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COPYRIGHT 2005 The Dallas Morning News
Byline: Maria Halkias
Aug. 23--PENNEY 'IN A SWEET SPOT,' CEO MYRON E. ULLMAN III SAYS:
QUESTION: What's going to be the impact of Macy's being coast to coast?
ANSWER: The average Target, Wal-Mart apparel price is $10, Macy's is probably $28, and we're probably at $16. I don't see Macy's going from $28 to $20. I don't see us going from $16 to $20. The market that we have is a real big middle-class opportunity. Having said that, Macy's is a national competitor that will be a formidable competitor, depending on what category they are going after and at what time.
Our customers cross-shop. About 65 percent of our customers also shop at Wal-Mart. I don't know the Macy's number yet because it's not a national franchise yet, but I would guess 25 percent of our customers shop them. We think we're in a sweet spot for a large number of customers. The fact that we have 40 percent of our business in brands that we produce ourselves is a testimonial to the fact that we've understood the customer.
Q: What about customer service and staffing levels?
A: We think we have...
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