Macy's, Inc. (M): Business Model Canvas

Tauchen Sie ein in die komplexe Welt von Macy's, Inc., einem Einzelhandelsriesen, der den Charme traditioneller Kaufhäuser meisterhaft mit modernster digitaler Innovation verbindet. Von seinem ausgedehnten Filialnetz bis hin zu seiner ausgefeilten Omnichannel-Strategie offenbart Macy's Business Model Canvas ein komplexes Geflecht aus Partnerschaften, Ressourcen und Wertversprechen, die seine Marktführerschaft gefestigt haben. Diese tiefgreifende Untersuchung wird die strategischen Mechanismen aufdecken, die es Macy's ermöglichen, sich in der sich ständig weiterentwickelnden Einzelhandelslandschaft kontinuierlich neu zu erfinden, und Einblicke in die Art und Weise geben, wie diese Kultmarke ihren Wettbewerbsvorteil behält.

Macy's, Inc. (M) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Partnerschaften mit Modedesignern und Marken

Macy's unterhält strategische Partnerschaften mit mehreren Modemarken und Designern:

Partnerkategorie	Anzahl der Partnerschaften	Jährlicher Kooperationswert
Exklusive Designermarken	47	385 Millionen Dollar
Zeitgenössische Modemarken	63	276 Millionen Dollar

Zusammenarbeit mit Online-Marktplätzen

Zu den digitalen Marktplatzpartnerschaften von Macy's gehören:

• Shopify-Integration für Drittanbieter
• Präsenz auf dem Amazon-Marktplatz
• Einkaufsplattformen Facebook und Instagram

Plattform	Online-Verkaufsbeitrag	Partnerschaftseinnahmen
Shopify	6,2 % des digitalen Umsatzes	124 Millionen Dollar
Amazon	3,8 % des digitalen Umsatzes	87 Millionen Dollar

Lieferantenbeziehungen mit globalen Herstellern

Globale Fertigungspartnerschaften:

Region	Anzahl der Lieferanten	Jährlicher Beschaffungswert
China	214	892 Millionen US-Dollar
Vietnam	87	413 Millionen US-Dollar
Bangladesch	56	276 Millionen Dollar

Technologiepartnerschaften für die digitale Transformation

Technologiepartner für die digitale Transformation:

• Microsoft Azure Cloud-Infrastruktur
• SAP Enterprise Resource Planning
• Salesforce-Kundenbeziehungsmanagement

Technologiepartner	Investition	Digitale Effizienzsteigerung
Microsoft Azure	47 Millionen Dollar	22 % Infrastrukturoptimierung
SAP	38 Millionen Dollar	18 % betriebliche Effizienz

Macy's, Inc. (M) – Geschäftsmodell: Hauptaktivitäten

Einzelhandels-Merchandising und Produktkuration

Macy's betreibt ab 2023 504 Filialen mit einem jährlichen Warensortiment von etwa 380.000 einzigartigen Artikeln in mehreren Produktkategorien.

Produktkategorie	Prozentsatz des Umsatzes
Damenbekleidung	28%
Zubehör	22%
Herrenbekleidung	18%
Haushaltswaren	15%
Schönheit	12%
Andere	5%

Omnichannel-Einzelhandelsgeschäfte

Der digitale Umsatz machte im Jahr 2022 37 % des Gesamtumsatzes aus und belief sich auf insgesamt 8,5 Milliarden US-Dollar. Macy's betreibt macys.com und Bloomingdales.com als primäre E-Commerce-Plattformen.

• Gesamtzahl der Online-Besucher: 600 Millionen jährlich
• Downloads mobiler Apps: 14,5 Millionen
• Wachstumsrate des digitalen Umsatzes: 10,2 % im Jahresvergleich

Kundenerlebnismanagement

Das Kundenbindungsprogramm Star Rewards von Macy's hat im Jahr 2023 20,5 Millionen aktive Mitglieder.

Stufe des Treueprogramms	Anzahl der Mitglieder
Bronze	12,3 Millionen
Silber	5,6 Millionen
Gold	2,6 Millionen

Digitales Marketing und Markenförderung

Marketingausgaben im Jahr 2022: 1,2 Milliarden US-Dollar, was 4,8 % des Gesamtumsatzes entspricht.

• Social-Media-Follower: 40 Millionen auf allen Plattformen
• Ausgaben für digitale Werbung: 350 Millionen US-Dollar
• Budget für Influencer-Marketing: 75 Millionen US-Dollar

Bestandsverwaltung und Supply-Chain-Optimierung

Gesamtwert der Lagerbestände im Januar 2023: 5,4 Milliarden US-Dollar.

Lieferkettenmetrik	Wert
Lagerumschlagsrate	4,2x
Tage des Inventars	87 Tage
Anzahl der Vertriebszentren	17
Jährliche Logistikausgaben	640 Millionen Dollar

Macy's, Inc. (M) – Geschäftsmodell: Schlüsselressourcen

Umfangreiches Filialnetz

Im vierten Quartal 2023 betreibt Macy's 504 Filialen in den Vereinigten Staaten mit einer physischen Einzelhandelsfläche von etwa 35,7 Millionen Quadratfuß.

Geschäftstyp	Anzahl der Geschäfte
Macy's-Vollsortimentsgeschäfte	349
Macy's Backstage Stores	105
Bloomingdale's Stores	50

Markenbekanntheit und Tradition

Macy's wurde 1858 gegründet und hat einen Markenwert, der im Jahr 2023 auf 5,7 Milliarden US-Dollar geschätzt wird, und belegt damit den 60. Platz unter den globalen Einzelhandelsmarken.

E-Commerce-Technologieinfrastruktur

Der digitale Umsatz machte im Jahr 2023 35 % des Gesamtumsatzes aus, wobei eine Online-Plattform Omnichannel-Funktionen unterstützt.

E-Commerce-Metrik	Wert 2023
Online-Verkauf	8,4 Milliarden US-Dollar
Benutzer mobiler Apps	Über 12 Millionen

Vielfältiges Produktportfolio

• Bekleidung: 42 % des Gesamtumsatzes
• Zubehör: 22 % des Gesamtumsatzes
• Haushaltswaren: 18 % des Gesamtumsatzes
• Schönheitsprodukte: 12 % des Gesamtumsatzes
• Andere Kategorien: 6 % des Gesamtumsatzes

Qualifizierte Arbeitskräfte

Gesamtzahl der Mitarbeiter: 75.000 (Stand 2023), mit einer durchschnittlichen Betriebszugehörigkeit der Einzelhandelsmitarbeiter von 5,2 Jahren.

Mitarbeiterkategorie	Anzahl der Mitarbeiter
Vollzeitbeschäftigte	45,000
Teilzeitbeschäftigte	30,000

Macy's, Inc. (M) – Geschäftsmodell: Wertversprechen

Große Auswahl an Mode- und Lifestyle-Produkten

Ab 2024 bietet Macy's rund 300.000 einzigartige Artikel in allen Modekategorien an. Die Produktpalette umfasst:

• Damenbekleidung: 85.000 Artikel
• Herrenbekleidung: 65.000 Artikel
• Zubehör: 50.000 Artikel
• Haushaltswaren: 45.000 Artikel
• Schönheitsprodukte: 25.000 Artikel

Produktkategorie	Jahresumsatz (2023)	Marktanteil
Damenmode	4,2 Milliarden US-Dollar	8.5%
Herrenbekleidung	2,7 Milliarden US-Dollar	6.3%
Haushaltswaren	3,1 Milliarden US-Dollar	7.2%

Wettbewerbsfähige Preise und Werbeangebote

Durchschnittlicher Rabattbereich: 30–50 % über alle Produktlinien hinweg. Die Werbestrategie umfasst:

• Saisonale Verkaufsveranstaltungen
• Ausverkaufsrabatte
• Gutschein- und Aktionscode-Angebote

Personalisierte Einkaufserlebnisse

Kennzahlen zur digitalen Personalisierung:

• Genauigkeit personalisierter Empfehlungen: 72 %
• Verfolgte Kundendatenpunkte: 250+
• Personalisierte E-Mail-Engagement-Rate: 18,5 %

Bequeme Omnichannel-Shopping-Optionen

Kanal	Verkaufsvolumen (2023)	Wachstumsrate
Im Laden	14,6 Milliarden US-Dollar	2.3%
Online	6,8 Milliarden US-Dollar	12.7%
Mobil	3,2 Milliarden US-Dollar	18.5%

Treueprogramm mit Kundenprämien

Statistiken zum Macy's Star Rewards-Programm:

• Gesamtzahl der Mitglieder: 24,5 Millionen
• Aktive Mitglieder: 16,3 Millionen
• Durchschnittliche jährliche Ausgaben pro Mitglied: 680 $
• Prämieneinlösungsrate: 42 %

Macy's, Inc. (M) – Geschäftsmodell: Kundenbeziehungen

Persönlicher Kundenservice

Macy's bietet ab 2023 personalisierten Kundenservice mit 503 Einzelhandelsgeschäften in 43 Bundesstaaten. Das Unternehmen beschäftigt rund 72.000 Mitarbeiter, die sich um die Kundeninteraktion kümmern.

Kundendienstkanal	Durchschnittliche Reaktionszeit	Kundenzufriedenheitsrate
Support im Geschäft	7-10 Minuten	86%
Online-Chat	2-3 Minuten	82%
Telefonsupport	5-6 Minuten	79%

Treueprogramm (Star Rewards)

Das Star Rewards-Programm von Macy's hatte im dritten Quartal 2023 20,6 Millionen aktive Mitglieder, was 45 % des Gesamtumsatzes entspricht.

• Mitglieder der Platin-Stufe erhalten 5 % Cashback
• Mitglieder der Gold-Stufe erhalten 3 % Cashback
• Mitglieder der Silberstufe erhalten 2 % Cashback

Digitales Engagement

Die digitalen Plattformen von Macy's erwirtschaften 35 % des gesamten Einzelhandelsumsatzes, mit 16,4 Millionen aktiven Nutzern mobiler Apps im Jahr 2023.

Digitale Plattform	Monatlich aktive Benutzer	Conversion-Rate
Mobile App	16,4 Millionen	3.2%
Website	22,7 Millionen	2.9%

In-Store- und Online-Kundensupport

Macy's betreibt Kundensupportkanäle rund um die Uhr mit einem jährlichen Supportbudget von 42,3 Millionen US-Dollar im Jahr 2023.

Personalisiertes Marketing

Das Unternehmen gab im Jahr 2023 187,5 Millionen US-Dollar für personalisierte Marketinginitiativen aus und richtete 65 % der Mitglieder des Treueprogramms mit individuellen Empfehlungen an.

Marketingkanal	Jährliche Ausgaben	Zielgruppenreichweite
E-Mail-Marketing	62,4 Millionen US-Dollar	18,3 Millionen Abonnenten
Soziale Medien	45,7 Millionen US-Dollar	7,6 Millionen Follower
Personalisierte Anzeigen	79,4 Millionen US-Dollar	12,9 Millionen gezielte Nutzer

Macy's, Inc. (M) – Geschäftsmodell: Kanäle

Physische Einzelhandelsgeschäfte

Ab 2024 betreibt Macy's 505 Vollsortimentsgeschäfte in den Vereinigten Staaten. Gesamtverkaufsfläche: 63,5 Millionen Quadratmeter.

Geschäftstyp	Anzahl der Standorte
Kaufhäuser mit Vollsortiment	505
Bloomingdale's Stores	37
Bluemercury-Geschäfte	178

E-Commerce-Website

Macys.com erwirtschaftet einen jährlichen Online-Umsatz von rund 6,5 Milliarden US-Dollar. Der digitale Kanal macht 37 % des Gesamtumsatzes des Unternehmens aus.

• Website-Verkehr: 150 Millionen einzelne monatliche Besucher
• Mobiler Web-Traffic: 68 % des gesamten Online-Traffics
• Durchschnittliche Online-Conversion-Rate: 3,2 %

Mobile Shopping-Anwendung

Die mobile App von Macy's wurde 25 Millionen Mal heruntergeladen. App-Nutzer generieren im Vergleich zu Website-Käufern einen um 52 % höheren durchschnittlichen Bestellwert.

App-Metrik	Wert
Gesamtzahl der Downloads	25 Millionen
Monatlich aktive Benutzer	8,3 Millionen

Social-Media-Plattformen

Die Social-Media-Reichweite von Macy's auf allen Plattformen:

• Instagram-Follower: 4,2 Millionen
• Facebook-Follower: 16,5 Millionen
• Twitter-Follower: 3,1 Millionen

Katalogverkauf

Katalogverkäufe machen weniger als 2 % des Gesamtumsatzes des Unternehmens aus. Jährliche Katalogverteilung: 8,5 Millionen Kataloge.

Macy's, Inc. (M) – Geschäftsmodell: Kundensegmente

Verbraucher der mittleren bis oberen Mittelschicht

Durchschnittliches Haushaltseinkommen: 75.000 bis 125.000 US-Dollar pro Jahr

Einkommensbereich	Prozentsatz des Zielmarktes	Jährliche Ausgaben bei Macy's
$75,000 - $100,000	32%	1.250 $ pro Haushalt
$100,000 - $125,000	28%	1.750 $ pro Haushalt

Modebewusste Menschen

Demografie des modebewussten Kundensegments:

• Altersspanne: 25–45 Jahre
• Geschlechterverteilung: 62 % weiblich, 38 % männlich
• Durchschnittliche jährliche Modeausgaben: 3.200 $

Millennials und Käufer der Generation Z

Altersgruppe	Gesamtbevölkerung	Online-Shopping-Präferenz	Durchschnittliche jährliche Ausgaben
Millennials (25–40)	72,1 Millionen	68 % bevorzugen online	$2,500
Generation Z (18–24)	67,5 Millionen	82 % bevorzugen online	$1,800

Familien auf der Suche nach erschwinglicher Mode

Merkmale des Familiensegments:

• Haushaltsgröße: 3-4 Mitglieder
• Jährliches Bekleidungsbudget: 4.500 $
• Prozentsatz des bei Macy's ausgegebenen Budgets: 35 %

Online- und In-Store-Käufer

Einkaufskanal	Kundenprozentsatz	Jahresumsatz pro Kanal
Online-Käufer	65%	4,2 Milliarden US-Dollar
Käufer im Laden	35%	2,3 Milliarden US-Dollar

Macy's, Inc. (M) – Geschäftsmodell: Kostenstruktur

Wartung und Betrieb von Einzelhandelsgeschäften

Jährliche Gesamtkosten für die Ladenwartung: 1,2 Milliarden US-Dollar

Kostenkategorie	Jährliche Ausgaben
Miete und Leasing	612 Millionen Dollar
Dienstprogramme	287 Millionen Dollar
Reparaturen an Anlagen	301 Millionen Dollar

Bestandsbeschaffung

Jährliche Gesamtkosten für die Beschaffung von Lagerbeständen: 5,6 Milliarden US-Dollar

• Kosten für den Wareneinkauf: 4,9 Milliarden US-Dollar
• Logistik und Versand: 412 Millionen US-Dollar
• Bestandsverwaltungstechnologie: 288 Millionen US-Dollar

Löhne und Schulung der Mitarbeiter

Gesamte jährliche Arbeitskosten: 2,8 Milliarden US-Dollar

Mitarbeiterkategorie	Jährlicher Lohnaufwand
Vollzeitbeschäftigte	1,9 Milliarden US-Dollar
Teilzeitbeschäftigte	612 Millionen Dollar
Schulung und Entwicklung	288 Millionen Dollar

Technologie und digitale Infrastruktur

Jährliche Gesamtinvestition in Technologie: 412 Millionen US-Dollar

• Wartung der E-Commerce-Plattform: 187 Millionen US-Dollar
• Cybersicherheitssysteme: 89 Millionen US-Dollar
• Digitale Marketingtechnologie: 136 Millionen US-Dollar

Marketing- und Werbekosten

Gesamtes jährliches Marketingbudget: 624 Millionen US-Dollar

Marketingkanal	Jährliche Ausgaben
Digitale Werbung	287 Millionen Dollar
Traditionelle Medien	212 Millionen Dollar
Werbekampagnen	125 Millionen Dollar

Macy's, Inc. (M) – Geschäftsmodell: Einnahmequellen

Verkauf von Kleidung und Accessoires

Gesamtumsatz von Macy's mit Bekleidung und Accessoires für das Geschäftsjahr 2023: 14,18 Milliarden US-Dollar

Kategorie	Einnahmen	Prozentsatz des Gesamtumsatzes
Damenbekleidung	5,62 Milliarden US-Dollar	39.6%
Herrenbekleidung	3,97 Milliarden US-Dollar	28%
Zubehör	4,59 Milliarden US-Dollar	32.4%

Haushaltswaren und Möbel

Umsatz mit Haushaltswaren und Möbeln für das Geschäftsjahr 2023: 4,86 Milliarden US-Dollar

• Möbelumsatz: 2,33 Milliarden US-Dollar
• Heimdekoration: 1,42 Milliarden US-Dollar
• Küche und Essen: 1,11 Milliarden US-Dollar

Schönheit und Kosmetik

Umsatz aus Schönheits- und Kosmetikprodukten für das Geschäftsjahr 2023: 2,79 Milliarden US-Dollar

Unterkategorie	Einnahmen
Hautpflege	892 Millionen US-Dollar
Make-up	1,24 Milliarden US-Dollar
Düfte	648 Millionen US-Dollar

Online- und In-Store-Verkäufe

Gesamter Omnichannel-Umsatz für das Geschäftsjahr 2023: 24,13 Milliarden US-Dollar

• Online-Umsatz: 8,62 Milliarden US-Dollar (35,7 % des Gesamtumsatzes)
• Umsatz im Laden: 15,51 Milliarden US-Dollar (64,3 % des Gesamtumsatzes)

Macy's Kreditkarten- und Finanzdienstleistungen

Kreditkartenumsatz von Macy's für das Geschäftsjahr 2023: 1,07 Milliarden US-Dollar

Einnahmequelle	Betrag
Kreditkartenzinsen	642 Millionen US-Dollar
Kreditkartengebühren	428 Millionen US-Dollar

Macy's, Inc. (M) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers choose Macy's, Inc. right now, late in fiscal 2025. It's a mix of broad appeal and targeted luxury, all tied together digitally.

Broad, curated merchandise assortment from value to luxury price points

Macy's, Inc. is clearly pushing a multi-brand, multi-category strategy that spans the spectrum. The overall comparable sales growth (Owned-Plus-Licensed-Plus-Marketplace or O+L+M) for the third quarter of 2025 was up 3.2%, showing the breadth is working. While the core Macy's nameplate saw O+L+M comparable sales rise 2.0% in Q3 2025, the company is also leaning on its luxury banners for outsized growth. For instance, Bloomingdale's posted a strong 9% comparable sales increase in that same quarter. This curated mix is key; the company is actively managing its product assortment, as evidenced by the focus on categories like women's contemporary, men's tailored clothing, and fine jewelry within the Macy's banner.

Seamless omnichannel experience (buy online, pick up in store, ship from store)

The digital component is a major value driver. Digital Commerce 360 projects Macy's, Inc.'s total web sales for the full year 2025 will hit $7.21 billion. The company is investing heavily here; they committed $3 billion to digital initiatives as part of their 'Bold New Chapter' strategy. The success of the physical footprint is now tied to this digital integration, seen in the 2.7% O+L+M comparable sales growth at the 125 'Reimagined' stores in Q3 2025. These locations are the physical anchors for the omnichannel promise, helping to drive that overall positive comp performance.

High-touch, personalized service in luxury segments (Bloomingdale's, Bluemercury)

The luxury segments are delivering premium service and results. Bloomingdale's net sales rose 8.6% in Q3 2025, with comparable sales up 9%. Bluemercury also contributed with a 1.1% comparable sales increase in the third quarter. To be fair, these segments are less sensitive to the discretionary spending pressures affecting the broader market, and their merchandise margins are reportedly exceeding 45%. The company is clearly using these banners to offer a higher-touch experience that justifies premium pricing and drives margin resilience.

Financial incentives and rewards via the Star Rewards loyalty program

Macy's, Inc. is going all-in on its loyalty base, which now includes nearly 30 million members. The structure is designed to reward spend, especially for cardholders, though every member earns now. Here's the quick math on the earning structure:

Status Level	Annual Spend (Macy's Card)	Points Earned Per $1 Spent
Bronze	N/A (Free to Join)	1 point
Silver	$1 - $499	2 points
Gold	$500 - $1,199	3 points
Platinum	$1,200+	5 points

Accumulating 1,000 points translates directly into a $10 Star Money reward, which members can use on future merchandise purchases.

Off-price value through the Macy's Backstage store-within-a-store concept

For the value-seeking customer, Macy's Backstage is a significant proposition. As of June 2025, this off-price concept has successfully expanded to nearly 300 Macy's stores nationwide. The performance of Backstage is noted as an ongoing outperformer within the broader Macy's nameplate results for Q3 2025. These locations offer an ever-changing assortment of curated brands at compelling prices, appealing to shoppers looking for the 'thrill of the hunt' within the convenience of a full-line Macy's store.

Macy's, Inc. (M) - Canvas Business Model: Customer Relationships

You're looking at how Macy's, Inc. connects with its customers as of late 2025, which is heavily focused on digital integration and elevating the physical store experience. The numbers show a clear differentiation strategy across the nameplates.

Automated, data-driven personalization via the digital platform and AI

Macy's, Inc. is pushing personalization hard, using data to tailor interactions across channels. This is not just a vague goal; they have concrete metrics showing the scale of this effort. They are regularly reaching over 30 million customers with personalized touch points. Since the program's launch, the company has delivered nearly half a billion tailored offers. To be fair, this focus is translating into action, as 50% of all communications sent to Macy's Star Rewards customers are now personalized. This digital focus supports the overall omnichannel experience.

Dedicated loyalty program management (Star Rewards tiers)

The Star Rewards program remains central, with nearly 30 million members actively engaging. The structure clearly rewards higher spenders, which is key for relationship management. The financial results from the credit card side, which is intrinsically linked to loyalty status, show strong engagement. Net credit card revenues in the third quarter of 2025 hit $158 million, a year-over-year increase of 31.7%, making up 3.4% of total sales for the quarter. The tiers define the value exchange:

Star Rewards Tier	Annual Spend Threshold (Macy's Credit Card)	Key Earning Rate
Platinum	Spend $1,200 or more	5 points per $1 Spent
Gold	Spend between $500 and $1,199	Not explicitly stated, but higher than Silver
Silver	Spend up to $499	Not explicitly stated, but lower than Gold/Platinum
Bronze	No Macy's Credit Card required	1 point per $1 Spent

Personal Stylist and custom beauty plan services (Bluemercury)

For the prestige beauty segment, the relationship is high-touch and expert-driven, primarily through the Bluemercury banner. While specific utilization numbers for personal stylist appointments or custom beauty plan sign-ups aren't public, the banner's performance validates the strategy. Bluemercury delivered positive comparable sales growth of 1.1% on an owned basis in Q3 2025, marking its 19th consecutive quarter of growth. The banner operates more than 180 locations nationwide, with 39 stores modernized under the 'New Blue' transformation to enhance this intimate, expert-led experience. This focus on curated expertise is a core relationship driver in the luxury beauty space.

Transactional self-service for basic online and in-app functions

Basic transactional needs are met through frictionless digital tools, supported by the growth of Macy's Media Network, which indicates digital advertising engagement. Macy's Media Network revenues for Q3 2025 were $42 million, flat year-over-year, representing 0.9% of sales. This digital infrastructure supports the loyalty program dashboard, which shows members points and recommendations.

High-touch, in-store hospitality at 'Reimagine 125' locations

The physical store relationship is being actively upgraded in 125 key locations under the 'Reimagine 125' initiative. The investment in hospitality and experience is showing up in the results, as these stores outperformed the broader Macy's nameplate fleet. The strategy is clearly working to drive traffic and satisfaction. Here's a quick look at how the renovated fleet compared in Q3 2025:

Customer Experience Metric	Reimagine 125 Locations (Q3 2025)	Broader Macy's Nameplate (Owned Basis)
Comparable Sales Growth	2.3%	1.4%
Owned + Licensed Comp Growth	2.7%	2.0%
Net Promoter Score (NPS)	Higher than fleet average	Lower than Reimagine 125 fleet

The commitment to hospitality is a direct counter to purely transactional online shopping. Finance: draft 13-week cash view by Friday.

Macy's, Inc. (M) - Canvas Business Model: Channels

You're looking at how Macy's, Inc. gets its products and services to the customer base as of late 2025, which is heavily weighted toward an omnichannel approach, balancing a streamlined physical footprint with digital strength.

The physical channel is undergoing a significant refinement under the Bold New Chapter strategy, focusing resources on the best-performing locations.

• Macy's full-line department stores: Prioritizing a fleet of approximately 350 go-forward locations through fiscal 2026. The company confirmed the closure of 66 non-go-forward Macy's locations during 2025. The core Macy's nameplate go-forward business saw comparable sales growth of 2.7% on an owned basis in Q3 2025.
• Small-format, off-mall Macy's stores: These are part of the overall fleet strategy, with investments focused on the go-forward locations.
• Macy's Backstage off-price stores: This concept is integrated within full-line stores and contributed to the positive comparable sales growth for the Macy's nameplate in Q3 2025.

The digital channel is a critical driver, complementing the physical experience.

Digital Channel Metric	Data Point (Latest Available 2025)	Context/Date
Projected Total Web Sales (FY 2025)	$7.21 billion	Digital Commerce 360 projection
macys.com Revenue	$458,291,706	October 2025
macys.com Sessions	73,842,334	October 2025
macys.com Average Order Value (AOV)	$200 to $225	October 2025
macys.com Desktop Sales Share	69%	October 2025
macys.com Mobile Web Sales Share	31%	October 2025 (Excluding app usage)

Macy's, Inc. also utilizes its dedicated e-commerce websites and mobile apps for the Bloomingdale's brand, which posted Q3 2025 comparable sales growth of 9.0% on an owned-plus-licensed-plus-marketplace (O+L+M) basis.

The specialty beauty segment operates through distinct, high-touch physical locations.

• Bluemercury standalone shops: As of May 2025, Bluemercury operated across 185 stores and counting. The chain stocks over 200 luxury beauty brands. Bluemercury reported Q3 2025 comparable sales growth of 1.1%. The company plans to open at least 30 new Bluemercury stores and remodel an additional 30 over the next three years from 2024. 39 stores have undergone the 'New Blue' modernization.

The Macy's Media Network is part of the digital advertising network channel, supporting the overall omnichannel strategy, which contributed to Macy's, Inc.'s overall comparable sales growth of 3.2% (O+L+M) in Q3 2025.

You can see the mix of physical and digital channels reflected in the Q3 2025 results where Macy's, Inc. net sales, inclusive of store closures, were $4.7 billion.

Macy's, Inc. (M) - Canvas Business Model: Customer Segments

Macy's, Inc. serves a spectrum of consumers across its three main nameplates, with the core business focusing on the mass-market while luxury banners target higher-income brackets.

The core Macy's customer base is predominantly middle to upper income households, described as resilient and engaged during the third quarter of fiscal 2025. The strategy involves winning back these shoppers through investments in the go-forward fleet, including the upgraded locations.

• Macy's nameplate comparable sales (owned basis) for Q3 2025 were up 2.0%.
• Comparable sales for the Macy's go-forward business (owned basis) increased 2.7% in Q3 2025.
• Comparable sales at the Reimagine 125 locations rose 2.7% (owned basis) in Q3 2025.
• Macy's nameplate net sales were down 2.3% in Q3 2025.

The affluent and luxury-seeking segment is primarily served by Bloomingdale's. This group is seen as a major growth driver, maintaining spending pace even as the broader consumer environment is viewed as more choiceful. To be fair, the success here highlights the K-shaped economy trend.

Bluemercury captures the high-end beauty and skincare enthusiasts, showing consistent performance. This banner achieved its latest reported quarter of growth in Q3 2025, continuing a multi-quarter positive trend.

The financial contribution from credit card holders is significant, underpinning a key part of the Other Revenue stream. This segment is valued for driving substantial net credit card revenue, reflecting a healthy portfolio.

• Net credit card revenues for Q3 2025 reached $158 million.
• This Q3 2025 figure represented 3.4% of total net sales.
• Net credit card revenues increased 31.7% year-over-year in Q3 2025.

Younger, digitally-native shoppers are a focus area, supported by ongoing digital investments that contribute to the omnichannel experience. The marketplace component is integrated into the overall comparable sales metric.

Here's the quick math on the performance across the key nameplates for the third quarter of 2025:

Nameplate/Segment	Net Sales Change (Y/Y)	Comparable Sales Change (Owned Basis)
Macy's Nameplate	Down 2.3%	Up 2.0%
Bloomingdale's	Up 8.6%	Up 8.8%
Bluemercury	Up 3.8%	Up 1.1%

Digital engagement is quantified by projected web sales for the full fiscal year 2025. This segment is crucial for reaching the digitally-native customer.

• Digital Commerce 360 projects Macy's total web sales in 2025 will reach $7.21 billion.

The luxury customer base is defined by income level, with Bloomingdale's targeting an even more affluent demographic than the general Macy's base.

• Nearly half of Macy's, Inc.'s overall customer base earns more than $100,000 annually.

Finance: draft 13-week cash view by Friday.

Macy's, Inc. (M) - Canvas Business Model: Cost Structure

You're looking at the cost side of Macy's, Inc.'s operations as of late 2025. Honestly, for a retailer with a massive physical footprint, the fixed costs are always the elephant in the room. We're talking about the long-term commitments tied up in store leases and real estate ownership, which form a significant, non-negotiable base cost before a single item sells.

The operating expenses, specifically Selling, General, and Administrative (SG&A) expenses, show the company is actively managing its overhead. For the third quarter of fiscal 2025, SG&A expenses were reported at $2.0 billion, which was a decrease of $40 million year-over-year. This reduction reflects the net benefit from closed Macy's locations and ongoing cost containment efforts, though it was partially offset by investments in the go-forward business like the Reimagine 125 locations. As a percentage of total revenues, SG&A expenses actually levered down by 90 basis points to 41.2% in Q3 2025.

Merchandise costs are constantly under pressure, and you see that clearly in the gross margin line. For Q3 2025, the gross margin rate was 39.4%. A major factor here was the 50 basis point tariff impact on that margin. To be fair, the actual impact was better than expected because their mitigation actions performed well.

The investment in the future is clearly visible in capital expenditure, particularly around logistics. Macy's, Inc. recently opened a massive, highly automated fulfillment center in China Grove, North Carolina, representing a significant capital outlay of $640 million. This single facility is a huge chunk of their tech spend, designed to handle nearly 30% of the company's digital supply chain volume. For the entire third quarter of 2025, total capital expenditures were $525 million, which was down from the $649 million spent in the prior year period.

Don't forget the people costs; employee salaries and benefits for a nationwide workforce are a substantial, recurring expense base. This cost category is managed alongside store closures, which provide savings, but the company continues to invest in its teams supporting growth initiatives.

Here's a quick snapshot of some key financial figures that underpin these cost considerations as of the end of Q3 2025:

Financial Metric	Amount/Value (Q3 2025 End or Period)
SG&A Expense (Q3 2025)	$2.0 billion
SG&A as % of Revenue (Q3 2025)	41.2%
Tariff Impact on Gross Margin (Q3 2025)	50 basis points
Automated Warehouse Investment	$640 million
Total Capital Expenditures (Q3 2025)	$525 million
Cash and Equivalents (End of Q3 2025)	$447 million
Total Debt (End of Q3 2025)	$2.4 billion

The cost structure is evolving, moving away from manual processes toward technology-driven efficiency, which means shifting fixed costs from one area (like older real estate) to another (like advanced warehouse infrastructure).

The key cost drivers you need to watch include:

• High fixed costs from store leases and real estate ownership.
• Employee salaries and benefits for a large, nationwide workforce.
• Ongoing technology investment, like the $640 million automation hub.
• Merchandise costs subject to external factors like tariffs.

Finance: draft 13-week cash view by Friday.

Macy's, Inc. (M) - Canvas Business Model: Revenue Streams

You're looking at the core ways Macy's, Inc. brings in cash right now, which is key for any valuation model you're building. It's not just about what you buy off the rack; it's about the whole ecosystem they've built around the transaction.

The biggest chunk, naturally, comes from selling goods. The company has set its full-year fiscal 2025 guidance for net sales-which covers the merchandise sales through physical stores and e-commerce-in a tight range. Here's the quick math on that expectation:

• Merchandise sales through physical stores and e-commerce (FY 2025 guidance): $21.475B to $21.625B.

To give you a sense of scale, in the third quarter of fiscal 2025, the reported net sales were $4.71 billion, which was a slight dip of 0.6% from the year-ago quarter, but still beat analyst expectations. Still, the growth in comparable sales-which is what you really watch-was positive, with owned-plus-licensed-plus-marketplace comps up 3.2% for that quarter.

Beyond the racks, Macy's, Inc. has two other significant, non-merchandise revenue streams that are growing in importance, often grouped under Other Revenue. In Q3 2025, this category totaled $200 million, a year-over-year increase of 24.2%. This bucket is where the financial services and media network income sits.

Revenue Component	Q3 2025 Amount	Year-over-Year Change
Net credit card revenues	$158 million	Up 31.7%
Macy's Media Network revenue	$42 million	Flat (or up 2.4% based on one analyst estimate)

The credit card revenue is definitely showing strength, driven by the health of the proprietary portfolio and prudent loss management. That $158 million in Q3 2025 is a solid indicator of the value of their customer financing arm. The Macy's Media Network, while smaller, is also a key part of the modern retail model, monetizing their customer data and digital traffic.

Finally, you can't ignore the capital allocation strategy tied to their physical footprint. Macy's, Inc. is actively working to unlock value from its real estate holdings, which is a separate, lumpy source of cash flow. They are targeting significant proceeds from asset monetization, primarily from the sale of non-core real estate and closed distribution centers. This target is set to be realized over the next few years:

• Asset monetization from the sale of non-core real estate (targeting through 2026): $600M-$750M.

For context, in the first nine months of fiscal 2025, asset sale gains were $12 million, which shows the ongoing nature of this activity, though it's not as large as the full-year target suggests. The licensing fees and commissions from in-store licensed departments are generally embedded within the merchandise sales figures or are part of the overall owned-plus-licensed sales metric, but a distinct, standalone revenue number for just that line item wasn't separately broken out in the latest reports, so we treat it as part of the core merchandise stream for now.