Macy's

Macy's in New York is one of the largest department stores in the world

Categories

Retail and Consumer Goods  

#2781

Rank

$4.24B

MarketCap US

US United States

Country

Summary

Macy’s. No one would have thought the modest dry goods store opened in 1858 by Rowland Hussey Macy’s in New York would grow to be one of the largest, most popular department stores in the world. Today it is an omni-channel retail organization, operates stores, websites and mobile applications. The company sells a range of merchandise such as apparel and accessories for men, women and children; cosmetics; home furnishings; and other consumer goods. As of January 29, 2022 it operated 725 department stores in the District of Columbia, Puerto Rico and Guam under the Macy's, Macy's Backstage, Market by Macy's, Bloomingdale's, Bloomingdale's The Outlet, Bloomies, and bluemercury brands. It also operates in Dubai, the United Arab Emirates, and Al Zahra, Kuwait under the license agreements. 


History

Rowland Hussey Macy opened four dry goods stores during 1843 — 1855. One of them was Macy's in Haverhill, Massachusetts. None of the stores did good business but he learnt from the mistakes and shifted to New York City in 1858, where he opened a store named "R.H. Macy and Co." with a star as the logo — inspired by a tattoo inked on him. By year-end, sales were reportedly $85,000. As the business grew, Macy's used in-store store Santa Claus, themed exhibitions and beautifully illuminated window displays to draw customers.

In 1875 Macy took on two partners, cousins Robert M. Valentine and Abiel T. La Forge. As business grew, R.H. Macy and Co. expanded into neighbouring buildings and by 1877 became a full-fledged department store. That year, Macy died. In the following years, La Forge and Valentine passed away. Ownership of the company remained in the family until 1895, when politician Isidor Straus and his brother Nathan acquired the store.

In 1902, the flagship moved to Herald Square. Over the years, Herald Square Macy's expanded to nearly occupy the block bordered by Seventh Avenue, Broadway, 34TH Street, and 35TH Street. There was one hurdle, a building belonging to Robert H. Smith. Undeterred by his refusal to sell, Macy's ignored his home and built around the store. Sadly, Isidor and his wife Ida passed away when the Titanic sunk. Herald Square Macy's became the largest store in the world and was added to National Register Of Historic Places. That year, ten thousand people showed up to watch Macy's Thanksgiving Day Parade®.

In 1929, Federated Department Stores Inc. — now renamed Macy's, Inc. — was formed as a holding company by a few family-owned department stores, including Abraham and Straus; Lazarus and its Cincinnati-based subsidiary, Shillito’s; and Filene's. Federated then acquired Bloomingdale's; Burdines; Dayton; Rike's; Goldsmith's. In 1994, Federated acquired debt-ridden Macy’s. With the acquisition of The May Department Stores Company in 2006, regional nameplates that were operating as a result of the frequent acquisitions and divestments, were retired and replaced by Macy's and Bloomingdale's. Subsequently, Federated was renamed Macy's Inc. in 2007.

On October 28, 2014 Macy's Inc. extended the lease-operation agreement with Al Tayer Group that took Macy's overseas to Abu Dhabi, anchoring a new mall with Bloomingdale's, which opened its second overseas store. Yet, no matter how successful Macy's has been, it could not withstand the retail apocalypse. From January 2015, Macy's closed several under-performing stores. The restructure, announced through a company release, was set to save the company an estimated $550 million a year, of which a portion was invested in e-commerce. 

"It is essential that we maintain a healthy portfolio of the right stores in the right places," Chairman and CEO Terry J Lundgren said. "Our plan to close approximately a hundred stores over the next few years is an important part of our strategy to help us right-size our physical footprint as we expand our digital reach. We are closing locations that are unproductive or are no longer robust shopping destinations due to changes in the local retail shopping landscape, as well as monetising locations with highly valued real estate…" 

The company also announced the opening of small-format "Market by Macy's" locations and independent Macy's Backstage formats by end- 2020. In February 2020, Macy's announced that their headquarters in downtown Cincinnati will be closing in the near future with all corporate operations relocating to New York City. In November 2021, Macy's announced the launch of its digital marketplace, which was set to debut in the second half of 2022 in partnership with AlixPartners and Mirakl.


Mission

Our goal is to be a retailer with the ability to see opportunity on the horizon and have a clear path for capitalizing on it. To do so, we are moving faster than ever before, employing more technology and concentrating our resources on those elements most important to our core customers.


Vision

Macy's vision statement is to operate Macy's and Bloomingdale's as dynamic national brands while focusing on the customer offering in each store location. The largest retail brand of Macy's Inc. delivers quality fashion at affordable prices to customers at approximately 640 locations in 43 states, the District of Columbia, Puerto Rico and Guam as well as to customers in more than A hundred international destinations through e-commerce site: macys.com. 

Macy's inspires fashion exploration and discovery through the most desired family of exclusive brands for her, for him, for the home, and via its dynamic mobile and social platforms. The company knows the power of celebration, demonstrated through decades of memorable experiences created during Macy's 4th of July Fireworks and Macy's Thanksgiving Day Parade, as well as spectacular fashion shows, culinary events, flower shows and celebrity appearances. 


Key Team

Danielle L. Kirgan (Executive VP, Chief Transformation and HR Officer)

Paul Griscom (Sr. VP and Controller)

Antony Spring (Executive VP)

William L. Hawthorne III (Sr. VP of Diversity Strategies and Legal Affairs)

Laura Marie Miller (Chief Information Officer)

Pamela Nagler Quintiliano (Head of Investor Relations)

Bradley R. Mays (Senior VP of Tax)


Recognition and Awards
Macy’s is the only retailer to receive the National Medal of Arts, the nation’s highest award for artistic excellence awarded by the President of the United States. Macy's is also the only retailer to reach Fortune Magazine's list of the World’s Most Admired Companies eight consecutive times.

Products and Services

The largest retail brand of Macy's Inc. delivers quality fashion at affordable prices to customers at approximately 640 locations in 43 states, the District of Columbia, Puerto Rico and Guam as well as to customers in more than A hundred international destinations through e-commerce site: macys.com.


References
Macy's
Leadership team

Jeffrey Gennette (Chairman and CEO)

Adrian V. Mitchell (Executive VP and CFO)

Elisa D. Garcia C. (Executive VP, Chief Legal Officer and Secretary)

Industries

Retail and Consumer Goods

Products/ Services
E-Commerce, Fashion, Retail, Shopping
Number of Employees
Above 50,000
Headquarters
New York, 151 W 34th St, United States
Established
1858
Company Registration
SEC CIK number: 0000794367
Net Income
1B - 20B
Revenue
Above - 1B
Traded as
M
Social Media

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Sun Mar 03 2024
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