As Macy’s looks to turn around its business and end a two-year streak of same-store sales declines, Executive Chairman Terry Lundgren said a merger or acquisition could eventually be on the table.

“We look all the time,” Lundgren, who ended his stint as CEO last month, told CNBC’s “Squawk on the Street.” “I think there’s some great valuations in stock prices of companies that are well funded and that look like they have a runway for success in the future.”

The question is whether those companies would be the right fit for Macy’s, Lundgren said. He added that the retailer has no acquisitions on its plate at this time, noting it has historically been conservative in snatching up new…