AE - Former Macy's CEO sees biggest back-to-school season ever

oatawa/iStock via Getty Images Terry Lundgren, a consultant for the retail industry and former CEO of Macy's (M), said Friday that he expects the "largest-ever" back-to-school season, as parents stock up on new gear after more than a year spent in COVID restrictions. "The consumer has plenty of spending power," he said in an interview with CNBC. "There is tremendous pent-up demand." Lundgren's comments followed the release earlier in the day of strong retail sales statistics for June. The figure rose 0.6% from the previous month, beating economists' expectations. The figures also favored brick-and-mortar retailers over their online competitors. On inflation, Lundgren said modest price increases would be "welcomed" by apparel retailers. He noted that historically inflation has been "nonexistent" in the sector for the past decade. He predicted that even a 5% increase in price would not change consumers' decision-making processes when it comes to most apparel purchases. Lundgren

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Former Macy's CEO sees biggest back-to-school season ever