Macy's, Inc. (M): Business Model Canvas [Jan-2025 Mise à jour]

Plongez dans le monde complexe de Macy's, Inc., un géant de la vente au détail qui a magistralement tissé le charme traditionnel des grands magasins avec une innovation numérique de pointe. De son vaste réseau de magasins à sa stratégie omnicanal sophistiquée, le canevas du modèle commercial de Macy révèle une tapisserie complexe de partenariats, de ressources et de propositions de valeur qui ont soutenu son leadership sur le marché. Cette exploration de plongée profonde démêlera les mécanismes stratégiques qui permettent à Macy de se réinventer continuellement dans le paysage de vente au détail en constante évolution, offrant un aperçu de la façon dont cette marque emblématique maintient son avantage concurrentiel.

Macy's, Inc. (M) - Modèle commercial: partenariats clés

Partenariats stratégiques avec des créateurs de mode et des marques

Macy's maintient des partenariats stratégiques avec plusieurs marques de mode et designers:

Catégorie de partenaire	Nombre de partenariats	Valeur de collaboration annuelle
Marques de créateurs exclusifs	47	385 millions de dollars
Marques de mode contemporaines	63	276 millions de dollars

Collaboration avec les marchés en ligne

Les partenariats sur le marché numérique de Macy comprennent:

• Intégration Shopify pour les vendeurs tiers
• Amazon Marketplace Présence
• Plates-formes de magasinage Facebook et Instagram

Plate-forme	Contribution des ventes en ligne	Revenus de partenariat
Faire du shoprif	6,2% des revenus numériques	124 millions de dollars
Amazone	3,8% des revenus numériques	87 millions de dollars

Relations avec les fournisseurs avec les fabricants mondiaux

Partenariats de fabrication mondiale:

Région	Nombre de fournisseurs	Valeur d'achat annuelle
Chine	214	892 millions de dollars
Vietnam	87	413 millions de dollars
Bangladesh	56	276 millions de dollars

Partenariats technologiques pour la transformation numérique

Partenaires technologiques de transformation numérique:

• Infrastructure cloud Microsoft Azure
• SAP Enterprise Resource Planning
• Gestion de la relation client Salesforce

Partenaire technologique	Investissement	Amélioration de l'efficacité numérique
Microsoft Azure	47 millions de dollars	22% d'optimisation des infrastructures
SÈVE	38 millions de dollars	18% d'efficacité opérationnelle

Macy's, Inc. (M) - Modèle commercial: activités clés

Merchandising au détail et conservation des produits

Macy's exploite 504 magasins en 2023, avec un assortiment de marchandises annuel d'environ 380 000 SKU uniques dans plusieurs catégories de produits.

Catégorie de produits	Pourcentage de ventes
Vêtements pour femmes	28%
Accessoires	22%
Vêtements pour hommes	18%
Marchandises à domicile	15%
Beauté	12%
Autre	5%

Opérations de vente au détail omnicanal

Les ventes numériques représentaient 37% du total des ventes en 2022, totalisant 8,5 milliards de dollars. Macy's exploite Macys.com et Bloomingdales.com comme principaux plateformes de commerce électronique.

• Total des visiteurs en ligne: 600 millions par an
• Téléchargements d'applications mobiles: 14,5 millions
• Taux de croissance des ventes numériques: 10,2% en glissement annuel

Gestion de l'expérience client

Le programme de fidélisation de la clientèle de Macy, Star Rewards, compte 20,5 millions de membres actifs en 2023.

Tier du programme de fidélité	Nombre de membres
Bronze	12,3 millions
Argent	5,6 millions
Or	2,6 millions

Marketing numérique et promotion de la marque

Dépenses de marketing en 2022: 1,2 milliard de dollars, ce qui représente 4,8% des revenus totaux.

• Abonnés des médias sociaux: 40 millions sur toutes les plateformes
• Dépenses publicitaires numériques: 350 millions de dollars
• Budget marketing d'influence: 75 millions de dollars

Gestion des stocks et optimisation de la chaîne d'approvisionnement

Valeur d'inventaire totale en janvier 2023: 5,4 milliards de dollars.

Métrique de la chaîne d'approvisionnement	Valeur
Taux de rotation des stocks	4.2x
Jours d'inventaire	87 jours
Nombre de centres de distribution	17
Dépenses logistiques annuelles	640 millions de dollars

Macy's, Inc. (M) - Modèle commercial: Ressources clés

Réseau de magasins de détail étendus

Au quatrième trimestre 2023, Macy's exploite 504 magasins à travers les États-Unis, avec une empreinte de vente au détail physique d'environ 35,7 millions de pieds carrés.

Type de magasin	Nombre de magasins
Magasins en pleine ligne de Macy	349
Macy's Backstage Stores	105
Boîtres de Bloomingdale	50

Reconnaissance de la marque et patrimoine

Fondée en 1858, Macy's a une valeur de marque estimée à 5,7 milliards de dollars en 2023, se classant 60e parmi les marques mondiales de vente au détail.

Infrastructure technologique du commerce électronique

Les ventes numériques représentaient 35% du total des ventes en 2023, avec une plate-forme en ligne prenant en charge les capacités omnicanal.

Métrique du commerce électronique	Valeur 2023
Ventes en ligne	8,4 milliards de dollars
Utilisateurs d'applications mobiles	Plus de 12 millions

Portfolio de produits diversifié

• Vêtements: 42% des ventes totales
• Accessoires: 22% du total des ventes
• Marchandises à domicile: 18% du total des ventes
• Produits de beauté: 12% des ventes totales
• Autres catégories: 6% des ventes totales

Main-d'œuvre qualifiée

Compte total des employés: 75 000 en 2023, avec un mandat moyen des employés de 5,2 ans.

Catégorie des employés	Nombre d'employés
Employés à temps plein	45,000
Employés à temps partiel	30,000

Macy's, Inc. (M) - Modèle d'entreprise: propositions de valeur

Large gamme de produits de mode et de style de vie

Depuis 2024, Macy's propose environ 300 000 SKU uniques dans les catégories de mode. La gamme de produits comprend:

• Vêtements pour femmes: 85 000 articles
• Vêtements pour hommes: 65 000 articles
• Accessoires: 50 000 articles
• Goods à domicile: 45 000 articles
• Produits de beauté: 25 000 articles

Catégorie de produits	Revenus annuels (2023)	Part de marché
Mode féminine	4,2 milliards de dollars	8.5%
Vêtements pour hommes	2,7 milliards de dollars	6.3%
Marchandises à domicile	3,1 milliards de dollars	7.2%

Prix ​​compétitifs et offres promotionnelles

Plage de réduction moyenne: 30 à 50% entre les gammes de produits. La stratégie promotionnelle comprend:

• Événements de vente saisonniers
• Marquons de dégagement
• Offres de code de coupon et de promotion

Expériences de magasinage personnalisées

Métriques de personnalisation numérique:

• Précision des recommandations personnalisées: 72%
• Points de données clients suivis: 250+
• Taux d'engagement par e-mail personnalisé: 18,5%

Options d'achat omnicanal pratiques

Canal	Volume des ventes (2023)	Taux de croissance
En magasin	14,6 milliards de dollars	2.3%
En ligne	6,8 milliards de dollars	12.7%
Mobile	3,2 milliards de dollars	18.5%

Programme de fidélité avec récompenses des clients

Statistiques du programme de récompenses de Macy's Star:

• Total des membres: 24,5 millions
• Membres actifs: 16,3 millions
• Dépenses annuelles moyennes par membre: 680 $
• Taux de rachat de récompense: 42%

Macy's, Inc. (M) - Modèle d'entreprise: relations clients

Service client personnalisé

Macy's propose un service client personnalisé avec 503 magasins de détail dans 43 États en 2023. La société emploie environ 72 000 employés dédiés aux interactions client.

Canal de service client	Temps de réponse moyen	Taux de satisfaction client
Support en magasin	7-10 minutes	86%
Chat en ligne	2-3 minutes	82%
Support téléphonique	5-6 minutes	79%

Programme de fidélité (Star Rewards)

Le programme Macy's Star Rewards compte 20,6 millions de membres actifs au troisième trimestre 2023, ce qui représente 45% du total des ventes.

• Les membres de Platinum Tier reçoivent 5% de cashback
• Les membres de Gold Tier reçoivent 3% de cashback
• Les membres de Silver Tier reçoivent 2% de cashback

Engagement numérique

Les plates-formes numériques de Macy génèrent 35% des ventes au détail totales, avec 16,4 millions d'utilisateurs d'applications mobiles actifs en 2023.

Plate-forme numérique	Utilisateurs actifs mensuels	Taux de conversion
Application mobile	16,4 millions	3.2%
Site web	22,7 millions	2.9%

Support client en magasin et en ligne

Macy's opère des canaux de support client 24/7 avec un budget de soutien annuel de 42,3 millions de dollars en 2023.

Marketing personnalisé

La société a dépensé 187,5 millions de dollars pour des initiatives de marketing personnalisées en 2023, ciblant 65% des membres du programme de fidélité avec des recommandations personnalisées.

Canal de marketing	Dépenses annuelles	Target du public cible
E-mail marketing	62,4 millions de dollars	18,3 millions d'abonnés
Réseaux sociaux	45,7 millions de dollars	7,6 millions de followers
Annonces personnalisées	79,4 millions de dollars	12,9 millions d'utilisateurs ciblés

Macy's, Inc. (M) - Modèle commercial: canaux

Magasins de vente au détail physique

En 2024, Macy's exploite 505 magasins pleine ligne à travers les États-Unis. Total de vente au détail en pieds carrés: 63,5 millions de pieds carrés.

Type de magasin	Nombre d'emplacements
Grands magasins en ligne	505
Boîtres de Bloomingdale	37
Magasins Bluemercury	178

Site Web de commerce électronique

Macys.com génère environ 6,5 milliards de dollars de ventes en ligne annuelles. Le canal numérique représente 37% du total des revenus de l'entreprise.

• Trafic de site Web: 150 millions de visiteurs mensuels uniques
• Trafic Web mobile: 68% du trafic en ligne total
• Taux de conversion en ligne moyen: 3,2%

Application de magasinage mobile

L'application mobile de Macy a téléchargé 25 millions de fois. Les utilisateurs de l'application génèrent 52% de la valeur de commande moyenne plus élevée par rapport aux acheteurs de sites Web.

Métrique de l'application	Valeur
Téléchargements totaux	25 millions
Utilisateurs actifs mensuels	8,3 millions

Plateformes de médias sociaux

La portée des médias sociaux de Macy sur toutes les plateformes:

• Followers Instagram: 4,2 millions
• Facebook Followers: 16,5 millions
• Twitter abonnés: 3,1 millions

Ventes de catalogue

Les ventes de catalogues représentent moins de 2% du total des revenus de l'entreprise. Distribution annuelle du catalogue: 8,5 millions de catalogues.

Macy's, Inc. (M) - Modèle d'entreprise: segments de clientèle

Consommateurs de classe moyenne supérieure à supérieur

Revenu moyen des ménages: 75 000 $ à 125 000 $ par an

Gamme de revenus	Pourcentage du marché cible	Dépenses annuelles chez Macy
$75,000 - $100,000	32%	1 250 $ par ménage
$100,000 - $125,000	28%	1 750 $ par ménage

Individus conscients de la mode

DÉMOographie du segment de la clientèle soucieux de la mode:

• Tranche d'âge: 25 à 45 ans
• Fissure de genre: 62% de femmes, 38% d'hommes
• Dépenses de mode annuelles moyennes: 3 200 $

Millennials et acheteurs de la génération Z

Groupe d'âge	Population totale	Préférence d'achat en ligne	Dépenses annuelles moyennes
Milléniaux (25-40)	72,1 millions	68% préfèrent en ligne	$2,500
Gen Z (18-24)	67,5 millions	82% préfèrent en ligne	$1,800

Les familles à la recherche de mode abordable

Caractéristiques du segment de la famille:

• Taille du ménage: 3-4 membres
• Budget annuel des vêtements: 4 500 $
• Pourcentage du budget dépensé chez Macy: 35%

Acheteurs en ligne et en magasin

Canal d'achat	Pourcentage de clientèle	Revenu annuel par canal
Acheteurs en ligne	65%	4,2 milliards de dollars
Acheteurs en magasin	35%	2,3 milliards de dollars

Macy's, Inc. (M) - Modèle d'entreprise: Structure des coûts

Entretien et opérations des magasins de détail

Coûts de maintenance annuelle totale des magasins: 1,2 milliard de dollars

Catégorie de coûts	Dépenses annuelles
Loyer et location	612 millions de dollars
Services publics	287 millions de dollars
Réparations des installations	301 millions de dollars

Marchandage des stocks

Total des dépenses de l'approvisionnement en stock annuel: 5,6 milliards de dollars

• Coûts d'acquisition de marchandises: 4,9 milliards de dollars
• Logistique et expédition: 412 millions de dollars
• Technologie de gestion des stocks: 288 millions de dollars

Salaire et formation des employés

Total des coûts de main-d'œuvre annuels: 2,8 milliards de dollars

Catégorie des employés	Dépenses des salaires annuelles
Employés à temps plein	1,9 milliard de dollars
Employés à temps partiel	612 millions de dollars
Formation et développement	288 millions de dollars

Technologie et infrastructure numérique

Investissement total de technologie annuelle: 412 millions de dollars

• Maintenance de la plate-forme de commerce électronique: 187 millions de dollars
• Systèmes de cybersécurité: 89 millions de dollars
• Technologie de marketing numérique: 136 millions de dollars

Dépenses de marketing et de publicité

Budget marketing annuel total: 624 millions de dollars

Canal de marketing	Dépenses annuelles
Publicité numérique	287 millions de dollars
Médias traditionnels	212 millions de dollars
Campagnes promotionnelles	125 millions de dollars

Macy's, Inc. (M) - Modèle commercial: Strots de revenus

Ventes de vêtements et d'accessoires

Les revenus totaux des vêtements et accessoires de Macy pour l'exercice 2023: 14,18 milliards de dollars

Catégorie	Revenu	Pourcentage des ventes totales
Vêtements pour femmes	5,62 milliards de dollars	39.6%
Vêtements pour hommes	3,97 milliards de dollars	28%
Accessoires	4,59 milliards de dollars	32.4%

Marchandises et meubles à domicile

Revenus de marchandises et de meubles pour l'exercice 2023: 4,86 ​​milliards de dollars

• Ventes de meubles: 2,33 milliards de dollars
• Décor à domicile: 1,42 milliard de dollars
• Cuisine et restauration: 1,11 milliard de dollars

Beauté et cosmétiques

Revenus de beauté et de cosmétiques pour l'exercice 2023: 2,79 milliards de dollars

Sous-catégorie	Revenu
Soins de la peau	892 millions de dollars
Se maquiller	1,24 milliard de dollars
Parfums	648 millions de dollars

Ventes en ligne et en magasin

Ventes totales omnicanaux pour l'exercice 2023: 24,13 milliards de dollars

• Ventes en ligne: 8,62 milliards de dollars (35,7% du total des ventes)
• Ventes en magasin: 15,51 milliards de dollars (64,3% du total des ventes)

Carte de crédit de Macy et services financiers

Revenus de la carte de crédit de Macy pour l'exercice 2023: 1,07 milliard de dollars

Source de revenus	Montant
Intérêt de la carte de crédit	642 millions de dollars
Frais de carte de crédit	428 millions de dollars

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.