Análisis de las 5 Fuerzas de Macy's, Inc. (M) [Actualizado en enero de 2025]

En el panorama minorista dinámico de 2024, Macy's, Inc. enfrenta una compleja red de fuerzas competitivas que desafían su posición de mercado y crecimiento estratégico. Desde la intrincada danza de las relaciones con los proveedores hasta la presión implacable de los competidores en línea, este análisis descubre los factores externos críticos que dan forma al entorno competitivo del gigante de los grandes almacenes. Al diseccionar el marco de las cinco fuerzas de Michael Porter, revelaremos los desafíos y oportunidades matizadas que definen el campo de batalla estratégico de Macy en el ecosistema minorista en rápida evolución de la actualidad.

Macy's, Inc. (M) - Las cinco fuerzas de Porter: poder de negociación de los proveedores

Número limitado de fabricantes principales de ropa y artículos para el hogar

A partir de 2024, Macy's trabaja con aproximadamente 600 proveedores activos en varias categorías de productos. Los 10 principales proveedores representan el 35% de la adquisición total de mercancías de Macy.

Dependencia de la mercancía de marca de proveedores clave

Macy's depende en gran medida de la mercancía de marca, con el 65% de su cartera de productos que comprende artículos de marca de proveedores clave.

• Los principales proveedores de marca incluyen:
  • Ralph Lauren: 8% de la mercancía de marca
  • Calvin Klein: 7% de la mercancía de marca
  • Michael Kors: 6% de la mercancía de marca

Potencial de consolidación de proveedores en la industria minorista

La cadena de suministro minorista ha experimentado una consolidación significativa, con una reducción del 22% en proveedores únicos entre 2020-2023.

Palancamiento moderado de proveedores debido al gran volumen de compras de Macy

La adquisición anual de mercancías de Macy en 2023 fue de $ 19.3 mil millones, lo que proporciona un poder de negociación sustancial contra proveedores individuales.

Macy's, Inc. (M) - Las cinco fuerzas de Porter: poder de negociación de los clientes

Alta sensibilidad al precio entre los compradores de grandes almacenes

En el cuarto trimestre de 2023, Macy's informó un valor de transacción promedio de $ 77.43, lo que refleja la conciencia del precio del cliente. Los compradores de grandes almacenes demostraron el 38.6% de sensibilidad de los precios en las decisiones de compra. La penetración de descuento alcanzó el 47.2% del volumen total de ventas.

Capacidades de compra de comparación en línea

Las plataformas de compras de comparación digital aumentan el poder de negociación del cliente. El 62.3% de los clientes de Macy usan sitios web de comparación de precios antes de comprar. El tráfico de compras móviles representaba el 72.4% del tráfico digital total en 2023.

• 62.3% Usar sitios web de comparación de precios
• 72.4% de tráfico de compras móviles
• Las ventas en línea representan el 35.6% de los ingresos totales

Programas de fidelización para reducir el cambio de cliente

El programa Star Rewards de Macy's incluye 51.2 millones de miembros activos. Los miembros del programa generan el 63.7% de los ingresos totales de la compañía. El miembro promedio del programa del programa gasta $ 324 anualmente en comparación con $ 186 para no miembros.

Diversa demografía de clientes

Los segmentos de los clientes revelan variadas preferencias de precios. Los Millennials representan el 28.6% de la base de clientes de Macy con 42.1% de preferencia de compra digital. Gen Z comprende el 19.4% de los clientes con la mayor sensibilidad de los precios al 52.3%.

• Millennials: 28.6% de la base de clientes
• Gen Z: 19.4% de la base de clientes
• Baby Boomers: 34.2% de la base de clientes

Macy's, Inc. (M) - Las cinco fuerzas de Porter: rivalidad competitiva

Intensa competencia de los grandes almacenes

Nordstrom reportó $ 15.1 mil millones en ingresos para 2023. Kohl's Corporation generó $ 19.1 mil millones en ingresos anuales para el mismo período. El panorama competitivo muestra una presión de mercado significativa.

Presión minorista en línea

Las ventas minoristas de Amazon alcanzaron los $ 386.1 mil millones en 2022, lo que representa una presión competitiva significativa para los minoristas tradicionales.

• Cuota de mercado de comercio electrónico de Amazon: 37.8%
• Tasa de crecimiento minorista en línea: 10.4% anual
• Porcentaje de ventas digitales para Macy's: 35.7%

Declive del mercado de grandes almacenes

La cuota de mercado de los grandes almacenes tradicionales disminuyó del 8,7% en 2018 al 5,2% en 2023.

Estrategias promocionales

Macy's, Inc. (M) - Las cinco fuerzas de Porter: amenaza de sustitutos

Plataformas de comercio electrónico que ofrecen rangos de productos similares

Las ventas de ropa y accesorios de Amazon alcanzaron $ 31.4 mil millones en 2022. Los mercados en línea como Walmart.com generaron $ 56.1 mil millones en ingresos de comercio electrónico en 2022. Nordstrom.com reportó $ 3.6 mil millones en ventas digitales durante el mismo período.

Minoristas de moda rápida que proporcionan alternativas de bajo costo

H&M generó $ 22.6 mil millones en ingresos globales para 2022. La empresa matriz de Zara, Inditex, reportó € 32.6 mil millones en ventas. Forever 21 generó aproximadamente $ 700 millones en ingresos anuales.

• Penetración del mercado de H&M: 12.4% en ropa minorista de ropa estadounidense
• Crecimiento de ventas digitales de Zara: 27% en 2022
• Forever 21 Ventas en línea: 35% de los ingresos totales

Tiendas especializadas dirigidas a categorías de productos específicas

Sephora reportó $ 5.3 mil millones en ingresos de los Estados Unidos para 2022. Los productos deportivos de Dick generaron $ 12.7 mil millones en ventas anuales. Ulta Beauty logró $ 8.6 mil millones en ingresos totales.

Creciente preferencia del consumidor por las experiencias de compra en línea

Las ventas de comercio electrónico de los Estados Unidos alcanzaron los $ 870.8 mil millones en 2022, lo que representa el 14.8% de las ventas minoristas totales. El comercio móvil representó el 43.4% de los ingresos totales de comercio electrónico.

• Penetración de compras en línea: 79% de los consumidores estadounidenses
• Valor promedio de compra en línea: $ 147.23
• Tasa de conversión de compras móviles: 3.2%

Macy's, Inc. (M) - Las cinco fuerzas de Porter: amenaza de nuevos participantes

Altos requisitos de capital inicial para la infraestructura minorista

Los gastos de capital totales estimados de Macy's de $ 750 millones en 2023. Los costos de configuración de la tienda minorista oscilan entre $ 250,000 y $ 1.5 millones por ubicación. La inversión inicial de inventario generalmente requiere $ 500,000 a $ 2 millones.

Barreras de reconocimiento de marca establecidas

El valor de la marca de Macy se estima en $ 5.4 mil millones en 2023. El costo de adquisición de clientes para los nuevos participantes minoristas promedia $ 50- $ 150 por cliente.

• Las métricas de lealtad de marca muestran que el 60% de los consumidores prefieren minoristas establecidos
• Inversión de marketing requerida para competir: $ 1-3 millones anuales

Desafíos de la cadena de suministro compleja y la red de distribución

La infraestructura de la cadena de suministro de Macy's cubre más de 500 tiendas, 18 centros de distribución. Gastos de logística anual de aproximadamente $ 1.2 mil millones.

Aumento de las barreras de entrada de comercio digital

La inversión en tecnología de comercio electrónico para nuevos participantes varía de $ 500,000 a $ 5 millones. Las ventas digitales de Macy's alcanzaron los $ 8.8 mil millones en 2022.

• Costos de desarrollo de la plataforma digital: $ 750,000 - $ 2.5 millones
• Inversión de infraestructura de ciberseguridad: $ 250,000 - $ 1 millón

Consolidación y saturación del mercado en el sector minorista

Ratio de concentración del mercado de grandes almacenes estadounidenses al 75%. Los 4 principales minoristas controlan aproximadamente $ 120 mil millones en ingresos anuales.

Macy's, Inc. (M) - Porter's Five Forces: Competitive rivalry

Macy's, Inc. operates within a highly contested retail landscape, facing pressure from department stores like Nordstrom, mass merchants such as Target, and the off-price segment represented by T.J. Maxx.

The Fiscal Year 2025 net sales forecast for Macy's, Inc. is set in the range of $21.15 billion to $21.45 billion, reflecting the ongoing market contest.

Macy's, Inc. is executing a significant footprint reduction as part of its fight for efficiency, planning to close approximately 150 underperforming stores by the end of fiscal 2026.

The intensity of rivalry is evident in the company's strategic shifts, detailed below:

• Last year, Macy's, Inc. shuttered 50 locations.
• In 2025, the company is planning to close 66 stores.
• The goal is to maintain a fleet of 350+ profitable locations.
• The company is investing in its luxury divisions, Bloomingdale's and Bluemercury.

The competitive environment demands aggressive investment in digital capabilities, with Macy's, Inc. projecting total web sales for 2025 to reach $7.21 billion.

The company's performance in the second quarter of 2025 showed mixed results across its portfolio amid this rivalry:

Macy's, Inc. is actively deploying technology to counter competitive threats, focusing on AI for personalization and operational improvements.

The strategic response to competitive pressure includes a focus on core store revitalization and digital integration:

• Macy's, Inc. ranks No. 17 in Digital Commerce 360's Top 2000 Database.
• The company is embracing the power of AI and generative AI to take cost out of the network.
• Selling, general and administrative expenses declined by $29 million in Q2 2025 due to closed locations and cost-saving measures.
• The company reported $829 million in cash and cash equivalents at the end of Q2 2025.
• Total debt stood at $2.6 billion as of the end of Q2 2025.

The FY 2025 adjusted diluted earnings per share guidance is set between $1.70 and $2.05.

Macy's, Inc. (M) - Porter's Five Forces: Threat of substitutes

Off-price retailers present a clear and present danger to Macy's, Inc.'s core business. This segment is capturing market share aggressively, driven by consumers prioritizing value amid persistent economic pressures. In the first quarter of 2025, off-price inventory rose 13% year-over-year, starkly contrasting with the 1% inventory increase reported at department stores. Analysts project off-price sales to rise 6% in the second quarter of 2025, while department store sales are expected to fall 6% for the same period. On a rolling four-quarter basis as of Q1 2025, the off-price segment's share of total sales expanded by 210 basis points to reach 66.6%. The entire Off-Price Retail Market is estimated to be valued at USD 372.46 Bn in 2025, with apparel and footwear alone contributing an expected 37.2% share of that total. For context, TJX Companies reported a 4% comparable store sales change, while Burlington Stores reported 1% growth in Q3 2025.

Direct-to-consumer (DTC) brands continue to bypass the traditional department store distribution network entirely. These digitally native and established brands are capturing significant e-commerce spend. Established DTC brands are projected to generate $187 billion in e-commerce sales in 2025, contributing to a U.S. DTC e-commerce total expected to reach $212.9 billion in 2025. To be fair, the pure-play DTC model is evolving; wholesale distribution growth was poised to grow 51% in 2024, accounting for 60% of some brands' sales, compared to only 11% growth expected from DTC brands' own stores. Still, the direct relationship allows these brands to own the customer interaction and data stream, a capability Macy's, Inc. must counter.

The shift toward access over ownership is fueling the growth of online resale and rental platforms, offering a cost-effective, trend-driven alternative, especially for apparel. The Online Clothing Rental Market size was valued at approximately USD 2.6 billion in 2025. This market is projected to expand at a Compound Annual Growth Rate (CAGR) of 9.5% through 2035. In 2024, women accounted for 65.73% of the market share, indicating a strong pull in the key demographic for department stores. This segment allows consumers to cycle through fashion without the commitment of purchase, directly substituting for the seasonal wardrobe refresh that department stores rely upon.

Mass merchants like Walmart and Target compete by offering a wider, more convenient, one-stop product assortment that includes apparel. Walmart, in particular, is proving resilient, with Walmart U.S. comparable sales advancing 4.5% in Q3 2025, and the company raising its full-year sales guidance to between 4.8% and 5.1% growth. Walmart's Q3 U.S. sales reached $120.7 billion. Conversely, Target faced headwinds, reporting a 2.7% drop in comparable sales for Q3 2025, with its in-store comparable sales falling 5.7% in Q1 2025. While Target's digital sales showed a 4.7% increase, it was insufficient to offset the in-store decline. This dynamic shows that consumers are consolidating purchases at value leaders like Walmart, while pulling back on discretionary categories like apparel at mid-tier retailers like Target, a pressure Macy's, Inc. also feels.

Here is a quick look at the scale of these substitute markets as of 2025 data points:

The competitive pressure is multifaceted. You see off-price retailers gaining share through superior inventory flow, DTC brands capturing brand loyalty online, rental platforms offering a low-commitment fashion cycle, and mass merchants leveraging scale and convenience for broad-based shopping trips.

• Off-price share of sales expanded 210 basis points YoY in Q1 2025.
• Wholesale distribution growth was poised to grow 51% in 2024.
• Online rental market CAGR projected at 9.5% through 2035.
• Walmart raised full-year sales guidance to 4.8% to 5.1% growth.
• Macy's Q3 2024 owned basis comparable sales were down 2.4%.

Finance: draft 13-week cash view by Friday.

Macy's, Inc. (M) - Porter's Five Forces: Threat of new entrants

The threat of new entrants for Macy's, Inc. is segmented by the required scale of entry. Establishing a comparable physical footprint requires massive upfront investment, creating a high barrier for traditional department store rivals.

High capital requirements for physical retail infrastructure and prime real estate form a significant barrier.

The sheer scale of Macy's, Inc.'s existing real estate portfolio represents a massive sunk cost that new entrants must match or surpass to achieve similar market presence. Activist investors estimate Macy's real estate portfolio, which includes stores and distribution centers, to be worth as much as US$9 billion as of late 2024/early 2025 discussions. Further analysis suggests the entire portfolio value could range between $7.9 billion and $10.5 billion. Consider the flagship location in Herald Square alone, which is valued between $1 billion and $3 billion, with some sources pegging it near $4 billion. To put this in perspective, as of August 2025, Macy's market capitalization was $3.6 billion, meaning the real estate value alone significantly exceeds the company's equity valuation. Furthermore, Macy's is actively managing this asset base, projecting to generate $275 million from retail property sales in 2025, while simultaneously planning capital reinvestment between $600 million and $700 million to support renovations at 350 go-forward locations.

Established brand recognition since 1858 and complex supply chain logistics are hard to replicate.

Macy's, Inc. benefits from decades of established cultural relevance. The Macy's Thanksgiving Day Parade, for instance, is an investment that yields measurable commercial returns, correlating with a 15 to 20 percent uptick in same-store sales during peak holiday weeks, despite an estimated outlay of $13 million for the event in 2025. On the operational side, the complexity of the logistics network is a barrier. Macy's, Inc. is working to streamline this, targeting annual run-rate cost savings of some $235 million by 2026 through supply chain efforts. Replicating a network that supports operations across hundreds of physical locations and a growing digital presence, while achieving these targeted efficiencies, is a multi-year, capital-intensive endeavor for any new entrant.

Digital-only retail models face lower entry barriers, requiring strong niche focus and marketing.

While the physical barrier is high, digital-only entrants bypass the need for massive real estate capital. These entrants must, however, immediately contend with Macy's, Inc.'s established digital footprint and customer base. Macy's, Inc. is actively expanding its digital reach through formats like Macy's Marketplace. New entrants must secure significant marketing spend to cut through the noise, especially given Macy's, Inc.'s ability to drive traffic through events like the Parade. The company's strategy includes opening 30 new small-format Macy's stores by fall 2025, indicating a focus on lower-cost physical engagement where digital players might also target expansion.

New entrants must compete immediately against Macy's established loyalty program.

Macy's, Inc.'s Star Rewards program locks in customer spending through a tiered rewards structure. New entrants face the immediate challenge of matching or exceeding the perceived value of earning Star Money, where 1,000 points converts to $10 in rewards. The structure immediately incentivizes higher spending through credit card usage, as Platinum members earn 5 points per $1 spent, while Bronze members earn 1 point per $1 spent.

Here is a breakdown of the Star Rewards earning structure:

During peak promotional periods, the value proposition intensifies; for example, an offer of $20 Star Money for every $100 spent effectively represents a 20% return on that purchase amount. Any new competitor must offer a compelling, immediate, and easily understood incentive to draw customers away from this established ecosystem.