Macy's tech funding boost

 

Macy's aims to invest heavily in tech over the next three years.  The plan comes as the department store company seeks to cut costs amid falling sales. Macy's will spend $1B in 2023 and up to $3B over the next three years on technological and digital projects. The firm recently reported Q1 net sales of $5B, down 6.8% YoY. Macy's also lowered its full-year guidance, citing sustained economic pressures. CEO and Chairman Jeff Gennette said Macy's will reduce its total capital expenditure by $50M this year.