Macy’s to ‘Selectively’ Raise Prices Because of Tariffs, Cuts Profit Outlook

The company said it’s taking a cautious approach to raising prices for its upscale clientele, rather than applying increases across all products.

Shoppers walk into a Macy's department store at Miami International Mall in Doral, Fla., on Feb. 22, 2021. Wilfredo Lee/AP Photo

Although Macy’s Inc. has reduced its exposure to products sourced from China, the upscale department store chain stated ahead of the opening bell on May 28 that it will “selectively” raise prices on certain items due to higher tariff-related costs and the currently uncertain economic environment.

During the company’s first fiscal quarter conference call with analysts, Macy’s chairman and CEO Tony Springer and outgoing chief financial officer Adrian Mitchell explained in detail the steps the company is taking to renegotiate current trade agreements and diversify the countries of origin for both its private and national brands.