About MACY'S, INC.

America's largest fashion retailer and department store, Macy's, Inc. operates some 830 stores in 45 states, Guam, Puerto Rico, and Washington, DC. Its three banners -- Macy's, Bluemercury's, and Bloomingdale's banners (and accompanying e-commerce sites) -- together ring up some $25 billion in annual sales. The company's stores sell men's, women's, and children's apparel and accessories, cosmetics, and home furnishings, among other things. Macy's historic flagship store in Manhattan's Herald Square has held the title of world's largest department store since 1924. The Macy's Thanksgiving Day Parade, started in 1924, is an annual rite.

Operations

Main chain Macy's and Bloomingdale's, its up-scale subsidiary, are American retail institutions having run department stores since 1830. Both chains have online incarnations (macys.com, bloomingdales.com). The company operates 670 Macy's stores, 101 Bluemercury stores, and 55 Bloomingdale's stores. Its new Macy's Backstage business offers discount wares.

Women's Accessories, Intimate Apparel, Shoes and Cosmetics accounts for around 38% of group revenue, followed by Women's Apparel at 23%; Men's and Children's also brings in 23%; and Home/Miscellaneous 16%.

Macy's also operates a bank subsidiary, FDS Bank, which provides credit processing, certain collections, customer service and credit marketing services.

Geographic Reach

Macy's flagship stores including Herald Square in New York City, Union Square in San Francisco, State Street in Chicago, and Dadeland in Miami and South Coast Plaza in southern California.

Sales and Marketing

Macy's spends heavily across multiple media, including print, television, direct mail, and more, to drive traffic to its stores and websites.

Financial Performance

The industry-wide pressure on department stores is being felt at Macy's, too. Revenue fell 5% to $25.8 billion - the second consecutive year of reduced sales.

In fiscal 2015, revenue fell 4%, or around $1.1 billion, on prior year to $27.1 billion. Weaker comparable sales in watches, cold weather items, and housewares and tabletop were the main culprits. Lower tourist spending in New York City, Las Vegas, San Francisco, and Chicago also impacted the top line. The company also experienced a bad Christmas period, with November and December sales down 4.7%; the company blames unseasonably mild weather for impacting sales of coats, sweaters and gloves.

Net income at Macy's tends to track revenue, and consequently in FY2015 it fell 30% to $1 billion. Cash from operations was down 27% to $2 billion due to an increase in accounts payable and accrued liabilities.

Strategy

Macy's is suffering from a triple-header of sluggish mall traffic, increasing competition from other department stores and discount retailers, and the negative impact of the strong US Dollar on tourists. After a poor 2015 Christmas period, the company announced it would be re-examining its real estate footprint and shutting down 100 underperforming stores, to the cost of 4,000 sales associate and back-end jobs, in attempt to solidify its base.

The company is battling discounters by experimenting with an off-price store format, Macy's Backstage, and it opened six pilot stores in 2015 in the New York metropolitan area. Averaging around 30,000 sq. ft., Macy's Backstage stocks women's, men's and children's apparel, shoes, fashion accessories, housewares, home textiles, intimate apparel, and jewelry.

The company is also investing in its omnichannel strategy for Macy's and Bloomingdales's, and began selling in China in Q4 2015 via a joint venture with Fung Retailing (Macy's has a 65% stake). It operates an online store on Alibaba.

Macy's is also expanding in the Middle East. It opened a Bloomingdale's in Kuwait in 2017, and has plans to open Macy's and Bloomingdale's stores in the UAE in 2018.

Mergers and Acquisitions

In fiscal 2015 Macy's acquired luxury beauty products and spa services retailer Bluemercury, Inc. for about $210 million. Bluemercury was the company's first acquisition in 10 years. At the point of completion, Bluemercury has 62 stores in 18 states, typically in prime street-level locations and urban lifestyle centers, as well as an online business. Macy's aims to expand Bluemercury's store count to 115 by the end of 2017.

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MACY'S, INC.

7 W 7th St
Cincinnati, OH 45202-2424
Phone: 1 (513) 579-7000
Fax: 1 (513) 579-7547

Stats

  • Employer Type: Public
  • Stock Symbol: M
  • Stock Exchange: NYSE
  • President and CEO: Jeffrey Gennette
  • Chief Omnichannel and Operations Officer: Robert B. Harrison
  • Chairman: Terry J. Lundgren
  • 2017 Employees: 148,300

Major Office Locations

  • Cincinnati, OH

Other Locations

  • Hoover, AL
  • Mountain Brk, AL
  • Goodyear, AZ
  • Phoenix, AZ
  • Scottsdale, AZ
  • Tempe, AZ
  • Tucson, AZ
  • Artesia, CA
  • Carson, CA
  • Chula Vista, CA
  • Citrus Heights, CA
  • Corte Madera, CA
  • Costa Mesa, CA
  • Culver City, CA
  • Hayward, CA
  • Los Angeles, CA
  • Los Gatos, CA
  • Montclair, CA
  • Newport Beach, CA
  • Palo Alto, CA
  • Sacramento, CA
  • San Bernardino, CA
  • San Diego, CA
  • San Francisco, CA
  • San Jose, CA
  • Santa Monica, CA
  • Sherman Oaks, CA
  • Thousand Oaks, CA
  • Victorville, CA
  • Denver, CO
  • Cheshire, CT
  • Danbury, CT
  • Farmington, CT
  • Manchester, CT
  • Meriden, CT
  • Milford, CT
  • South Windsor, CT
  • Stamford, CT
  • Trumbull, CT
  • Waterbury, CT
  • Waterford, CT
  • Washington, DC
  • Dover, DE
  • Wilmington, DE
  • Altamonte Springs, FL
  • Boca Raton, FL
  • Boynton Beach, FL
  • Bradenton, FL
  • Brandon, FL
  • Clearwater, FL
  • Coral Gables, FL
  • Coral Springs, FL
  • Cutler Bay, FL
  • Daytona Beach, FL
  • Doral, FL
  • Fort Lauderdale, FL
  • Fort Myers, FL
  • Gainesville, FL
  • Hialeah, FL
  • Jacksonville, FL
  • Jensen Beach, FL
  • Lakeland, FL
  • Merritt Island, FL
  • Miami, FL
  • Miami Beach, FL
  • Naples, FL
  • North Miami Beach, FL
  • Ocala, FL
  • Orlando, FL
  • Oviedo, FL
  • Palm Beach Gardens, FL
  • Pembroke Pines, FL
  • Plantation, FL
  • Pompano Beach, FL
  • Ponte Vedra Beach, FL
  • Port Charlotte, FL
  • Port Richey, FL
  • Saint Petersburg, FL
  • Sanford, FL
  • Sarasota, FL
  • Tallahassee, FL
  • Tampa, FL
  • West Palm Beach, FL
  • Winter Haven, FL
  • Alpharetta, GA
  • Atlanta, GA
  • Augusta, GA
  • Brookhaven, GA
  • Buford, GA
  • Columbus, GA
  • Decatur, GA
  • Duluth, GA
  • Kennesaw, GA
  • Lithonia, GA
  • Macon, GA
  • Morrow, GA
  • Peachtree Corners, GA
  • Savannah, GA
  • Stone Mountain, GA
  • Honolulu, HI
  • Kahului, HI
  • Alton, IL
  • Aurora, IL
  • Bloomington, IL
  • Bolingbrook, IL
  • Calumet City, IL
  • Carbondale, IL
  • Champaign, IL
  • Chicago, IL
  • Fairview Heights, IL
  • Gurnee, IL
  • Highland Park, IL
  • Hinsdale, IL
  • Joliet, IL
  • Lake Forest, IL
  • Minooka, IL
  • Northbrook, IL
  • Oak Brook, IL
  • Orland Park, IL
  • Rockford, IL
  • Rosemont, IL
  • Schaumburg, IL
  • Skokie, IL
  • Springfield, IL
  • Vernon Hills, IL
  • West Dundee, IL
  • Bloomington, IN
  • Evansville, IN
  • Fort Wayne, IN
  • Greenwood, IN
  • Indianapolis, IN
  • Lafayette, IN
  • Merrillville, IN
  • Mishawaka, IN
  • Muncie, IN
  • Terre Haute, IN
  • Prairie Village, KS
  • Shawnee Mission, KS
  • Florence, KY
  • Lexington, KY
  • Louisville, KY
  • Baton Rouge, LA
  • Kenner, LA
  • Lafayette, LA
  • Metairie, LA
  • Auburn, MA
  • Boston, MA
  • Braintree, MA
  • Brockton, MA
  • Burlington, MA
  • Cambridge, MA
  • Charlestown, MA
  • Chestnut Hill, MA
  • Dedham, MA
  • Framingham, MA
  • Hanover, MA
  • Hingham, MA
  • Holyoke, MA
  • Hyannis, MA
  • Kingston, MA
  • Leominster, MA
  • Lynnfield, MA
  • Marlborough, MA
  • Natick, MA
  • North Attleboro, MA
  • North Dartmouth, MA
  • Peabody, MA
  • Saugus, MA
  • Swansea, MA
  • Taunton, MA
  • Annapolis, MD
  • Baltimore, MD
  • Bel Air, MD
  • Bethesda, MD
  • Bowie, MD
  • Chevy Chase, MD
  • Columbia, MD
  • Frederick, MD
  • Gaithersburg, MD
  • Glen Burnie, MD
  • Hyattsville, MD
  • Joppa, MD
  • Marlow Heights, MD
  • Salisbury, MD
  • Waldorf, MD
  • Wheaton, MD
  • South Portland, ME
  • Ann Arbor, MI
  • Birmingham, MI
  • Dearborn, MI
  • Flint, MI
  • Fort Gratiot, MI
  • Grand Rapids, MI
  • Grandville, MI
  • Novi, MI
  • Okemos, MI
  • Saginaw, MI
  • Southfield, MI
  • Sterling Heights, MI
  • Taylor, MI
  • Traverse City, MI
  • Troy, MI
  • Westland, MI
  • Burnsville, MN
  • Edina, MN
  • Hopkins, MN
  • Minneapolis, MN
  • Rochester, MN
  • Saint Cloud, MN
  • Saint Paul, MN
  • Watertown, MN
  • Bridgeton, MO
  • Cape Girardeau, MO
  • Chesterfield, MO
  • Florissant, MO
  • Independence, MO
  • Kansas City, MO
  • Lees Summit, MO
  • Saint Louis, MO
  • Saint Peters, MO
  • Springfield, MO
  • Picayune, MS
  • Charlotte, NC
  • Durham, NC
  • Fayetteville, NC
  • Greensboro, NC
  • Raleigh, NC
  • Winston Salem, NC
  • Fargo, ND
  • Manchester, NH
  • Merrimack, NH
  • Nashua, NH
  • Newington, NH
  • Salem, NH
  • Avenel, NJ
  • Bridgewater, NJ
  • Burlington, NJ
  • Carlstadt, NJ
  • Cherry Hill, NJ
  • Denville, NJ
  • Deptford, NJ
  • East Brunswick, NJ
  • Edison, NJ
  • Freehold, NJ
  • Hackensack, NJ
  • Jersey City, NJ
  • Ledgewood, NJ
  • Marlton, NJ
  • Mays Landing, NJ
  • Moonachie, NJ
  • Moorestown, NJ
  • North Brunswick, NJ
  • Paramus, NJ
  • Princeton, NJ
  • Ridgewood, NJ
  • Rockaway, NJ
  • Secaucus, NJ
  • Short Hills, NJ
  • Shrewsbury, NJ
  • Springfield, NJ
  • Summit, NJ
  • Toms River, NJ
  • Wayne, NJ
  • Westfield, NJ
  • Woodbridge, NJ
  • Woodcliff Lake, NJ
  • Albuquerque, NM
  • Las Vegas, NV
  • Albany, NY
  • Amherst, NY
  • Bay Shore, NY
  • Bronx, NY
  • Brooklyn, NY
  • Carle Place, NY
  • Cheektowaga, NY
  • Commack, NY
  • East Hampton, NY
  • Elmhurst, NY
  • Flushing, NY
  • Garden City, NY
  • Greenvale, NY
  • Hampton Bays, NY
  • Hawthorne, NY
  • Hicksville, NY
  • Huntington Station, NY
  • Lake Grove, NY
  • Long Island City, NY
  • Manhasset, NY
  • Massapequa, NY
  • Nanuet, NY
  • New Hartford, NY
  • New York, NY
  • Poughkeepsie, NY
  • Rochester, NY
  • Rye, NY
  • Staten Island, NY
  • Syracuse, NY
  • Valley Stream, NY
  • Victor, NY
  • White Plains, NY
  • Williamsville, NY
  • Woodbury, NY
  • Yonkers, NY
  • Yorktown Heights, NY
  • Akron, OH
  • Beavercreek, OH
  • Canton, OH
  • Cleveland, OH
  • Columbus, OH
  • Costa Mesa, OH
  • Dayton, OH
  • Dublin, OH
  • Fairlawn, OH
  • Lima, OH
  • Maineville, OH
  • Mansfield, OH
  • Mentor, OH
  • Moraine, OH
  • Niles, OH
  • North Olmsted, OH
  • Saint Clairsville, OH
  • Sandusky, OH
  • Sharonville, OH
  • Springfield, OH
  • Steubenville, OH
  • Stow, OH
  • Toledo, OH
  • Wayne, OH
  • West Chester, OH
  • Youngstown, OH
  • Oklahoma City, OK
  • Tulsa, OK
  • Eugene, OR
  • Portland, OR
  • Altoona, PA
  • Ardmore, PA
  • Camp Hill, PA
  • Erie, PA
  • Exton, PA
  • Greensburg, PA
  • Homestead, PA
  • King Of Prussia, PA
  • Langhorne, PA
  • Monroeville, PA
  • Newtown, PA
  • North Wales, PA
  • Philadelphia, PA
  • Pittsburgh, PA
  • Radnor, PA
  • Scranton, PA
  • Springfield, PA
  • State College, PA
  • Tarentum, PA
  • Whitehall, PA
  • Wilkes Barre, PA
  • Willow Grove, PA
  • York, PA
  • Providence, RI
  • Warwick, RI
  • Charleston, SC
  • Columbia, SC
  • Greenville, SC
  • Sioux Falls, SD
  • Bartlett, TN
  • Collierville, TN
  • Franklin, TN
  • Goodlettsville, TN
  • Jackson, TN
  • Memphis, TN
  • Nashville, TN
  • Portland, TN
  • Arlington, TX
  • Austin, TX
  • Baytown, TX
  • Beaumont, TX
  • Cedar Park, TX
  • College Station, TX
  • Corpus Christi, TX
  • Dallas, TX
  • Denton, TX
  • El Paso, TX
  • Fort Worth, TX
  • Friendswood, TX
  • Frisco, TX
  • Garland, TX
  • Grand Prairie, TX
  • Houston, TX
  • Hurst, TX
  • Irving, TX
  • Laredo, TX
  • Lewisville, TX
  • Mcallen, TX
  • Mesquite, TX
  • Pasadena, TX
  • Pearland, TX
  • Plano, TX
  • San Antonio, TX
  • Southlake, TX
  • Sugar Land, TX
  • Temple, TX
  • The Woodlands, TX
  • Alexandria, VA
  • Arlington, VA
  • Charlottesville, VA
  • Chesapeake, VA
  • Colonial Heights, VA
  • Fairfax, VA
  • Fredericksburg, VA
  • Manassas, VA
  • Mc Lean, VA
  • Newport News, VA
  • North Chesterfield, VA
  • Richmond, VA
  • Roanoke, VA
  • Springfield, VA
  • Sterling, VA
  • Virginia Beach, VA
  • Woodbridge, VA
  • Burlington, VT
  • Bellevue, WA
  • Kennewick, WA
  • Spokane, WA
  • Tukwila, WA
  • Appleton, WI
  • Greendale, WI
  • Madison, WI
  • Milwaukee, WI
  • Barboursville, WV
  • Charleston, WV
  • Singapore, Singapore
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