By  on May 18, 2009

Big Memorial Day clearances are approaching, but Macy’s Inc. chairman, chief executive officer and president Terry J. Lundgren sees no need for the kind of desperate discounting that overwhelmed retailers late last year.

“I don’t expect the deep promoting that we saw in the fourth quarter last year,” Lundgren said at a press conference following Macy’s annual meeting Friday. “Most retailers got inventories in line with sales. As long as that’s the case, there is no need for crazy discounting.…Our inventory is where we want it to be. We are very religious about staying current with our inventory. We have slightly less clearance as a percent to our total inventory.”

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