"Our business is dependent upon attracting, training, developing and retaining quality employees. Macy's, Inc. has a

large number of employees, many of whom are in entry level or part-time positions with historically high rates of

turnover. Our ability to meet labor needs while controlling costs associated with hiring and training new employees is

subject to external factors such as unemployment levels, prevailing wage rates, minimum wage legislation and changing

demographics. Low unemployment and a competitive wage environment have impacted our ability to attract and recruit

talent, particularly for science, technology, engineering and math positions. The Company operates in a highly

competitive and challenging business environment and is highly dependent upon management personnel to develop and

effectively execute successful business strategies and tactics. Restructurings and organizational changes can have near-term impacts on knowledge transfer and result in the loss of key subject matter experts and leaders. Any circumstances that adversely impact our ability to attract, train, develop and retain quality employees could negatively affect our business and results of operations." on page 12

Again, they mention it, and how the increasing minimum wage has increased their costs, so by this they carry out the living wage policy