Macy's has announced the appointment of Olivier Bron as the new chief executive of Bloomingdale's, succeeding Tony Spring. This change will take effect in February when Spring assumes the role of head of the department-store chain. Bron will officially begin his position in early November.

Previously, Bron served as the CEO of two Thai department stores owned by retail conglomerate Central Group. Prior to his time at Central Group, he held positions such as chief operating officer and director of strategy at the esteemed French department store Galeries Lafayette in Paris.

To lead Bloomingdale's into further growth opportunities, Bron will be relocating to New York. This decision comes after Macy's reported a decline in revenue during the second quarter, including a 3.6% drop in Bloomingdale's sales.

In an interview with The Wall Street Journal, outgoing Macy's CEO Jeff Gennette highlighted that consumers are becoming more cautious in their spending habits, with a larger portion of their budget going towards services and experiences.

Despite these challenges, Bloomingdale's remains committed to being the top choice for upscale multi-branded retail, as emphasized by Gennette during a call with analysts.

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