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Macy's sounds holiday alarm for retailers

Sluggish fall season, slow business will force it to go all-out on discounts during the festive season

Published Thu, Nov 12, 2015 · 09:50 PM
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New York

WHEN Macy's, a store closely associated with Christmas, says there is trouble brewing ahead of the holidays, it is enough to send the world of shopping into a tailspin.

The retailer of "Miracle on 34th Street" warned on Wednesday that its stores were awash with merchandise after a sluggish fall season and that slow business would force it to go all-out on discounts during the holidays.

Macy's shares plunged about 14 per cent, dragging other retailers down, too. The Hudson's Bay Co, which owns Saks…

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