Jim Cramer checks in with Macy's CEO Jeffrey Gennette, who explains how tax reform made a way for employees to share in the company's performance.
Macy's used its savings from 2018 tax reform to create a"path for growth," CEO Jeffrey Gennette told CNBC Thursday.
Bezos, Amazon founder and CEO — who is also the world's richest man — called on competitors in his annual shareholder letter Thursday to match the company's $15 minimum pay and benefits. Gennette said that Macy's understands that"culture is everything" in the workplace and that the company must take care of its staff.Macy's is also focused on transitioning its stores to reclaim patrons it lost to online shopping, such as Amazon.
The idea is to complement longstanding experiences that Macy's offers, such as the annual Thanksgiving Day Parade in New York City and other special events, Gennette said. As opposed to piloting the new Story model in a handful of locations, Macy's got it running in 36 stores in eight months, he added.
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