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Speaker 1: Bloomberg Audio Studios, podcasts, radio news.

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Speaker 2: The treatment for this is simple data. Tell seymore than

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Speaker 2: anyone I know, owns the fabric of retail in America,

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Speaker 2: the story mile of Madison Avenue in Fifth Avenue, her

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Speaker 2: heritage with a small job called Bergdorf Goodman, and we're

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Speaker 2: thrilled she could join us after stopping at Macy's today.

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Speaker 2: They were the first ones that said, let's put things

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Speaker 2: on sale Friday. What did you observe today in the

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Speaker 2: twenty twenty five Macy's couple things.

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Speaker 1: First, thank you so much for having me, and have

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Speaker 1: a help you out a great Thanksgiving? What I thought

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Speaker 1: Macy's It's a different type of Black Friday than it

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Speaker 1: was in the past. The reason why crowds in traffic

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Speaker 1: The buzz doesn't kick up until later in the day.

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Speaker 1: And that's for a lot of retailers. Macy's opens at

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Speaker 1: six am, but others open later. What did I see

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Speaker 1: at Macy's that was different? Forty percent newness. Lobubo is

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Speaker 1: the hottest thing out there.

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Speaker 3: Still hot?

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Speaker 1: Still hot is a PopMart in store shop at Macy's.

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Speaker 1: The other things that are new and different at Macy's.

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Speaker 1: Different brands also whether it's cosmetics brands. They have a

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Speaker 1: bunch of new cosmetics brands that are different, whether it's

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Speaker 1: also the engagement with newer brands like the Donna Karen's

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Speaker 1: of the world that are there, Rag and Bone that's there.

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Speaker 1: It's been exciting to see the formation of it. But

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Speaker 1: it's always promotional, and all the tracking we've done, we're

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Speaker 1: not seeing a much different link between the level of

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Speaker 1: promotions this year versus last year. So far.

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Speaker 4: So, I mean, retail analysts like Dana Tellsley, this is

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Speaker 4: arguably the most important day of the.

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Speaker 1: Year, Super Bowl of the year, Bowl the year.

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Speaker 4: For Dana, and clients are calling her and texting her

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Speaker 4: all day what are you seeing? Because they know she's

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Speaker 4: out at the stores and they want to know what

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Speaker 4: she's seeing out there. How do you expect this holiday

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Speaker 4: season to be? And just in terms of dollars for

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Speaker 4: the retailers, are the retailers optimistic here?

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Speaker 1: I think they're cautiously optimistic. You really have a bifurcated consumer.

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Speaker 1: I mean that high end is obviously you've seen the

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Speaker 1: benefits of the stock market, the wealth effect that Ed

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Speaker 1: just talked about. On the low end, the pressure points Obviously,

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Speaker 1: prices have gone up. Retailers are striving to make sure

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Speaker 1: that opening price point items stay as close as possible

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Speaker 1: and no increases. But you are seeing consumers search for value,

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Speaker 1: search for more promotions in order to drive conversion. And

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Speaker 1: that's why what the theme of Holiday twenty five is

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Speaker 1: newness and value. Offer something new, offer value and you'll

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Speaker 1: get conversion.

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Speaker 4: Engine ed your Danny on Top strategists on the Wall Street,

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Speaker 4: Dana Telsey, top retailer analyst on Wall Street? What do

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Speaker 4: they have in common? Tome CJ.

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Speaker 3: Lawrence? What is it about CJ. Lawrence?

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Speaker 1: A CJ. Law I didn't know that I loved it.

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Speaker 1: I didn't like it there. It was awesome place, great people,

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Speaker 1: the best research on Wall Street.

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Speaker 2: It was like religion, folks full Those of you younger

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Speaker 2: don't understand this. You used to get things on paper

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Speaker 2: and there was that green ink of CJ. Lawrence, which

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Speaker 2: you have authority like no one.

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Speaker 3: Dan, is there anything?

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Speaker 4: Is there one category that is going to drive this

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Speaker 4: year's sales? Or is it more broadly based?

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Speaker 3: Do you think?

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Speaker 1: I think it's always about out of wear when it

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Speaker 1: gets cold, it's about apparel, But you got some other

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Speaker 1: new things out there. The Aura rings are very popular.

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Speaker 4: I told you, Lisa, you got to get the Oura rings.

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Speaker 1: Mena glasses are very popular. And what about the Lubuobuo dolls?

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Speaker 1: Oh Man for all ages and income levels.

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Speaker 2: In the time we've got left, I want you to

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Speaker 2: talk about your heritage. Fifth Avenue is getting blown up,

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Speaker 2: proud about a zillion square feet. You got the whole

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Speaker 2: Lewis Viuten with the rebuild, with the carriage outs front right,

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Speaker 2: and in all that, you as a child standing in

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Speaker 2: front of the Bergdorf Goodman windows.

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Speaker 3: What was it like to be four and five years old?

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Speaker 3: Nothing's changed, right, It's still the same man looks.

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Speaker 1: Still the same, but it's still the aura and having

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Speaker 1: that snowflake above fifty seventh Street with the Empire State

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Speaker 1: Building in the background with different colors off the top.

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Speaker 1: There's nothing in the world like it.

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Speaker 3: With troubled how luxury. Will we see mergers this year?

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Speaker 1: I don't know. If you see mergers. I think you

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Speaker 1: see more companies opening more of their own stores. You've

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Speaker 1: seen some divestitures you look at obviously Versace was sold

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Speaker 1: to Prada. You've seen that. Let's see what happens with

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Speaker 1: Georgia Romani. Given his passing, I got to give you.

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Speaker 2: The same question I gave the wonderful Steve Sato, who's

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Speaker 2: with us in the last hour, What.

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Speaker 3: Would you do with Gucci?

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Speaker 2: Oh?

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Speaker 1: I think basically you need to bring Gucci back to

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Speaker 1: its heritage and be able to update it and modernize it,

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Speaker 1: whether different colors, different fabrics. You need to tell a

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Speaker 1: communicative story virtually and visually and have brand ambassadors that

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Speaker 1: everyone wants to follow.

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Speaker 4: Do we have enough stores or are we still shrinking

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Speaker 4: the footprint of stores in this country? Where are we?

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Speaker 1: Net store footprint is basing out. We've already closed a

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Speaker 1: lot of stores. If anything, stores may be smaller. There's

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Speaker 1: new engagement, certainly with buy online, pickup and store and

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Speaker 1: their activations. You've seen it in luxury with the Christian

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Speaker 1: or store that opened, with their mes that opened, but

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Speaker 1: you're even seeing it with other stores too. Check out Aritzia.

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Speaker 1: It's a destination.

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Speaker 3: Well that's how you pronounce that. Statos all in on

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Speaker 3: that right?

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Speaker 1: Oh that I get love their jeans. I just went

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Speaker 1: I went to Soho with my daughter. Well what about

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Speaker 1: puffer jackets? It is called outside, Yes, yes, yes, puffer Jackets.

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Speaker 3: Did the interview just get taken over the at least

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Speaker 3: is well. Paul mentioned this the other day.

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Speaker 2: Still for the Halves, it's Summit what's it called, Summit Hills.

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Speaker 1: Mall, Sure Hills, Short Hills Mall.

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Speaker 2: In near Summit, New Jersey, Chestnut Hill Mall in Boston,

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Speaker 2: those Highland Park whatever in Dallas? Where are they in

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Speaker 2: ten years?

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Speaker 1: They're going to be even more curated. They're going to

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Speaker 1: have more special brands, and they're going to have more

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Speaker 1: food and activities because people are going to want to

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Speaker 1: gather there.

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Speaker 3: That's what Jamie.

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Speaker 2: But food and activities at the JP Morgan building your

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Speaker 2: single best buy here.

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Speaker 3: We got to make some money.

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Speaker 1: I think you're still going to see tj X do well.

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Speaker 1: I like Steve Madden.

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Speaker 3: Also, Steve Madden, please discuss.

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Speaker 1: That beast Wade boots. They're back. They also have Kurt

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Speaker 1: Geiger acquisition that's going to add to sales and margins.

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Speaker 1: Very exciting for twenty twenty six and beyond.

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Speaker 3: You get all that.

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Speaker 2: At least I thought you're taking notes over there.

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Speaker 3: I am furiously Steve Madden.

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Speaker 2: I mean there's that's up and the down and all

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Speaker 2: of a sudden Steve Madden's up again, up.

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Speaker 1: Again, and they're on trend right.

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Speaker 2: See.

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Speaker 4: I think in retail analysts is the hardest one on

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Speaker 4: the wallshe because a you have to be right about

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Speaker 4: the stocks and the financial analysis, but you also have

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Speaker 4: to be right on like fashion stuff.

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Speaker 3: Who knows that?

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Speaker 1: How do you do that?

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Speaker 4: Well?

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Speaker 2: Yeah, you gotta pick the pick the winners. Who's the

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Speaker 2: small luxury brand that's up and coming right now? Who's

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Speaker 2: executing best?

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Speaker 1: I mean, you're seeing some handbag brands like a Yard

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Speaker 1: is still small and happening to do very well. There's

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Speaker 1: some other small brands like me Leond're that basically is

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Speaker 1: doing some interesting things out there. Kith is opening more stores,

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Speaker 1: and the collaboration between streetwear and luxury continues to be

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Speaker 1: very fascinating.

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Speaker 3: Fast streetwear and luxury street street.

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Speaker 1: What you call newness and innovation?

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Speaker 3: What in God's name is newness?

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Speaker 1: Is that something you didn't have last year? Look what's

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Speaker 1: happening on denim jeans with embellishment on Denham jeans, And

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Speaker 1: it's at all different price levels that it's appealing.

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Speaker 2: And then I go to fashion correspondent for surveillance worldwide,

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Speaker 2: Lisa Matteo. Are you buying the jeans Lisa that are

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Speaker 2: like seven inches wide? You mentioned Popeye? They look like

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Speaker 2: Popeye jeans from fifty years ago.

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Speaker 4: You have to go with the see I have like

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Speaker 4: the wide ones on because the skinny ones I told

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Speaker 4: by my.

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Speaker 1: Daughter they are out there. We can't do it, You're uncool.

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Speaker 1: So yes, the wide which is.

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Speaker 3: The boot this season? That's the way we always in

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Speaker 3: the interview.

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Speaker 1: Round swayed, tall chaft boot.

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Speaker 3: Oh, there you go? Is this James tu Is? Are

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Speaker 3: the other ones doing it?

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Speaker 1: I think you see a bunch of players doing it,

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Speaker 1: but you have to have that style.

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Speaker 3: What happened with black? Brown is the new black? Seriously?

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Speaker 1: I like black, but I basically am different than others

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Speaker 1: by the fashion.

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Speaker 3: Today side of brown was this color?

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Speaker 1: It was last year when the fashion shows for winter

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Speaker 1: or someplace.

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Speaker 3: Okay, thank you so much for coming. Where do you

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Speaker 3: go next?

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Speaker 4: Oh?

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Speaker 1: Basically I'm going to New Jersey to Garden State Plaza.

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Speaker 2: There we go, Dana Telsea, the Telsey Advisory group of

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Speaker 2: Joe Felman Big Box will do with Dana next time.

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Speaker 2: And for your Black Friday shopping, have a safe and

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Speaker 2: wonderful time