Macy's Profile

Headquarters: 151 West 34th Street
New York, NY 10001
212-494-1602
Employees: 90,000
CEO: Jeff Gennette
Stock SymbolM

Websitehttp://www.macysinc.com

Career Page

Macy's, Inc. is the nation's largest department store retailer. The company operates 726 department stores under the Macy's and Bloomingdale's brands, and specialty stores that include Bloomingdale's Outlet, Bloomie's, Bluemercury and Macy's Backstage, in the U.S., Guam and Puerto Rico

With intense competition in retailing and from online stores like Amazon.com, sales have declined at Macy's over the past several years and the company has closed hundreds of stores.

Macy's has been focusing on improving its top 150 stores that make up the bulk of company sales.

In fiscal 2020, Macy's reported total revenues of $17.34 billion, down from $24.56 billion the previous year due to coronavirus shutdowns. The company reported a net loss of $3.9 billion.

The company opened a new Bloomie's store in Fairfax, VA in August 2021 with a smaller size of just 22,000 square feet.

In 2020, the company decided to consolidate headquarters to New York City and shut down its offices in Cincinnati. The Macys.com digital headquarters in San Francisco also relocated to NYC.

The company's flagship store on Herald Square in Manhattan, which opened in 1902, is the world's largest department store and a popular New York City destination. The company renovated the flagship store in 2015 and announced plans to build an office tower above the store.

Macy's sponsors the annual Fourth of July Fireworks show in New York City and the Thanksgiving Day Parade.

Macy's inked a deal with Toys R'Us to open toy stores within 400 Macy's locations beginning in 2022.

The company announced it will raise worker pay to a minimum of $15 per hour by spring 2022. The company also plans to offer a new tuition and education program for workers.

History

Macy's history is a combination of many great retailers forming to become one.

Rowland H. Macy opens R.H. Macy & Co. as a dry goods store in New York City in 1858. First-day sales totaled $11.06. First year sales would total $86,000. The Straus family acquired a general partnership with Macy's in 1888.

In 1872, the Bloomingdale Brothers, Inc. was founded in New York City by Lyman and Joseph Bloomingdale. First-day sales totaled $3.68.

In 1902, Macy's moves to Herald Square in New York City. In 1924, Macy's Herald Square location becomes largest store in the world, following completion of 7th Avenue addition. Also, 10,000 people watch Macy's first Thanksgiving Day parade

Federated Department stores was born on March 1929 through the combination of Abraham & Straus of Brooklyn, Filene's of Boston, F&R Lazarus & Co. of Columbus, OH and Bloomingdale's of New York. As the company emerged from the Great Depression and World War II, Federated would experience significant growth. New shopping malls began to sprout across the country beginning in the 1960s and these centers would greatly expand Federated sales as it became anchor tenants in the malls.

Federated acquired May Department Stores in 2005. In September 2006, 400 former May stores around the country converted their names to Macy's. These regional stores include Marshall Field's, Filene's, Hecht's/Strawbridge's, Kaufmann's and Robinsons-May.

The company today operates only Macy's and Bloomingdale's stores, with both brands expanding nationwide.

The company sold the Lord and Taylor chain in 2006 to a private equity firm for $1.195 billion in cash. Federated also sold off its bridal division made up of David's Bridal and Priscilla of Boston for $850 million. The sale includes 273 David's Bridal stores and 10 Priscilla of Boston locations.

Federated also unloaded its 507-store After Hours Formalwear business, which includes Mr. Tux stores in New England, to Houston-based Men's Wearhouse for approximately $100 million.

The company became Macy's Inc. in June 2007.

In September 2015, Macy's opened three new discount stores called Macy's Backstage in Brooklyn, Queens and Long Island, NY. The stores offer discounted designer merchandise and are 25,000-35,000 square feet in size.

Jeff Gennette was named new President and CEO of Macy's Inc. in March, 2017. He succeeded Terry Lundgren, who remains executive chairman of the company.

Benefits

The following info is for corporate employees:

Medical and Dental Benefits
It's a simple principle - we help keep you healthy; you help keep us strong. With a variety of medical/dental plans and options, you are sure to find one that's right for you and your family.
Domestic Partner Benefits
We recognize non-traditional family units, and provide health care benefits options to meet those needs
Short-Term Disability
For life's unexpected speed bumps, we provide short-term disability benefits. Through this program, you are eligible to receive income protection in the event of an illness or injury.
Group Travel Insurance
Take comfort in knowing that your family is protected. Our group travel insurance program means one less worry.
Optional Life Insurance, Accidental Death & Dismemberment and Long Term Disability are also available.
Health Care Flexible Spending Account
Use pre-tax dollars to take care of those expenses not covered by health or dental insurance.

Profit Sharing 401(k) Investment Plan
This is the most enriching form of retirement savings a company can offer. Upon qualifying for enrollment, contributions may be made on a pre-tax or after-tax basis. And of course, the plan includes a generous annual company match.
Cash Account Pension Plan
A 100% company-paid program that provides you with a level of additional savings for retirement.
Macy's, Inc. Credit Union Membership
Meet all of your banking needs through membership in the New Horizons Credit Union - available to all Macy's Corporate Services' associates and their families.
Direct Deposit
Your paycheck can be automatically deposited into your bank account for your safety and convenience.
Tuition Reimbursement
Have up to 100% of the cost of your eligible college classes paid for through our tuition reimbursement program.
Dependent Care Spending Account
Set aside pre-tax dollars each month to pay for the cost of child or elder care.
Flexible Transportation Program
Elect to have money deducted pre-tax each month to pay for parking or public transportation.

Paid Vacation and Holidays
Everyone needs a break. We know that your job satisfaction hinges on a reasonable work/life balance. Our liberal vacation and holiday policies encourage you to get away and enjoy life.
Employee Assistance Program
This confidential service allows you to manage some of life's most stressful times by providing you with consultation, referrals, and educational materials.
Community Service
One surefire way to make your life more meaningful is to get involved in the lives of others. Our Partners in Time volunteerism program will help you do just that.
Business Casual Dress
Our business casual dress policy - 5 days a week - helps create a relaxed, yet professional atmosphere.
Alternative Work Schedules
Take the opportunity to integrate work with personal and family needs by working a flexible schedule, a part time schedule or job-sharing with an associate in your work area.
Summer Work Hours
Enjoy a longer weekend by condensing your workweek during selected weeks of the summer.

Regular employees qualify for a 20% discount on most merchandise sold in Macy's.