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About Macy's, Inc.

One of America's largest fashion retailers and department stores, Macy's operates about 870 stores across some 45 US states and Washington, DC, as well as Guam and Puerto Rico. Its three banners -- Macy's, bluemercury, and Bloomingdale's (and accompanying e-commerce sites) -- sell men's, women's, and children's apparel and accessories, cosmetics, and home furnishings, among other merchandise. Women's apparel and accessories account for more than 60% of total sales. 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 also owns and is growing luxury beauty and spa products retailer bluemercury. It has about 650 Macy's stores, some 165 bluemercury stores, and about 55 Bloomingdale's stores.

Women's accessories, intimate apparel, shoes and cosmetics account for nearly 40% of group revenue, followed by women's apparel at nearly 25%; men's and children's apparel brings in more than 20% and home/miscellaneous products generate the rest. In addition to national brands the company offers a host of private label brands such as American Rag, Club Room, Epic Threads, first impressions, Hudson Park, Martha Stewart Collection, Material Girl, the cellar, and Tools of the Trade.

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 include Herald Square in New York City, Union Square in San Francisco, State Street in Chicago, Dadeland in Miami, and South Coast Plaza in southern California. The Northeast region of the US accounts for about 30% of the total stores, followed by the South with more than 20% and North Central, Northwest, and Southwest with about 15% each.

The company also operates in United Arab Emirates and Kuwait through joint venture and licensing agreements. 

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. The company spent $1.2 billion on advertising and promotion in fiscal 2018.

Financial Performance

The industry-wide pressure on department stores has led to an 11% drop in Macy's revenue over the past five years. Net income has been on the decline as well, falling 27% between 2014 and 2018.

In fiscal 2018 (ended January 2019) the company reported revenue of $25 billion, flat year-over-year. Same-store sales increased 1.7% (compared to declines in the two prior years), but was offset by a 53rd week of operation in fiscal 2017.

Net income fell 29% that year to $1.1 billion, primary due to an income tax expense of $322 million compared to a tax benefit of $39 million in fiscal 2017 related to the US Tax Act.

Cash at the end of fiscal 2018 was $1.2 billion, a decrease of $265 million from the prior year. Cash from operations contributed $1.7 billion to the coffers, while investing activities used $456 million, mainly for capital expenditures. Financing activities used another $1.5 billion for repaid debt.

Strategy

Macy's has not been immune to the decline in foot traffic, intense online competition, and other woes impacting the broader retail industry. The company's strategy to address these challenges, dubbed North Star, includes strengthening its omnichannel business, appealing more directly to customers through loyalty programs and value-pricing strategies, and leveraging technology and innovation to drive growth. 

In fiscal 2018 the retailer expanded its Buy Online/Pickup in Stores service, launched a Buy Online/Ship to Store offering, and rolled out At Your Service stations (a concierge-type service) across all stores. In a related move, it continues to expand the categories and brands available under its vendor direct program, through which items purchased from its websites and mobile apps are shipped directly to customers from the respective vendor.

Macy's is also aggressively expanding its Macy's Backstage and high-performance locations. In 2018 it opened more than 120 new off-price Backstage locations within Macy's stores and plans for an additional 45-plus in 2019. Growth50 is the name given to the company's mix of 50 stores with accelerated initiatives such as upgraded facilities and localized marketing; it plans to expand that to 100 additional stores in 2019, creating the Growth150.

On the technology front, Macy's made a couple of acquisitions in 2018 to boost in-store experiences. It rolled out more than 100 virtual reality furniture galleries in 2018. In 2019 the company plans to enhance and upgrade its mobile platforms.

Mergers and Acquisitions

Macy's made a few small investments in 2018 in the areas of technology and innovation. It purchased STORY, a New York City concept store that reinvents itself every few weeks, and invested in b8ta, which provides technology for emerging brands launching a physical retail presence.

Company Background

Macy's traces its history to 1858 New York City, where Rowland H. Macy opened dry goods store R.H. Macy & Co.

Macy's, Inc.

7 W 7TH ST
Cincinnati, OH 45202-2424
Phone: 1 (513) 579-7000

Stats

Employer Type: Publicly Owned
Stock Symbol: M
Stock Exchange: , NYSE
CEO: Jeffrey Gennette
President: Harry A. Lawton
Chairman: Terry J. Lundgren
Employees (This Location): 650
Employees (All Locations): 130,000

Major Office Locations

Cincinnati, OH

Other Locations

Hoover, AL
Mountain Brk, AL
Goodyear, AZ
Phoenix, AZ
Scottsdale, AZ
Tempe, AZ
Tucson, AZ
Artesia, CA
Carlsbad, CA
Citrus Heights, CA
Corte Madera, CA
Costa Mesa, CA
Culver City, CA
El Segundo, CA
Hayward, CA
Irvine, CA
La Jolla, 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
Studio City, CA
Thousand Oaks, CA
Victorville, CA
Denver, CO
Cheshire, CT
Danbury, CT
Darien, CT
Farmington, CT
Manchester, CT
Meriden, CT
Milford, CT
New Haven, CT
South Windsor, CT
Stamford, CT
Trumbull, CT
Waterbury, CT
Waterford, CT
West Hartford, CT
Westport, 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
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Fort Myers, FL
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