CEO Tony Spring thinks the chain has a hidden asset that it can use to protect its business against the impact of tariffs. Because Macy’s owns its private label brands, it has flexibility as to where to produce them and making them in America would avoid the tariffs.

“Our private label penetration is down now at an all-time low, so the opportunity to rebuild the business is advantageous from a long-term margin accretion perspective, but also I think is good in this particular moment in time and that it protects us or isolates us, insulates us a little bit from some of the tariff uncertainty,” he shared.

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