The CEO was Terry Lundgren of Macy's (M), the nation's second-largest department store chain, with 850 outlets throughout the U.S. and 90% of the company's revenues coming from those Macy's stores, which serve middle-class Americans. (High-end retailer Bloomingdale's accounts for 10% of sales.)
"What's turned against us is what's turned against retail," he told journalists attending a conference of the Society of American Business Editors & Writers (SABEW) in New York.
"The consumer wasn't spending in the second quarter. The higher income consumer has bounced back. That mid-tier consumer is under stress."
"There's just not enough job creation going on," he concluded.