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Macy’s Turnaround Strategy Gains Steam

Macy’s second quarter results beat estimates as customers returned to stores for things like apparel and luggage. According to the retailer, its turnaround is gaining momentum, attracting new customers (5 million during this quarter) and retaining old ones. Along with the news of a stellar second quarter, Macy’s announced that it was partnering with the owner of Toys “R” Us to open more than 400 shop-in-shops.

The department store chain also hiked its outlook for 2021, heading into the back half of the year. Despite the uncertainty from the pandemic, Macy’s said its turnaround strategy is working and drawing in new shoppers.

Read the full story at CNBC.