/ Modified may 1, 2010 3:52 a.m.

Macy's Faring Well

One of the hardest hit sectors in the down U.S. economy is retail. Consumers are keeping their wallets closed over fears of unemployment and uncertainty about the future. One retailer is showing signs of improvement in its financial picture.

Story by Robert Rappaport

Terry J Lundgren

Macy’s Incorporated, the owner of Macy’s and Bloomingdale’s department stores reported increased profits in March. “Double-digit comp store increase; 10.8 percent over last year,” said Terry J. Lundgren, CEO and Chairman of the Board for Macy’s. “It’s on top of three months of growth. It’s really encouraging to see things turning around.”

Lundgren, a graduate of the University of Arizona, says 2009 was a bad year for the retail industry, but it was a great learning experience about how business needs to change with the times.

Lundgren, who has a University of Arizona retailing center named after him spoke in Tucson last week.

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