Macy’s and Costco sound a warning about the economyMacy’s, Costco and other big chains say shoppers are pulling back at their stores and changing what they buy. “The US consumer, particularly at Macy’s, pulled back more than we anticipated,” Macy’s CEO Jeff Gennette said on an earnings call Thursday. Macy’s stock was flat during early trading Thursday. Macy’s and Costco appeal to middle- and higher-income shoppers, and their results show a pullback among that demographic. Now, many are shifting their discretionary spending to travel and other services they were not able to find during the pandemic.

Source: CNN June 01, 2023 13:31 UTC