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• A traditional department store, like a less luxury Nordstrom.
• A more fashion-focused and upscale version of Target.
• Like a more mainstream Harrods, but for the American market.

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• Apparel: Macy's sells a wide range of clothing for women, men, and children, including casual wear, formal attire, and activewear.
• Accessories: The company offers various accessories such as shoes, handbags, jewelry, watches, and hosiery to complement personal style.
• Beauty Products: Macy's provides an extensive selection of cosmetics, skincare, and fragrances from numerous prestige and mass-market brands.
• Home Goods: Customers can purchase items for their homes, including bedding, bath linens, kitchenware, decorative items, and small appliances.
• Macy's Credit Card: This proprietary credit card offers customers financing options, rewards, and exclusive discounts for purchases made at Macy's stores and online.

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1. Mainstream Middle to Upper-Middle Income Shoppers: This large segment seeks a wide variety of national and private-label brands across apparel, home goods, and beauty. They value selection, convenience, and often look for quality items at competitive prices, frequently taking advantage of sales and loyalty programs.
2. Fashion-Conscious Consumers: Individuals across various age groups who are interested in current trends, designer labels (including accessible luxury and Macy's exclusive brands), and curated collections in clothing, accessories, and cosmetics. They often prioritize style and brand recognition.
3. Occasional Shoppers and Gift-Givers: This group may not shop at Macy's frequently but turns to the store for specific needs such as holiday shopping, special occasion attire (e.g., weddings, proms), home upgrades, or when purchasing gifts for others due to its extensive range of departments and products.

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• Ralph Lauren Corporation (RL)
• PVH Corp. (PVH)
• Capri Holdings Limited (CPRI)
• Estee Lauder Companies Inc. (EL)
• Levi Strauss & Co. (LEVI)
• Nike, Inc. (NKE)

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Tony Spring, Chairman and Chief Executive Officer

Tony Spring assumed the role of Chief Executive Officer of Macy's, Inc. in February 2024 and was appointed Chairman of the Board in April 2024. He previously served as President of Macy's, Inc. since March 2023. From 2014 to 2023, he was Chairman and Chief Executive Officer of Bloomingdale's, overseeing all facets of the business, including merchandising, marketing, operations, stores, and online. He began his career at Bloomingdale's in 1987 as an executive merchandise trainee.

Thomas J. Edwards, Chief Operating Officer and Chief Financial Officer

Thomas J. Edwards will become Chief Operating Officer and Chief Financial Officer of Macy's, Inc., effective June 22, 2025. In this role, he will be responsible for a range of financial and operational functions. Prior to Macy's, Inc., he was Chief Financial Officer, Chief Operating Officer, and Executive Vice President of Capri Holdings Ltd from April 2017 to June 2025. His previous experience also includes serving as Executive Vice President and Chief Financial Officer at Brinker International, Inc. and holding senior-level financial positions at Wyndham Worldwide.

Barbie Cameron, Chief Stores Officer

Barbie Cameron was appointed as Chief Stores Officer on February 16, where she leads store operations across the Macy's nameplate.

Nata Dvir, Chief Merchandising Officer

Nata Dvir was appointed Macy's Chief Merchandising Officer in February 2021. In September 2017, Dvir was named Macy's General Business Manager for Beauty, a role in which she transformed the cosmetics and fragrance business.

Danielle Kirgan, Chief Human Resources and Corporate Affairs Officer

Danielle Kirgan serves as the Chief Human Resources and Corporate Affairs Officer for Macy's, Inc.

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The key risks to Macy's business are multifaceted, primarily stemming from the evolving retail landscape and broader economic conditions.

1. Intense Competition and Shifting Consumer Preferences: Macy's faces significant threats from a highly competitive retail environment, including e-commerce giants like Amazon, fast-fashion retailers, specialty online brands, and other department stores. There is a sustained shift in consumer behavior towards online shopping, convenience, personalized experiences, and often lower prices, which has led to declining mall traffic and challenged the traditional department store model.
2. Execution Risk of "Bold New Chapter" Turnaround Strategy: Macy's is undergoing a major restructuring as part of its "Bold New Chapter" strategy, which includes closing 150 underperforming stores by 2026 and reinvesting in approximately 350 "go-forward" locations. The successful execution of this complex strategy presents challenges related to workforce changes, potential supply chain issues, maintaining customer loyalty during the transition, and the inherent risk of a large-scale strategic pivot. This initiative has already contributed to a decline in net sales.
3. Macroeconomic Headwinds and Volatile Consumer Spending: The company is vulnerable to broader economic uncertainties, including inflation, weak consumer sentiment, and changes in disposable income. These macroeconomic factors directly impact discretionary retail spending, which can lead to declining sales and pressure on Macy's profitability, particularly in a challenging economic environment.

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1. **Ultra-fast fashion and direct-from-manufacturer e-commerce platforms (e.g., Shein, Temu):** These platforms leverage highly agile supply chains, real-time trend data, and aggressive pricing strategies to rapidly bring new, low-cost apparel and home goods to market. This model directly challenges Macy's traditional sourcing, merchandising, and pricing structures, particularly in attracting younger, trend-conscious consumers who prioritize frequent newness and value over traditional brand curation or physical shopping experiences. Their scale and speed represent a fundamentally different operational paradigm in retail.

2. **The accelerating growth and mainstream adoption of recommerce and resale platforms:** Platforms like Poshmark, ThredUp, and The RealReal are increasingly normalizing and facilitating the purchase of second-hand apparel, accessories, and home goods. This trend is driven by consumer desire for value, sustainability, and unique items, diverting significant discretionary spending away from new, full-price merchandise typically sold by Macy's. While not entirely new, the sophistication, scale, and cultural acceptance of these platforms have grown significantly, making them a clear emerging threat to traditional new-goods retailers.

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Macy's main products and services primarily include apparel, beauty and personal care products, and home furnishings.

• Apparel: The addressable market for apparel in the U.S. is estimated at approximately $395 billion in 2025.
• Beauty and Personal Care Products: The addressable market for beauty and personal care products in the U.S. is estimated to be $130.25 billion in 2025.
• Home Furnishings/Home Decor: The addressable market for home decor in the U.S. is estimated at $215.21 billion in 2025.

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Macy's, Inc. (M) is focusing on several key drivers to fuel future revenue growth over the next 2-3 years as part of its "Bold New Chapter" strategy:

• Accelerated Growth of Luxury Brands: Macy's plans to leverage its strong performance in the luxury market through Bloomingdale's and Bluemercury. This includes expanding their store fleets and digital presence, with approximately 15 new Bloomingdale's stores and at least 30 new Bluemercury stores and 30 remodels anticipated over the next three years. Bloomingdale's and Bluemercury have consistently shown positive comparable sales growth.
• Strategic Store Optimization and Investment in "Go-Forward" Locations: The company is closing approximately 150 underperforming Macy's stores by 2026 to focus investments on about 350 "go-forward" locations. These revitalized "Reimagine 125" locations (an expansion of the "First 50" initiative) have demonstrated positive comparable sales growth, indicating successful customer engagement through improved experiences, staffing, merchandising, and localized events.
• Enhancement of Digital and Omnichannel Capabilities: Macy's aims to improve its digital presence by enhancing site navigation, refining pricing algorithms, and providing a seamless omnichannel experience. Personalized recommendations are also a focus to combat declining foot traffic and cater to evolving consumer preferences.
• Expansion of Private Brands: Macy's intends to increase the contribution of its private brands to overall sales, with a long-term goal of reaching 25% of sales by 2025. This strategy aims to enhance margins and provide greater control over product offerings.
• Growth of the Macy's Media Network: The company is developing its Macy's Media Network as a new revenue stream, designed to monetize its e-commerce traffic through increased advertiser and campaign counts.

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Share Repurchases

• Macy's Board of Directors authorized a $2.0 billion share repurchase program on February 22, 2022, with no expiration date.
• As of the end of the second quarter of 2025, approximately $1.2 billion remained under the share repurchase authorization.
• The company repurchased $500 million in shares in 2022 and $601 million in 2023, but did not repurchase shares under the program in 2024. In the first half of 2025, Macy's repurchased 12.6 million shares for $151 million.

Share Issuance

• Information regarding the specific dollar amount of shares issued by Macy's over the last 3-5 years is not available in the provided search results.

Inbound Investments

• In January 2024, Macy's rejected a $5.8 billion buyout offer from Arkhouse Management and Brigade Capital Management.

Outbound Investments

• Macy's is focusing investments on expanding its luxury nameplates, planning to open 45 Bloomingdale's stores and 30 Bluemercury stores, and remodeling an additional 30 Bluemercury stores.
• In fiscal year 2024, Macy's opened 32 new stores across various nameplates and formats as part of its investment strategy.
• The company's "Bold New Chapter" strategy involves reallocating capital from underproductive Macy's stores to more promising locations.

Capital Expenditures

• For fiscal year 2024 (ended February 1, 2025), Macy's capital expenditures were $882 million. These expenditures were primarily for digital and technology investments, omni-channel capabilities, and investments in current and new stores.
• In fiscal year 2023 (ended February 3, 2024), capital expenditures were $631 million.
• For fiscal year 2022 (ended January 28, 2023), capital expenditures were $1,295 million.
• Macy's expects capital expenditures to be approximately $800 million for fiscal year 2025, with a continued focus on digital and technology investments, go-forward locations, small format store openings, and omni-channel capabilities.