Macy's CEO: Localization key to driving sales

Cincinnati Macy's CEO Terry Lundgren told shareholders at the retailer’s annual meeting Friday that he expects the company's new strategy of tailoring merchandise to local markets and its focus on private and exclusive brands to continue driving sales.

According to a report by the Associated Press, Lundgren said that the rebound of its Bloomingdale's chain also has helped the company’s improvements.

The unemployment rate, the strength of the dollar and tight consumer credit remain concerns, he said.

And he added that holiday sales and the fourth quarter in general will be especially important to a successful 2010.