Macy's, Inc.

Last updated
Macy's, Inc.
FormerlyFederated Department Stores, Inc. (1929–2007)
Company type Public
Industry Retail
Founded1929;95 years ago (1929) in Columbus, Ohio, United States
Headquarters
New York City, New York
,
United States
Number of locations
722 (2022)
Area served
Key people
Jeff Gennette (chairman and CEO)
Products
  • Clothing
  • footwear
  • accessories
  • bedding
  • furniture
  • jewelry
  • beauty products
  • housewares
RevenueIncrease2.svg US$24.971 billion (FY 2019)
Decrease2.svgUS$1.738 billion (FY 2019)
Decrease2.svgUS$1.098 billion (FY 2019)
Total assets Decrease2.svgUS$19.194 billion (FY 2019)
Total equity Increase2.svgUS$6.436 billion (FY 2019)
Number of employees
~130,000 (2019)
Parent Campeau Corporation (1988–1992)
Subsidiaries
Website macysinc.com
Footnotes /references
[1] [2]

Macy's, Inc. (previously Federated Department Stores, Inc.) is an American holding company of department stores. Upon its establishment in 1929, Federated held ownership of the regional department store chains Abraham & Straus, Lazarus, Filene's, and Shillito's. Bloomingdale's joined Federated Department Stores the next year. Throughout its early history, frequent acquisitions and divestitures saw the company operate a number of nameplates. In 1994, Federated took over the department store chain Macy's. Despite a long history of preserving regional nameplates, with the acquisition of The May Department Stores Company in 2005, they were retired and replaced by the Macy's and Bloomingdale's brands nationwide by 2006. Ultimately, Federated itself was renamed Macy's, Inc. in 2007.

Contents

Macy's, Inc. owns the department store chains Bloomingdale's and Macy's, and beauty store chain Bluemercury, all of which operate flagship stores in Manhattan. As of October 2022, it operates 722 locations in the United States, Guam, and Puerto Rico. The company was the world's largest fashion goods retailer and the 36th largest retailer overall in 2010. [3] Macy's, Inc. has been headquartered within Macy's Herald Square in New York City since 2020, and was previously headquartered in Cincinnati, Ohio from 1945 until 2020.

Operations as Federated

Early history

Federated Department Stores traces its corporate lineage to F&R Lazarus & Company, founded in Columbus, Ohio, in 1851. In the summer of 1929, months before the Wall Street Crash of 1929, Fred Lazarus Jr. met with Walter N. Rothschild from Abraham & Straus of Brooklyn and Edward Filene from Filene's of Boston on Rothschild's yacht in Long Island Sound. The three businessmen agreed to merge their stores and form Federated Department Stores, as a department store holding company for F&R Lazarus & Company (including its Cincinnati division, then known as Shillito's), Abraham & Straus, and William Filene's Sons of Boston. In 1930, Bloomingdale Brothers of New York joined. [4]

In the mid-1930s, a modern merchandising standard was set when Fred Lazarus Jr. arranged garments in groups of a single size with a range of style, color and price, basing the technique upon observations made in Paris. As well, Lazarus convinced President Franklin D. Roosevelt that it would help American economy to change the Thanksgiving holiday from the last Thursday of November to the fourth Thursday, thus extending the Christmas shopping season. An act of Congress perpetuated the arrangement in 1941. Black Friday became a nationwide sensation and the most profitable day for Federated. (Robert Lazarus Jr. worked at Federated until he died in 2013, the last remaining family member with an official role at the company. [5] )

In 1945, Federated moved its corporate offices to Cincinnati. [6] The latter half of the 20th century saw the company expand nationwide, adding Rike Kumler of Dayton, Ohio (merged into Shillito's in the 1980s to become Shillito-Rike's); Burdines of Miami, Florida; Rich's of Atlanta, Georgia; Foley's of Houston, Texas; Sanger Brothers and A. Harris, both of Dallas, Texas (which were merged to form Sanger-Harris); Boston Store of Milwaukee, Wisconsin; MainStreet of Chicago, Illinois; Bullock's, of Los Angeles; I. Magnin, of San Francisco, California; Gold Circle; and Richway Discount Department Stores of Worthington, Ohio. Federated entered the supermarket industry in 1968 when it acquired the Ralphs chain based in Southern California. [7] In 1982, Federated acquired the Twin Fair, Inc. discount store chain based in Buffalo, New York, and merged it with Gold Circle. [8] In 1983, Federated sold four shopping center properties to JMB Realty. [9]

Acquisition by Campeau

Canadian real estate developer Robert Campeau – who had taken over and dismembered Allied Stores in 1986 – attempted to take over Federated starting in early 1988 which Federated fought off in a high-profile battle, with Macy's (at that time not part of Federated, but a rival), also submitting competitive bids of over $6 billion. [10] Nonetheless, in April 1988, Federated gave in and agreed to a $6.6 billion takeover by Campeau. It was the largest merger in corporate history, barring the oil sector. Macy's paid Campeau $1.1 billion to acquire the 20-store Bullock's/Bullocks Wilshire and the 25-store specialty apparel chain I. Magnin. [11] Two years later, Federated filed for bankruptcy after Campeau failed to refinance the debt of Federated and Allied Stores Corp. [12] In 1992, Campeau was ousted and Federated emerged from bankruptcy as a new public company, Federated Stores, Inc., dropping the word "Department" from the previous company. [13] As part of the reorganization, Federated sold the Ralphs chain to a group of owners led by Edward J. DeBartolo Corporation. [14]

Acquisition of Macy's

Also in 1992, Macy's declared bankruptcy; Federated acquired it two years later, in 1994. The name of the once-main-rival of Federated, Macy's, would soon become the consumer-facing identity of most of Federated's stores.

In 1995 Federated bought Broadway Stores, Inc. and its California-based Emporium-Capwell, Weinstock's and The Broadway chains. [15] Macy's changed the nameplate of these three chains and Bullock's to Macy's, or in some cases, turned locations into Bloomingdales. In 2003, Federated changed the nameplates of almost all their remaining non-Macy's stores – the lone exception was Bloomingdales – to include the Macy's name, a rebranding internally dubbed Project Hyphen. For example, Seattle-based The Bon Marché became Bon-Macy's; Goldsmith's in Tennessee became Goldsmith's-Macy's; Lazarus, Burdines, and Rich's also added "-Macy's" to their name. A year later, the hyphenated names were changed to simply Macy's, a rebranding process referred internally to as Project Star.

The department store chain Stern's, a division of Federated, ceased operations in 2001 and most of its stores became Macy's stores.

Federated began selling goods online in 1998, rather later than most contemporary large retailers; Federated ran a private bank, FDS Bank, which issued and maintained the majority of its own consumer credit card portfolio, [16] was one of the last credit card banks to begin to allow its cardholders to access account information online (around 2004).

In 1998, Federated settled an SEC investigation for $14.46 million (equivalent to $27 million in 2024) due to unethical debt-collection practices. Federated routinely forced credit card holders/debtors to sign an agreement that legally bound them to repay their outstanding balances instead of having the unsecured debt discharge via the filing of bankruptcy. Federated failed to file reaffirmation agreements with bankruptcy courts. As a result, the changes in the agreements were not legally binding. [17] [18] [19] [20]

In 2001 Federated acquired Liberty House of Hawaii as it emerged from Chapter 11 bankruptcy. It was managed as part of Macy's West and all the store names were changed to Macy's. [21] [ circular reference ]

In 2005, Federated agreed to sell its credit card business to Citigroup. [22]

Acquisition of May

On February 28, 2005, Federated Department Stores announced that it would acquire May Department Stores company for $11 billion (equivalent to $17.2 billion in 2024) in cash and stock. Also part of the buyout was the bridal and formal unit of May, consisting of David's Bridal and After Hours Formalwear. Federated would also assume $6 billion (equivalent to $9.36 billion in 2024) of May's debt, bringing total consideration to $17 billion (equivalent to $26.5 billion in 2024). The deal would create the nation's largest department store chain with over 1,000 stores and $30 billion (equivalent to $46.8 billion in 2024) in annual sales. To help finance the deal, Federated agreed to sell its combined proprietary credit card business (but still administered by FACS Group, a subsidiary of Federated) to Citigroup. The merger was completed on August 30, 2005, after an assurance agreement was reached with the Attorneys General of New York, California, Massachusetts, Maryland, and Pennsylvania.

As a result of the merger, Federated also in the process reacquired two of their former department store chains Foley's & Filene's (Which Federated originally sold to May Company), putting them back under the Federated Department Stores corporate umbrella for the first time since 1988.

Federated announced plans to sell 80 store locations in 2006, having pledged in its settlement to sell most of them as viable businesses, with preference being given to a group of thirteen competitors. This number could fluctuate pursuant to Federated's negotiations with various mall landlords and its final decision regarding using former Macy locations for its luxury Bloomingdale's operation.

On January 12, 2006, Federated announced its plans to divest May Company's Lord & Taylor division (48 stores in 12 states) by the end of 2006 after utilizing prime and conflicting real estate by closing and converting several locations. On June 22, 2006, Macy's announced that NRDC Equity Partners, LLC would purchase Lord & Taylor for US$1.2 billion (equivalent to $1.81 billion in 2024), and completed the sale in October 2006.

On September 9, 2006, the former May Company store names Famous-Barr, Filene's, Foley's, Hecht's, The Jones Store, Kaufmann's, L. S. Ayres, Marshall Field's, Meier & Frank, Robinsons-May, and Strawbridge's disappeared as Federated switched most of them to the Macy's masthead and a few to the Bloomingdale's name. One of the consequences of this rebranding is that several malls have two Macy's stores. In downtown Boston, Federated liquidated an acquired Filene's because it already had a Macy's (formerly a Jordan Marsh) across the street. The two stores have a combined floorspace of more than 1,400,000 square feet (130,000 m2), more than two-thirds the size of Macy's New York City flagship store.

On November 17, 2006, the bridal and formal unit was sold. David's Bridal and Priscilla of Boston were sold to Leonard Green & Partners. After Hours Formalwear was sold to Men's Wearhouse. [23]

Operations as Macy's, Inc.

2000s

On February 27, 2007, Federated announced that its board of directors would ask shareholders to change the company's name to Macy's Group, Inc. By March 28, the company revised its plans for the new name, opting to eventually become Macy's, Inc. Federated shareholders approved the revised proposal during the company's annual meeting on May 18, 2007. [24]

The name took effect on June 1, 2007. The reasoning for the proposed name change—according to Terry Lundgren, Federated's chairman, president, and chief executive officer—hinges on the large-scale conversions throughout the company toward the Macy's nameplate. "Today, we are a brand-driven company focused on Macy's and Bloomingdale's, not a federation of department stores," Lundgren said in the company's press release heralding the proposed name. [25] Upon the change to Macy's Inc., Federated's stock ticker symbol on the New York Stock Exchange changed from "FD" to "M", making the new Macy's Inc. one of a handful of single-letter ticker symbol companies. [26]

In April 2008, Moody's Investors Service said that it might downgrade Macy's Inc. bonds to just above junk status. [27] That same month, Fitch Ratings downgraded their bond credit rating to BBB− from BBB, noting a deterioration in the company's operating and credit metrics.

The domain macysinc.com attracted at least 3 million visitors annually by 2008, according to a Compete.com survey. [28]

On Wednesday, February 6, 2008, Terry Lundgren announced the localization strategy and the company's plan to shed 2,550 jobs. This new localization strategy is known as "My Macy's."

Employees of the Macy's North headquarters office in Minneapolis, the Macy's Northwest headquarters office in Seattle, and the Macy's Midwest headquarters office in St. Louis were given pink slips, as Macy's pared its seven regional centers to four. About 40 new jobs were to be created in May as part of the restructuring. By 2009, the company expected to save $100 million (equivalent to $142 million in 2024) a year from the cuts.

On February 2, 2009, Macy's announced the elimination of 7,000 jobs, or 4% of its workforce, and slashed its dividend as it looked to lower expenses as part of a major restructuring. Cincinnati-based Macy's Inc. stated that the workforce reduction included positions in offices, stores, and other locations, and the cuts include some unfilled jobs. "Reducing our workforce is an unfortunate outcome of the current economic environment, and I am frustrated that so many of our people will be unable to move forward with us as we proceed into a very exciting future for Macy's and Bloomingdale's" said Terry J. Lundgren, chairman, president and chief executive officer.

Macy's also got rid of its division structure and integrated its functions into one organization. Macy's central buying, merchandise planning, stores senior management and marketing functions merged to its New York City corporate office (formerly Macy's East). Corporate-related business functions, such as finance and human resources, will be primarily in Cincinnati. To buy with local consumers in mind, Macy's developed a concept called "My Macy's", in which the buyers and planners all look at what the local consumer base is looking for in their local Macy's store. This will help bring a better sense of branding, sizing, and marketing to each Macy's store nationwide.

Macy's Inc. decided to close the Bloomingdale's at the Mall of America in Minnesota. Since 1994, Bloomingdale's had been one of the 4 anchor stores of the mall, and will be replaced with a $30 million renovation with four new foreign clothing stores.

2010s

Macy's, Inc. former headquarters in Downtown Cincinnati (2018) Macy's Headquarters.jpg
Macy's, Inc. former headquarters in Downtown Cincinnati (2018)

On October 14, 2013, Macy's Inc. announced the decision to open most of their stores for the first time on Thanksgiving Day 2013, breaking a long-standing tradition of 155 years, and joined the ranks of retailers who created Gray Thursday the year before. Its doors opened at 8 p.m. (local time) on the holiday evening, and remained open for 24 hours straight until the close of business on Friday, which is usually about 10 p.m. [29]

As of February 2014, Macy's Inc. is valued at US$28 billion. [30]

In September 2015, Macy's announced it would close 40 stores, 5% of its total stores in early 2016. It also announced plans to open 6 additional Macy's Backstage locations. From 2010 to 2015, Macy's had closed 52 stores and opened 12. [31]

2020s

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. This news came after a gradual pulling out of the Cincinnati area with a couple of area store closures and the retirement of a top executive.

In November 2021, Macy's announced the launch of its digital marketplace, which set to debut in the second half of 2022. Macy's will partner with AlixPartners and Mirakl. [32]

In November 2023, it was reported that Arkhouse Management and Brigade Capital Management have offered to buy Macy's Inc. for $5.8 billion. [33] Macy's rejected the offer in January 2024 citing the unsolicited offer to be undervalued. [34] The investor group increased their offer to $6.6 billion two months later. [35]

In February 2024, Macy's announced it would close 150 stores by 2026. [36]

Nameplates

List of department stores owned by Macy's, Inc.
NameYear
founded		Year
acquired		Notes
Bloomie’s2021—Small-format Bloomingdale’s
Bloomingdale's 18601930
Bloomingdale’s The Outlet Store2010—
Bluemercury 19992015
Macy's 18581994
Macy's Backstage2015—
Market by Macy's2020—Small-format Macy’s

Previous nameplates

List of department stores previously owned by Federated
NameYear
founded		Year
acquired		Year
defunct		Notes
A. Harris and Company 188919611961Merged with Sanger Brothers to form Sanger-Harris
Abraham & Straus 186519291995Replaced by Macy's
After Hours 194620052008Sold to Men's Wearhouse in 2006
Bamberger's 189319861986
The Bon Marché 189019922005Co-branded Bon-Macy's from 2003–2005; converted to Bloomingdale's and Macy's
Boston Store 189719481985Sold to Maus Frères
The Broadway 189619951996
Bullock's 190719951996Previously owned by Federated from 1948–1985; converted to Macy's
Burdines 189619562005Co-branded Burdines-Macy's from 2003–2005; converted to Macy's
David's Bridal 19502005—Sold to Leonard Green & Partners in 2006
Davison's 186019251986
The Emporium 189619951996Converted to Macy's
Famous-Barr 191120052006Converted to Macy's
Filene's 188120052006Previously owned by Federated from 1929–1988; converted to Macy's
Filene’s Basement 190819292011Spun off after Federated acquisition by Campeau Corporation in 1988
Foley's 190020052006Previously owned by Federated from 1947–1988; converted to Macy's
Gold Circle 196719671988
Gold Triangle197019701981Converted into Richway
Goldsmith's 187019592005Co-branded Goldsmith's-Macy's from 2003–2005; converted to Macy's
Hecht's 185720052006Converted to Bloomingdale's and Macy's
I. Magnin 187619941994Previously owned by Federated from 1964–1987; converted to Macy's
John Taylor Dry Goods Co.1949
The Jones Store 188720052006Converted to Macy's
Jordan Marsh 184119881996Converted to Macy's
Kaufmann's 187120052006Converted to Macy's
L. S. Ayres 187220052006Converted to Macy's
Lasalle & Koch 186519811981
Lazarus 185119292005Co-branded Lazarus-Macy's from 2003–2005; converted to Macy's
Liberty House 184920012001Converted to Macy's
Lord & Taylor 182620052021Sold to NRDC Equity Partners
Maas Brothers 188619881991Converted to Burdines
MainStreet 198319831988Sold and converted to Kohl's
Marshall Field's 185220052006Converted to Bloomingdale's and Macy's
Meier & Frank 185720052006Converted to Macy's
O'Connor, Moffat & Co.1947
Ralphs 18731968—Sold to DeBartolo Corporation in 1992
Rich's 186719762005Co-branded Rich's-Macy's from 2003–2005; converted to Bloomingdale's and Macy's
Richway 196819761988Converted to Gold Circle
Rike's 185319591982Merged with Shillito's to form Shillito-Rike's
Robinsons-May 199320052006Converted to Bloomingdale's and Macy's
Sanger Brothers 186819511961Merged with A. Harris and Company to form Sanger-Harris
Sanger-Harris 196119611987Converted to Foley's
Shillito's 183019291982Merged with Rike's to form Shillito-Rike's
Shillito-Rike's198219821986Converted to Lazarus
Stern's 186719882001Converted to Bloomingdale's and Macy's
Strawbridge's 186820052006Converted to Macy's
Weinstock's 192419951995

Criticism

The conversion of Marshall Field's in Chicago was particularly criticized, with many customers boycotting its historic State Street flagship store. The Chicago Tribune continues to report on the poor reception of Macy's in Chicago. Pittsburgh customers also strongly resisted the name change from Kaufmann's, in part because of the Kaufmann family role in Pittsburgh history, as well as the central store's Christmas windows and holiday parade.

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References

  1. ↑ "Macy's, Inc. 2018 Annual Report (Form 10-K)". sec.gov. U.S. Securities and Exchange Commission. February 2019.
  2. ↑ "Store Count and Square Footage". Macy's, Inc. Archived from the original on 2019-03-23. Retrieved 2022-11-19.
  3. ↑ Deloitte, Switching Channels: Global Powers of Retailing 2012, January 2012, at pp. G11 and G27.
  4. ↑ "Fred Lazarus 3d, 84, Retailing Executive". The New York Times. 4 August 1996. Retrieved 2018-06-25.
  5. ↑ Feran, Tim. "Store executive Robert Lazarus Jr. was community pillar". The Columbus Dispatch. Retrieved 2018-06-25.
  6. ↑ "Business – The Enquirer – October 12, 1997". enquirer.com. Retrieved 2018-06-25.
  7. ↑ "History of Federated Department Stores, Inc. – FundingUniverse". www.fundinguniverse.com. Retrieved 20 October 2019.
  8. ↑ "Federated to Buy Twin Fair Stores", The New York Times, March 27, 1982 (accessed August 26, 2008).
  9. ↑ "Federated Stores". The New York Times. 10 October 1983. Retrieved 2018-06-25.
  10. ↑ Mayer, Caroline E. (March 16, 1988). "Macy's counters Campeau with new Federated bid". The Washington Post .
  11. ↑ Mayer, Caroline E. (1988-04-02). "Federated Stores Accepts Campeau Takeover Offer". The Washington Post . ISSN   0190-8286 . Retrieved 2018-06-25.
  12. ↑ "Federated, Allied file for Chapter 11 bankruptcy". UPI. Retrieved 2018-06-25.
  13. ↑ Loomis, Carol (18 June 1990). "The biggest looniest deal ever". CNN Money. Retrieved 8 April 2024. In January, days before the filing, Campeau Corp.'s board, by then strongly influenced by the Reichmanns, stripped Bob Campeau of authority over retailing and put the operation on its own. Then the board put Federated, Allied, and 65 subsidiaries into Chapter 11. As boss of what is now called Federated Stores Inc., the directors installed G. William Miller
  14. ↑ Lazzareschi, Carla (4 February 1992). "Ex-Creditors Acquire Ralphs Supermarkets". Los Angeles Times. Retrieved 20 October 2019.
  15. ↑ "Federated to Buy Broadway Stores For $1.6 Billion". The New York Times . August 15, 1995.
  16. ↑ "The Cincinnati Enquirer from Cincinnati, Ohio on November 10, 2001 · Page 27". Newspapers.com. Retrieved 2018-06-25.
  17. ↑ "Federated Settles for Millions," BCD News and Comment. Vol. 32:1. March 3, 1998.
  18. ↑ "Federated Department Store Settles FTC Action for 8 Million," Consumer Financial Services Law Report. Vol. 3:1. June 11, 1999.
  19. ↑ "FTC and Federated Settle Reaffirmation Claims," Consumer Bankruptcy News, Vol. 8:19. June 17, 1999.
  20. ↑ "Exhibit10.1 11012014". www.sec.gov. Retrieved 2018-06-25.
  21. ↑ Liberty House (department store)
  22. ↑ Fasig, Lisa (2 June 2005). "Federated to sell credit card business for $4.5 billion".
  23. ↑ Federated Agrees to Sell Bridal Group, Federated Department Stores, Inc., November 17, 2006.
  24. ↑ "Yahoo Finance - Stock Market Live, Quotes, Business & Finance News".
  25. ↑ "Federated Plans Corporate Name Change", Federated Department Stores, February 27, 2007.
  26. ↑ Read, Madlen (March 28, 2007). "Federated Plans 'M' Stock Ticker". Yahoo Business. AP. Archived from the original on May 4, 2007.
  27. ↑ Witkowski, Wallace (April 4, 2008). "Moody's may downgrade Macy's on weak credit". MarketWatch. Retrieved 2015-05-24.
  28. ↑ "macysinc.com UVs for April 2015". siteanalytics.compete.com. Archived from the original on 2011-05-22. Retrieved 2015-05-24.
  29. ↑ Malcolm, Hadley (October 14, 2013). "Most Macy's stores will open at 8 p.m. on Thanksgiving". USA Today. Retrieved October 15, 2013.
  30. ↑ Moin, David (February 26, 2014). "Macy's Sets Strategy to Keep Momentum". WWD. Retrieved February 26, 2014.
  31. ↑ Isidore, Chris (2015-09-09). "Macy's closing up to 40 more stores". CNNMoney.
  32. ↑ Lauren Thomas (November 18, 2021). "Macy's shares surge on upbeat earnings, decision to hire AlixPartners to review business". CNBC. Retrieved February 10, 2022.
  33. ↑ Fonrouge, Gabrielle; Picciotto, Rebecca (2023-12-10). "Macy's receives $5.8 billion buyout offer, sources say". CNBC. Retrieved 2023-12-11.
  34. ↑ Valinsky, Jordan (January 22, 2024). "Macy's rejects a $5.8 billion unsolicited takeover offer". CNN Business.
  35. ↑ Mishra, Savyata (March 4, 2024). "Macy's surges after investor group sweetens take-private bid to $6.6 bln". Reuters.
  36. ↑ "Macy's to close 150 stores, or about 30% of its locations - CBS News". CBS News . 27 February 2024.
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