Macy's, Inc.
Macy's, Inc. operates a portfolio of U.S. department store and beauty retail banners, including Macy's, Bloomingdale's and Bluemercury, across physical stores, digital channels and marketplace formats. The company sells apparel, accessories, cosmetics, home goods and other consumer merchandise, while also using private brands, off-price concepts and omni-channel fulfillment to differentiate its offer.
Fiscal year 2026 · change from previous year
Development 2021–2026
Business
Share of revenueFull-line Macy's stores, Macy's Backstage, Macy's small format and related digital sales.
Bloomingdale's full-line stores, Bloomingdale's The Outlet, Bloomie's and marketplace sales.
Prestige beauty, skincare and related services sold through Bluemercury stores and online.
Company-owned brands and licensed labels designed and sourced through Macy's Merchandising Group.
Credit program services, marketplace commissions, restaurant sales and gift card breakage.
Products
Reported · share of revenue- Womens Accessories Shoes Cosmetics and Fragrances41.9 %
- Womens Apparel21.9 %
- Mens and Kids21.4 %
- Home Other14.8 %
Source: 10-K FY2026, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
Macy's serves broad middle-market department store shoppers who buy apparel, accessories, cosmetics and home merchandise for everyday and seasonal needs. Bloomingdale's targets higher-income customers seeking premium and luxury brands, while Bluemercury serves beauty-focused consumers looking for prestige skincare and cosmetics. The company also attracts value-oriented shoppers through Backstage and digital marketplace customers seeking wider assortment and price variety.
Buy apparel, accessories, cosmetics and home goods from the Macy's banner for convenience, brand mix and promotions.
Buy higher-end fashion, accessories and beauty from Bloomingdale's stores and digital channels for exclusivity and brand curation.
Buy prestige beauty and skincare products, often valuing service, assortment depth and premium brands.
Buy discounted or opportunistic merchandise through Backstage and outlet formats to access lower prices.
Buy through digital marketplace and omni-channel fulfillment for broader assortment, convenience and speed.
Strategy
Macy's is executing a three-year 'A Bold New Chapter' strategy focused on improving the customer experience, rationalizing underproductive stores and reallocating capital to higher-return locations and digital capabilities. The company is also pushing private brands, marketplace expansion and luxury growth at Bloomingdale's to improve assortment relevance and defend traffic in a highly promotional retail environment.
The core banner needs better productivity, relevance and traffic to offset store rationalization and online competition.
Stores and digital channels are linked, so better search, fulfillment and in-stock performance support conversion and retention.
Bloomingdale's and Bluemercury provide a more differentiated, higher-end customer proposition and help balance the Macy's banner.
Retail is cyclical and capital intensive, so liquidity and credit metrics support resilience through changing demand.
Geography
Macy's is primarily a U.S. retailer, with 680 store locations across 43 states, the District of Columbia, Puerto Rico and Guam as of early 2025. Most stores are in urban and suburban trade areas, and the business depends heavily on mall traffic, local demographics and regional consumer spending patterns. The company also has licensed Bloomingdale's stores in Dubai and Kuwait, but these are not a major part of the consolidated footprint.
Risks
Macy's faces execution risk in its store rationalization and omni-channel transformation, because traffic declines or weak customer response can reduce sales and trigger restructuring costs. It is also exposed to vendor, sourcing and tariff risk because most merchandise is sourced outside the U.S., primarily Asia, while its brand value depends on maintaining a strong shopping experience and reputation.
- Store traffic decline and mall weaknessImpact: HighLikelihood: High
The business relies on physical stores to generate sales, fulfillment and brand visibility, so lower traffic directly hurts revenue and fixed-cost leverage.
Exposure: Macy's full-line stores and mall-based locations
- Supply chain and third-party dependenceImpact: HighLikelihood: High
The company depends on external vendors and sources most merchandise outside the U.S., creating disruption and insolvency risk.
Exposure - Tariffs and foreign trade policyImpact: HighLikelihood: High
Higher import duties or policy changes can raise product costs and reduce gross margin if not passed through to customers.
Exposure: Primarily Asia-sourced merchandise
- Strategy execution riskImpact: HighLikelihood: Medium
Store closures, reimagined locations and assortment changes may not produce the expected productivity gains or customer response.
Exposure: A Bold New Chapter transformation program
- Reputational riskImpact: MediumLikelihood: Medium
Brand perception affects customer loyalty, employee retention and access to capital, especially during restructuring and climate-related scrutiny.
Exposure
Accounting
Judgemental itemsStore closures and underproductive locations require judgment on asset recoverability and exit costs, affecting earnings volatility.
Impact: Can materially change operating income in transformation periods
Sales of owned properties can create non-recurring gains that lift reported operating income and obscure underlying retail performance.
Impact: Can distort comparability across quarters and years
Holiday demand and promotional timing affect quarterly revenue and margin comparisons, especially in department store retail.
Impact: Makes interim results less representative of full-year performance
Credit program services, marketplace activity, restaurant sales and gift card breakage are recognized differently from merchandise sales.
Impact: Affects mix, gross margin and revenue growth rates
Store and distribution leases are a major fixed-cost commitment and influence leverage and expense recognition.
Impact: Affects operating expenses, liabilities and cash flow presentation
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Last updated: 24/09/2026