Macy's, Inc. (M): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el intrincado mundo de Macy's, Inc., un gigante minorista que ha entrelazado magistralmente el encanto tradicional de los grandes almacenes con innovación digital de vanguardia. Desde su extensa red de tiendas hasta su sofisticada estrategia omnicanal, el lienzo modelo de negocios de Macy revela un complejo tapiz de asociaciones, recursos y propuestas de valor que han sostenido su liderazgo en el mercado. Esta exploración de profundidad profunda desentrañará los mecanismos estratégicos que permiten a Macy's reinventarse continuamente en el panorama minorista en constante evolución, ofreciendo información sobre cómo esta marca icónica mantiene su ventaja competitiva.

Macy's, Inc. (M) - Modelo de negocio: asociaciones clave

Asociaciones estratégicas con diseñadores de moda y marcas

Macy's mantiene asociaciones estratégicas con múltiples marcas y diseñadores de moda:

Categoría de socio	Número de asociaciones	Valor de colaboración anual
Marcas de diseñador exclusivas	47	$ 385 millones
Marcas de moda contemporánea	63	$ 276 millones

Colaboración con los mercados en línea

Las asociaciones de Macy's Digital Marketplace incluyen:

• Integración de Shopify para vendedores de terceros
• Presencia del mercado de Amazon
• Plataformas de compras de Facebook e Instagram

Plataforma	Contribución de ventas en línea	Ingresos de la asociación
Shop	6.2% de los ingresos digitales	$ 124 millones
Amazonas	3.8% de los ingresos digitales	$ 87 millones

Relaciones de proveedores con fabricantes globales

Asociaciones de fabricación global:

Región	Número de proveedores	Valor de adquisición anual
Porcelana	214	$ 892 millones
Vietnam	87	$ 413 millones
Bangladesh	56	$ 276 millones

Asociaciones tecnológicas para la transformación digital

Socios de tecnología de transformación digital:

• Infraestructura en la nube de Microsoft Azure
• Planificación de recursos de SAP Enterprise
• Gestión de la relación con el cliente de Salesforce

Socio tecnológico	Inversión	Mejora de la eficiencia digital
Microsoft Azure	$ 47 millones	22% de optimización de infraestructura
SAVIA	$ 38 millones	18% de eficiencia operativa

Macy's, Inc. (M) - Modelo de negocio: actividades clave

Comercialización minorista y curación de productos

Macy's opera 504 tiendas a partir de 2023, con una variedad anual de mercancías de aproximadamente 380,000 SKU únicos en múltiples categorías de productos.

Categoría de productos	Porcentaje de ventas
Ropa de mujer	28%
Accesorios	22%
Ropa para hombres	18%
Artículos para el hogar	15%
Belleza	12%
Otro	5%

Operaciones minoristas omnicanal

Las ventas digitales representaron el 37% de las ventas totales en 2022, por un total de $ 8.5 mil millones. Macy's opera Macys.com y Bloomingdales.com como plataformas principales de comercio electrónico.

• Total de visitantes en línea: 600 millones anuales
• Descargas de aplicaciones móviles: 14.5 millones
• Tasa de crecimiento de las ventas digitales: 10.2% año tras año

Gestión de la experiencia del cliente

El programa de fidelización de clientes de Macy, Star Rewards, tiene 20.5 millones de miembros activos a partir de 2023.

Nivel de programa de fidelización	Número de miembros
Bronce	12.3 millones
Plata	5.6 millones
Oro	2.6 millones

Marketing digital y promoción de la marca

Gastos de marketing en 2022: $ 1.2 mil millones, lo que representa el 4.8% de los ingresos totales.

• Seguidores de redes sociales: 40 millones en todas las plataformas
• Gasto publicitario digital: $ 350 millones
• Presupuesto de marketing de influencia: $ 75 millones

Gestión de inventario y optimización de la cadena de suministro

Valor de inventario total a partir de enero de 2023: $ 5.4 mil millones.

Métrica de la cadena de suministro	Valor
Tasa de facturación de inventario	4.2x
Días de inventario	87 días
Número de centros de distribución	17
Gastos de logística anual	$ 640 millones

Macy's, Inc. (M) - Modelo de negocio: recursos clave

Extensa red de tiendas minoristas

A partir del cuarto trimestre de 2023, Macy's opera 504 tiendas en los Estados Unidos, con una huella minorista física de aproximadamente 35.7 millones de pies cuadrados.

Tipo de tienda	Número de tiendas
Tiendas de línea completa de Macy	349
Macy's Backstage Stores	105
Tiendas de Bloomingdale	50

Reconocimiento de marca y patrimonio

Fundada en 1858, Macy's tiene un valor de marca estimado en $ 5.7 mil millones en 2023, ocupando el puesto 60 entre las marcas minoristas mundiales.

Infraestructura de tecnología de comercio electrónico

Las ventas digitales representaron el 35% de las ventas totales en 2023, con una plataforma en línea que respalda las capacidades omnicanal.

Métrico de comercio electrónico	Valor 2023
Ventas en línea	$ 8.4 mil millones
Usuarios de aplicaciones móviles	Más de 12 millones

Cartera de productos diverso

• Ropa: 42% de las ventas totales
• Accesorios: 22% de las ventas totales
• Bienes en el hogar: 18% de las ventas totales
• Productos de belleza: 12% de las ventas totales
• Otras categorías: 6% de las ventas totales

Fuerza laboral hábil

Cuenta total de empleados: 75,000 a partir de 2023, con una tenencia promedio de empleados minoristas de 5.2 años.

Categoría de empleado	Número de empleados
Empleados de tiempo completo	45,000
Empleados a tiempo parcial	30,000

Macy's, Inc. (M) - Modelo de negocio: propuestas de valor

Amplia gama de productos de moda y estilo de vida

A partir de 2024, Macy's ofrece aproximadamente 300,000 SKU únicos en categorías de moda. La gama de productos incluye:

• Ropa para mujeres: 85,000 artículos
• Ropa para hombres: 65,000 artículos
• Accesorios: 50,000 artículos
• Bienes de inicio: 45,000 artículos
• Productos de belleza: 25,000 artículos

Categoría de productos	Ingresos anuales (2023)	Cuota de mercado
Moda femenina	$ 4.2 mil millones	8.5%
Ropa para hombres	$ 2.7 mil millones	6.3%
Artículos para el hogar	$ 3.1 mil millones	7.2%

Precios competitivos y ofertas promocionales

Rango de descuento promedio: 30-50% en las líneas de productos. La estrategia promocional incluye:

• Eventos de ventas estacionales
• Markdowns de liquidación
• Ofertas de cupón y código de promoción

Experiencias de compra personalizadas

Métricas de personalización digital:

• Precisión de recomendación personalizada: 72%
• Puntos de datos del cliente rastreados: 250+
• Tasa de participación de correo electrónico personalizada: 18.5%

Opciones de compra omnicanal convenientes

Canal	Volumen de ventas (2023)	Índice de crecimiento
En la tienda	$ 14.6 mil millones	2.3%
En línea	$ 6.8 mil millones	12.7%
Móvil	$ 3.2 mil millones	18.5%

Programa de fidelización con recompensas del cliente

Macy's Star Rewards Statistics:

• Total de los miembros: 24.5 millones
• Miembros activos: 16.3 millones
• Gasto anual promedio por miembro: $ 680
• Tasa de redención de recompensas: 42%

Macy's, Inc. (M) - Modelo de negocio: relaciones con los clientes

Servicio al cliente personalizado

Macy's ofrece servicio al cliente personalizado con 503 tiendas minoristas en 43 estados a partir de 2023. La compañía emplea a aproximadamente 72,000 empleados dedicados a las interacciones del cliente.

Canal de servicio al cliente	Tiempo de respuesta promedio	Tasa de satisfacción del cliente
Soporte en la tienda	7-10 minutos	86%
Chat en línea	2-3 minutos	82%
Soporte telefónico	5-6 minutos	79%

Programa de lealtad (Star Rewards)

El programa Macy's Star Rewards tiene 20.6 millones de miembros activos a partir del tercer trimestre de 2023, lo que representa el 45% de las ventas totales.

• Los miembros de nivel de platino reciben un 5% de reembolso
• Los miembros del nivel de oro reciben un 3% de reembolso
• Los miembros de Silver Tier reciben un 2% de reembolso

Compromiso digital

Las plataformas digitales de Macy generan el 35% de las ventas minoristas totales, con 16.4 millones de usuarios activos de aplicaciones móviles en 2023.

Plataforma digital	Usuarios activos mensuales	Tasa de conversión
Aplicación móvil	16.4 millones	3.2%
Sitio web	22.7 millones	2.9%

Atención al cliente en la tienda y en línea

Macy's opera canales de atención al cliente 24/7 con un presupuesto de soporte anual de $ 42.3 millones en 2023.

Marketing personalizado

La compañía gastó $ 187.5 millones en iniciativas de marketing personalizadas en 2023, apuntando al 65% de los miembros del programa de fidelización con recomendaciones personalizadas.

Canal de marketing	Gasto anual	Alcance del público objetivo
Marketing por correo electrónico	$ 62.4 millones	18.3 millones de suscriptores
Redes sociales	$ 45.7 millones	7.6 millones de seguidores
Anuncios personalizados	$ 79.4 millones	12.9 millones de usuarios específicos

Macy's, Inc. (M) - Modelo de negocio: canales

Tiendas minoristas físicas

A partir de 2024, Macy's opera 505 tiendas de línea completa en los Estados Unidos. Total de pies cuadrados minoristas: 63.5 millones de pies cuadrados.

Tipo de tienda	Número de ubicaciones
Almacenes departamentos de línea completa	505
Tiendas de Bloomingdale	37
Tiendas de Bluemercury	178

Sitio web de comercio electrónico

Macys.com genera aproximadamente $ 6.5 mil millones en ventas anuales en línea. Digital Channel representa el 37% de los ingresos totales de la compañía.

• Tráfico del sitio web: 150 millones de visitantes mensuales únicos
• Tráfico web móvil: 68% del tráfico total en línea
• Tasa promedio de conversión en línea: 3.2%

Aplicación de compras móviles

La aplicación móvil de Macy's se descargó 25 millones de veces. Los usuarios de la aplicación generan un valor de pedido promedio de 52% más alto en comparación con los compradores de sitios web.

Métrica de la aplicación	Valor
Descargas totales	25 millones
Usuarios activos mensuales	8.3 millones

Plataformas de redes sociales

El alcance de las redes sociales de Macy en las plataformas:

• Seguidores de Instagram: 4.2 millones
• Seguidores de Facebook: 16.5 millones
• Seguidores de Twitter: 3.1 millones

Ventas de catálogo

Las ventas de catálogo representan menos del 2% de los ingresos totales de la compañía. Distribución anual del catálogo: 8,5 millones de catálogos.

Macy's, Inc. (M) - Modelo de negocio: segmentos de clientes

Consumidores de clase media a media alta

Ingresos familiares promedio: $ 75,000 a $ 125,000 por año

Rango de ingresos	Porcentaje del mercado objetivo	Gasto anual en Macy's
$75,000 - $100,000	32%	$ 1,250 por hogar
$100,000 - $125,000	28%	$ 1,750 por hogar

Individuos conscientes de la moda

Demografía del segmento de clientes conscientes de la moda:

• Rango de edad: 25-45 años
• División de género: 62% mujer, 38% masculina
• Gasto promedio de moda anual: $ 3,200

Millennials and Gen Z compradores

Grupo de edad	Población total	Preferencia de compras en línea	Gasto anual promedio
Millennials (25-40)	72.1 millones	68% prefiere en línea	$2,500
Gen Z (18-24)	67.5 millones	82% prefiere en línea	$1,800

Familias que buscan moda asequible

Características del segmento familiar:

• Tamaño del hogar: 3-4 miembros
• Presupuesto de ropa anual: $ 4,500
• Porcentaje del presupuesto gastado en Macy's: 35%

Compradores en línea y en la tienda

Canal de compras	Porcentaje del cliente	Ingresos anuales por canal
Compradores en línea	65%	$ 4.2 mil millones
Compradores en la tienda	35%	$ 2.3 mil millones

Macy's, Inc. (M) - Modelo de negocio: Estructura de costos

Mantenimiento y operaciones de la tienda minorista

Costos totales de mantenimiento de la tienda anual: $ 1.2 mil millones

Categoría de costos	Gasto anual
Alquiler y arrendamiento	$ 612 millones
Utilidades	$ 287 millones
Reparaciones de instalaciones	$ 301 millones

Adquisición de inventario

Gastos de adquisición de inventario anual total: $ 5.6 mil millones

• Costos de adquisición de mercancías: $ 4.9 mil millones
• Logística y envío: $ 412 millones
• Tecnología de gestión de inventario: $ 288 millones

Salario de empleados y capacitación

Costos laborales anuales totales: $ 2.8 mil millones

Categoría de empleado	Gasto salarial anual
Empleados de tiempo completo	$ 1.9 mil millones
Empleados a tiempo parcial	$ 612 millones
Capacitación y desarrollo	$ 288 millones

Tecnología e infraestructura digital

Inversión de tecnología anual total: $ 412 millones

• Mantenimiento de la plataforma de comercio electrónico: $ 187 millones
• Sistemas de ciberseguridad: $ 89 millones
• Tecnología de marketing digital: $ 136 millones

Gastos de marketing y publicidad

Presupuesto total de marketing anual: $ 624 millones

Canal de marketing	Gasto anual
Publicidad digital	$ 287 millones
Medios tradicionales	$ 212 millones
Campañas promocionales	$ 125 millones

Macy's, Inc. (M) - Modelo de negocio: flujos de ingresos

Venta de ropa y accesorios

Ingresos de ropa y accesorios totales de Macy para el año fiscal 2023: $ 14.18 mil millones

Categoría	Ganancia	Porcentaje de ventas totales
Ropa de mujer	$ 5.62 mil millones	39.6%
Ropa para hombres	$ 3.97 mil millones	28%
Accesorios	$ 4.59 mil millones	32.4%

Artículos para el hogar y muebles

Ingresos de productos e muebles para el hogar para el año fiscal 2023: $ 4.86 mil millones

• Ventas de muebles: $ 2.33 mil millones
• Decoración del hogar: $ 1.42 mil millones
• Cocina y cena: $ 1.11 mil millones

Belleza y cosméticos

Ingresos de belleza y cosméticos para el año fiscal 2023: $ 2.79 mil millones

Subcategoría	Ganancia
Protección de la piel	$ 892 millones
Constituir	$ 1.24 mil millones
Fragancias	$ 648 millones

Ventas en línea y en la tienda

Ventas omnicanal totales para el año fiscal 2023: $ 24.13 mil millones

• Ventas en línea: $ 8.62 mil millones (35.7% de las ventas totales)
• Ventas en la tienda: $ 15.51 mil millones (64.3% de las ventas totales)

Tarjeta de crédito de Macy y servicios financieros

Ingresos de la tarjeta de crédito de Macy's para el año fiscal 2023: $ 1.07 mil millones

Fuente de ingresos	Cantidad
Interés de tarjeta de crédito	$ 642 millones
Tarifas de tarjeta de crédito	$ 428 millones

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.