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Federated to Spend $100 million on its E-Commerce!
Federated Department Stores has announced it will put an additional capital investment of approximately $100 million into its direct-to-consumer businesses, including Macys.com, Bloomingdales.com, Bloomingdale's By Mail, Macysweddingchannel.com and Bloomingdalesweddingchannel.com.
The $100 million addition for the 2007-2008 year will be incorporated into Federated's total capital spending plans, which include $1.2 billion for 2007, and $1.1 billion for 2008.
"Currently, we anticipate our direct-to-consumer businesses will grow to more than $1 billion in sales by 2008, from about $620 million in 2006," Federated chairman, president and chief executive officer Terry J. Lundgen said in a statement. "Supporting this pace of growth requires additional investment so we can scale up the volume of business while enhancing customer service, delivery efficiency and online site functionality.
If anyone doubted that the Internet is a major driving force in retail sales, this major investment by Federated should dispel it.
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