Macy’s CEO on Black Friday, Opening Earlier on Thanksgiving

Black Friday is one of the busiest shopping days of the year and a critical time for retailers like Macy's, which opened its doors at 6pm on Thanksgiving Day, two hours earlier than last year. With stiff competition, Macy's is under pressure to adapt and cater to customer's preferences. TheStreet's Scott Gamm speaks with Macy's Chairman & CEO Terry Lundgren about why the retailer opened earlier this year, how the company's gross margins will be impacted by deep discounts and the state of the American consumer. Lundgren also shared insight on the economy and his expectations for 2015, given the significant rise in Macy's stock price throughout 2014.