"Our business is dependent upon attracting, training, developing and retaining quality employees at all levels of the

organization, and management personnel to develop and effectively execute successful business strategies. 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. In recent years, low unemployment, labor shortages, intense competition for talent and a competitive

wage environment has impacted our ability to attract, recruit and retain talent. In addition, the continued uncertainties

surrounding the COVID-19 pandemic, including changing national and local regulations related to protective measures

to mitigate the spread of the virus, could cause us to incur additional unexpected labor costs and other expenses and

impact our ability to attract, recruit or retain employees needed for our operations." on page 13

Talk about the living wage, and how they are losing out on employees, and by this I would assume they have a living wage