Macy's (company)

Macy's (company)
source
Name	Macy's
Type	Public
Founded	1858
Founder	Rowland Hussey Macy
Headquarters	New York City, New York, United States
Area served	United States, Puerto Rico
Key people	Jeff Gennette, Tony Spring
Industry	Retail
Products	Clothing, footwear, accessories, cosmetics, home furnishings
Revenue	US$24.9 billion (2022)
Employees	~55,000 (2023)
Website	www.macys.com

Macy's (company) is a large American department store chain founded in the 19th century and headquartered in New York City. The company operates a network of full-line stores, specialty formats, and e-commerce operations offering apparel, cosmetics, home goods, and accessories. Macy's has been a prominent participant in American retail through landmark events, large-scale advertising, celebrity partnerships, and seasonal spectacles tied to urban centers such as Herald Square and national events like the Thanksgiving Day Parade.

History

Macy's traces origins to the founding by Rowland Hussey Macy in 1858, who opened a dry goods store in Hermanos Street (later in New York City). The firm expanded under leaders including Isidor Straus and Nathan Straus, navigated the consolidation waves of the late 19th and early 20th centuries, and relocated flagship operations to Herald Square in 1902. Throughout the 20th century Macy's absorbed regional retailers such as Bamberger's, Abraham & Straus, Famous-Barr, and Bullock's through mergers and the actions of holding companies like Federated Department Stores. The late 20th and early 21st centuries saw transformative corporate moves: the 1994 reorganization under Federated Department Stores executives and the 2005 acquisition of May Department Stores Company, which integrated chains including Marshall Field's, Filene's, and Hecht's. Post-acquisition restructuring spurred store rebranding and consolidation in regional markets such as Chicago, Boston, and St. Louis. Leadership changes have included CEOs from Terence D. Lundgren to Jeff Gennette, each responding to shifts from brick-and-mortar dominance toward digital retailing amid competition from Walmart, Target, and online retailers like Amazon (company).

Operations and Stores

Macy's operates full-line department stores, Macy's Backstage off-price locations, Bloomingdale's and Bloomingdale's Outlet under separate corporate ownership, and e-commerce through macys.com. Flagship stores include the Herald Square location—one of the largest department stores globally—sited near Pennsylvania Station and Macy's Thanksgiving Day Parade staging areas. Regional footprints extend to urban and suburban markets across the continental United States and territories like Puerto Rico. Distribution and fulfillment infrastructure uses logistics centers and partnerships with carriers such as United Parcel Service and FedEx to serve omnichannel customers. Store formats vary from flagship urban emporia to mall-based locations and outlet concepts created during retail realignment responding to competition from Nordstrom, Kohl's, and dollar chains.

Brands and Private Labels

Macy's carries national brands including Nike, Levi Strauss & Co., Calvin Klein, Estée Lauder Companies, and Procter & Gamble beauty products, while developing private labels and exclusive partner collections. Proprietary brands have included house labels such as INC International Concepts, Alfani, Charter Club, and Martha Stewart Collection (in collaboration with Martha Stewart). The company has also pursued collaborations with designers and celebrities—partnering with names like John Varvatos and limited-edition lines with entertainers—to differentiate merchandise from rivals including Sears and J.C. Penney.

Corporate Governance and Leadership

Corporate governance has featured a board of directors and senior executives steering strategy through periods of merger, divestiture, and digital transformation. Leadership transitioned from past executives associated with Federated Department Stores to contemporary managers focusing on omnichannel growth; key figures include former CEOs such as Terry Lundgren (Terence D. Lundgren) and current leaders like Jeff Gennette. Institutional shareholders have included large asset managers such as The Vanguard Group and BlackRock, influencing capital allocation, dividend policies, and share repurchase programs. The company is publicly traded on the New York Stock Exchange under the ticker symbol Macy's, Inc., and subject to securities regulations administered by institutions like the U.S. Securities and Exchange Commission.

Financial Performance

Macy's financial performance has fluctuated with retail cycles, consumer spending trends, and macroeconomic factors including inflation and consumer confidence indices tracked by organizations such as the Bureau of Labor Statistics. Revenue peaked in decades past with declines attributable to store closures and shifts to e-commerce; recent years showed efforts to stabilize sales via digital investments, inventory management, and cost controls. Capital allocation strategies have included dividends, debt reduction, and real estate monetization transactions—working with investment banks and real estate firms such as CBRE Group and Brookfield Asset Management—to unlock value from prominent urban properties including the Herald Square flagship.

Marketing and Advertising

Macy's is known for large-scale marketing tied to events and sponsorships, notably the annual Macy's Thanksgiving Day Parade and holiday window displays at flagship locations that attract tourism and media coverage from outlets like The New York Times and CNN. Advertising campaigns have employed celebrity endorsements and cross-promotions with entertainers, designers, and media partners such as Oprah Winfrey and fashion publications like Vogue (magazine). Seasonal sales events including Black Friday and Cyber Monday are central to promotional calendars, coordinated with digital marketing channels and loyalty programs to compete with retailers such as Best Buy and Gap Inc..

Controversies and Legal Issues

Macy's has faced controversies and legal matters including employment and labor disputes with unions such as the Retail, Wholesale and Department Store Union, class-action lawsuits over wage and hour claims, and allegations of discrimination that drew scrutiny from agencies like the Equal Employment Opportunity Commission. The company has also navigated litigation related to product liability, consumer privacy and data security incidents investigated by state attorneys general, and regulatory matters concerning franchising and lease agreements with mall operators including Simon Property Group and Brookfield Properties. High-profile merchandise and sourcing controversies have prompted supply-chain audits and engagements with advocacy groups focused on labor practices in manufacturing regions such as Bangladesh and China.

Category:Department stores of the United States Category:Retail companies established in 1858