LONDON, UK / ACCESSWIRE / September 18, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for Macy's, Inc. (NYSE: M), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=M. The Company announced on September 15, 2017, that it plans to hire seasonal workers keeping in mind the spike in demand during the holiday season. Like most retailers who hire seasonal workers every year, Macy's also plans to hire seasonal workers for handling orders for the 2017 Holiday Season; that is a total of 80,000 temporary ones. For immediate access to our complimentary reports, including today's coverage, register for free now at:

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Macy's Hiring Plan for FY17 Holiday Season

Usually, the Holiday Season in the US starts from the day after Thanksgiving and continues until early January. This is a very important time for all retailers. According to the National Retail Federation, sales from this period accounts for nearly 20% to 30% of any retailer's annual sales. Hence any hiring plans shared by a retailer give an indication of things to come and store's expectations for the holiday season.

Out of the 80,000 temporary seasonal workers, Macy's plans to hire, 18,000 workers have been earmarked to handle and fulfill online orders. The focus would be mainly on the distribution and warehousing aspect including shipping and packaging. The Company has increased the percentage of hires to support online orders by nearly 20% compared to hiring in FY16. However, the overall hiring for the holiday season in 2016 was 83,000, which means that the overall hiring for FY17 has gone down by 4%.

An important fact to consider while looking at these figures is that Macy's is operating 70 stores less compared to the number of stores operated by the Company in FY16. In January 2017, the Company had revealed the closure of nearly 70 stores and over 10,000 job cuts, to improve organizational efficiency and reduce costs.

In late August 2017, Macy's had announced that it would be expanding its same-day delivery of products purchased online at macys.com, bloomingdales.com, and both brands' mobile apps to 15 additional locations. The facility aimed at online customers offered same-day delivery so that the time between shopping and delivery of products would reduce. The facility comes at a very opportune time, just ahead of the busy holiday season.

Macy's emphasis on increasing its hiring to handle online orders reflects the changing consumer preferences. Consumers are moving away from spending in malls and stores, preferring to support ecommerce and mobile platforms. In recent times, retailers like Macy's have been facing a slowdown in their in-store sales. Online retailers like Amazon have added to the overall competitiveness and Amazon has been giving retailers a run for their money. Retailers have increasingly started to focus on their online offerings to counter this. Retailers are aware that a successful digital retail presence needs to be backed by a strong distribution and logistics support. This is reflected in Macy's current hiring pattern.

Hiring by other Retailers

Macy's hiring plans were revealed immediately after rival Target Corp. announced on September 13, 2017, that it would be hiring approximately 100,000 workers to cover its 1,816 stores across the US. Target had also revealed that it planned to add 4,500 more workers at its distribution centers and fulfillment facilities. This is the first time in nearly five years that Target has increased hiring during the holiday season.

According to an estimate by staffing and ecommerce services firm Radial, which caters to retailers like Neiman Marcus, Ralph Lauren Corp., and Toys R Us, it would be hiring 35% more workers in the current holiday season mainly to fill positions at distribution centers, order-online-pick-up-in-store, and doorstep delivery.

About Macy's

Macy's is one of the premier retailers in the US and has over 700 department stores under the brand names Macy's and Bloomingdale's. It also operates approximately 125 specialty stores that include Bloomingdale's The Outlet, Bluemercury, and Macy's Backstage. The Company recorded sales of approximately $25.778 billion in FY16 and is supported by approximately 140,000 employees. The Company's corporate offices are in Cincinnati, Ohio, and New York.

Last Close Stock Review

On Friday, September 15, 2017, the stock closed the trading session at $22.58, advancing 2.64% from its previous closing price of $22.00. A total volume of 16.26 million shares have exchanged hands, which was higher than the 3-month average volume of 8.96 million shares. Macy's stock price rallied 12.12% in the last one month. The stock is trading at a PE ratio of 10.23 and has a dividend yield of 6.69%. The stock currently has a market cap of $6.90 billion.

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