in its stores. It brought Story founder Ra-
The company also lifted chel Shechtman aboard to
its expectations for annual help create a more vibrant
earnings on Wednesday. shopping experience at
Department stores like Ma- Macy's.
cy's are under intense pres- And in a more radical ma-
sure to reinvent themselves neuver, the company is
with so many shoppers mi- shrinking in order to grow.
grating online or just spend- After closing more than 100
ing money elsewhere, stores over the past sev-
choosing to be pampered eral years, it's going to see
at a spa or traveling. how cluster of smaller stores
Fortunately, Macy's and work with today's custom-
other retailers are doing In this May 16, 2018, file photo, traffic makes it's way past the Macy's flagship store in New York. ers.
so in the midst of a strong Macy's Inc. reports earnings Wednesday, Nov. 14. Associated Press The company released de-
job market and robust tails of the new footprint to
economy, giving them have liquidated. Sears Hold- it's aggressively courting its into place technology that the Wall Street Journal ear-
more breathing room with ings Corp., which operates customers. allows customers to skip the lier this week.
shoppers feeling confident Sears and Kmart stores, filed But Macy's focus is sol- line at the register. CEO Jeff Gennette told in-
about splurging once in a Chapter 11 bankruptcy last idly on Macy's. It's been It's rolling out multiple lay- dustry analysts Wednesday
while. month. And J.C. Penney is expanding its store label ers of technology to offer that it's testing four different
Macy's, along with other floundering. Macy's says it's brands to differentiate itself people something they models for the new "neigh-
stores, also have benefited seeing increased business from rivals. It's also adding can't get online, such as borhood stores" format and
from the misfortunes of oth- in the Midwest where Bon- more of its off-price Back- the use of virtual reality in promised to share details
ers. Toys R Us and Bon-Ton Ton used to operate and stage stores and putting its furniture and cosmetics early next year.q

Energy agency: Global oil supply

jumps, sending prices lower

By DAVID McHUGH
Associated Press
FRANKFURT, Germany (AP)
— The International Energy
Agency said Wednesday
that global oil supplies are
growing rapidly as Saudi
Arabia, the United States
and Russia pump more
oil in response to fears of
higher prices as a result of
renewed U.S. sanctions on
Iran. This Wednesday, May 9, 2012 file photo, shows a drilling rig
The IEA said in its monthly near Kennedy, Texas.
report that October out- Associated Press
put rose by 2.6 million bar- lower. Brent crude is trad- others to boost production
rels a day to 100.7 million ing below $70 per barrel, "is a reminder that the oil
barrels as producers heed- down from a four-year industry works best when it
ed warnings that looming high above $86 per barrel works together."
U.S. sanctions could mean in early October. The agency said that
a loss of Iranian oil to the Brent prices rose 0.6 per- lower prices "are clearly a
market and thus lead to cent on Wednesday to benefit to consumers," es-
higher prices. $65.86 at 1115 GMT (6:13 pecially those in develop-
But when President Donald a.m. EST). ing countries who are see-
Trump imposed sanctions The Paris-based agency ing higher fuel prices due
Nov. 5, he issued six-month welcomed the higher pro- to weak national curren-
waivers for some of Iran's duction and stockpiles, cies. Oil is priced in dollars
biggest oil customers. saying that the response and the U.S. currency has
That helped send prices to the call by the IEA and been strong of late.q