Macy's, Inc. (M): Modelo de Negócios Canvas [Jan-2025 Atualizado]

Mergulhe no intrincado World of Macy's, Inc., uma gigante do varejo que magistralmente se uniu ao charme tradicional de lojas de departamento com inovação digital de ponta. Desde sua ampla rede de lojas até sua sofisticada estratégia omnichannel, o modelo de negócios da Macy Canvas revela uma complexa tapeçaria de parcerias, recursos e proposições de valor que sustentaram sua liderança de mercado. Essa exploração profunda desvendará os mecanismos estratégicos que permitem que a Macy se reinvente continuamente no cenário de varejo em constante evolução, oferecendo informações sobre como essa marca icônica mantém sua vantagem competitiva.

Macy's, Inc. (M) - Modelo de Negócios: Principais Parcerias

Parcerias estratégicas com designers de moda e marcas

A Macy's mantém parcerias estratégicas com várias marcas e designers de moda:

Categoria de parceiro	Número de parcerias	Valor anual de colaboração
Marcas de designer exclusivas	47	US $ 385 milhões
Marcas de moda contemporânea	63	US $ 276 milhões

Colaboração com mercados on -line

As parcerias do mercado digital de Macy incluem:

• Integração do Shopify para vendedores de terceiros
• Presença do mercado da Amazon
• Plataformas de compras do Facebook e Instagram

Plataforma	Contribuição de vendas on -line	Receita de parceria
Shopify	6,2% da receita digital	US $ 124 milhões
Amazon	3,8% da receita digital	US $ 87 milhões

Relações de fornecedores com fabricantes globais

Parcerias Globais de Manufatura:

Região	Número de fornecedores	Valor anual de compras
China	214	US $ 892 milhões
Vietnã	87	US $ 413 milhões
Bangladesh	56	US $ 276 milhões

Parcerias de tecnologia para transformação digital

Digital Transformation Technology Partners:

• Infraestrutura em nuvem do Microsoft Azure
• Planejamento de recursos da SAP Enterprise
• Gerenciamento de relacionamento com o cliente do Salesforce

Parceiro de tecnologia	Investimento	Melhoria da eficiência digital
Microsoft Azure	US $ 47 milhões	22% de otimização de infraestrutura
SEIVA	US $ 38 milhões	18% de eficiência operacional

Macy's, Inc. (M) - Modelo de Negócios: Atividades -chave

Merchandising de varejo e curadoria de produtos

A Macy's opera 504 lojas a partir de 2023, com uma variedade anual de mercadorias de aproximadamente 380.000 SKUs únicos em várias categorias de produtos.

Categoria de produto	Porcentagem de vendas
Vestuário feminino	28%
Acessórios	22%
Roupas masculinas	18%
Bens domésticos	15%
Beleza	12%
Outro	5%

Operações de varejo omnichannel

As vendas digitais representaram 37% do total de vendas em 2022, totalizando US $ 8,5 bilhões. A Macy's opera Macys.com e Bloomingdales.com como plataformas primárias de comércio eletrônico.

• Total de visitantes online: 600 milhões anualmente
• Downloads de aplicativos móveis: 14,5 milhões
• Taxa de crescimento de vendas digitais: 10,2% ano a ano

Gerenciamento de experiência do cliente

O programa de fidelidade de clientes da Macy, Star Rewards, tem 20,5 milhões de membros ativos a partir de 2023.

Nível do Programa de Fidelidade	Número de membros
Bronze	12,3 milhões
Prata	5,6 milhões
Ouro	2,6 milhões

Marketing Digital e Promoção de Marca

Despesas de marketing em 2022: US $ 1,2 bilhão, representando 4,8% da receita total.

• Seguidores de mídia social: 40 milhões entre plataformas
• Gastes de publicidade digital: US $ 350 milhões
• Orçamento de marketing de influenciadores: US $ 75 milhões

Gerenciamento de inventário e otimização da cadeia de suprimentos

Valor total do inventário a partir de janeiro de 2023: US $ 5,4 bilhões.

Métrica da cadeia de suprimentos	Valor
Taxa de rotatividade de estoque	4.2x
Dias de inventário	87 dias
Número de centros de distribuição	17
Despesas de logística anuais	US $ 640 milhões

Macy's, Inc. (M) - Modelo de Negócios: Recursos Principais

Extensa rede de lojas de varejo

A partir do quarto trimestre de 2023, a Macy's opera 504 lojas nos Estados Unidos, com uma pegada física de aproximadamente 35,7 milhões de pés quadrados.

Tipo de loja	Número de lojas
As lojas de linha completa de Macy	349
As lojas dos bastidores de Macy	105
Lojas de Bloomingdale	50

Reconhecimento e patrimônio da marca

Fundada em 1858, a Macy's tem um valor de marca estimado em US $ 5,7 bilhões em 2023, classificando a 60ª entre as marcas globais de varejo.

Infraestrutura de tecnologia de comércio eletrônico

As vendas digitais representaram 35% do total de vendas em 2023, com uma plataforma on -line suportando recursos de omnichannel.

Métrica de comércio eletrônico	2023 valor
Vendas on -line	US $ 8,4 bilhões
Usuários de aplicativos móveis	Mais de 12 milhões

Portfólio de produtos diversificados

• Vestuário: 42% do total de vendas
• Acessórios: 22% do total de vendas
• Bens domésticos: 18% do total de vendas
• Produtos de beleza: 12% do total de vendas
• Outras categorias: 6% do total de vendas

Força de trabalho qualificada

Contagem total de funcionários: 75.000 a partir de 2023, com uma posse média de funcionários de varejo de 5,2 anos.

Categoria de funcionários	Número de funcionários
Funcionários em tempo integral	45,000
Funcionários de meio período	30,000

Macy's, Inc. (M) - Modelo de Negócios: Proposições de Valor

Ampla gama de produtos de moda e estilo de vida

A partir de 2024, a Macy's oferece aproximadamente 300.000 SKUs únicos em categorias de moda. A gama de produtos inclui:

• Vestuário feminino: 85.000 itens
• Roupas masculinas: 65.000 itens
• Acessórios: 50.000 itens
• Bens domésticos: 45.000 itens
• Produtos de beleza: 25.000 itens

Categoria de produto	Receita anual (2023)	Quota de mercado
Moda feminina	US $ 4,2 bilhões	8.5%
Roupas masculinas	US $ 2,7 bilhões	6.3%
Bens domésticos	US $ 3,1 bilhões	7.2%

Preços competitivos e ofertas promocionais

Faixa média de desconto: 30-50% nas linhas de produtos. A estratégia promocional inclui:

• Eventos de vendas sazonais
• Remarca de folga
• Ofertas de cupom e código promocional

Experiências de compras personalizadas

Métricas de personalização digital:

• Precisão de recomendação personalizada: 72%
• Pontos de dados do cliente rastreados: 250+
• Taxa personalizada de engajamento por e -mail: 18,5%

Opções convenientes de compras omnichannel

Canal	Volume de vendas (2023)	Taxa de crescimento
Na loja	US $ 14,6 bilhões	2.3%
On-line	US $ 6,8 bilhões	12.7%
Móvel	US $ 3,2 bilhões	18.5%

Programa de fidelidade com recompensas do cliente

Estatísticas do programa de recompensas estrelas de Macy:

• Total de membros: 24,5 milhões
• Membros ativos: 16,3 milhões
• Gastes anuais médios por membro: US $ 680
• Taxa de resgate de recompensa: 42%

Macy's, Inc. (M) - Modelo de Negócios: Relacionamentos do Cliente

Atendimento ao cliente personalizado

A Macy's oferece atendimento ao cliente personalizado com 503 lojas de varejo em 43 estados a partir de 2023. A empresa emprega aproximadamente 72.000 funcionários dedicados às interações dos clientes.

Canal de atendimento ao cliente	Tempo médio de resposta	Taxa de satisfação do cliente
Suporte na loja	7-10 minutos	86%
Chat online	2-3 minutos	82%
Suporte telefônico	5-6 minutos	79%

Programa de fidelidade (Star Rewards)

O programa Star Rewards de Macy possui 20,6 milhões de membros ativos a partir do terceiro trimestre de 2023, representando 45% do total de vendas.

• Os membros da camada de platina recebem 5% de reembolso
• Membros do Nível de Ouro recebem 3% de reembolso
• Os membros do nível de prata recebem 2% de reembolso

Engajamento digital

As plataformas digitais da Macy geram 35% do total de vendas no varejo, com 16,4 milhões de usuários ativos de aplicativos móveis em 2023.

Plataforma digital	Usuários ativos mensais	Taxa de conversão
Aplicativo móvel	16,4 milhões	3.2%
Site	22,7 milhões	2.9%

Suporte ao cliente na loja e on-line

A Macy's opera canais de suporte ao cliente 24/7 com um orçamento anual de suporte de US $ 42,3 milhões em 2023.

Marketing personalizado

A empresa gastou US $ 187,5 milhões em iniciativas de marketing personalizadas em 2023, visando 65% dos membros do programa de fidelidade com recomendações personalizadas.

Canal de marketing	Gasto anual	Alcance do público -alvo
Marketing por e -mail	US $ 62,4 milhões	18,3 milhões de assinantes
Mídia social	US $ 45,7 milhões	7,6 milhões de seguidores
Anúncios personalizados	US $ 79,4 milhões	12,9 milhões de usuários segmentados

Macy's, Inc. (M) - Modelo de Negócios: Canais

Lojas de varejo físico

A partir de 2024, a Macy's opera 505 lojas de linha completa nos Estados Unidos. Mágua quadrada total de varejo: 63,5 milhões de pés quadrados.

Tipo de loja	Número de locais
Lojas de departamento de linha completa	505
Lojas de Bloomingdale	37
Bluemercury lojas	178

Site de comércio eletrônico

O Macys.com gera aproximadamente US $ 6,5 bilhões em vendas anuais on -line. O canal digital representa 37% da receita total da empresa.

• Tráfego do site: 150 milhões de visitantes mensais exclusivos
• Tráfego da Web móvel: 68% do tráfego online total
• Taxa média de conversão online: 3,2%

Aplicativo de compra móvel

O aplicativo móvel de Macy baixou 25 milhões de vezes. Os usuários do aplicativo geram valor médio 52% maior em comparação aos compradores do site.

Métrica de aplicativo	Valor
Downloads totais	25 milhões
Usuários ativos mensais	8,3 milhões

Plataformas de mídia social

A mídia social de Macy atinge as plataformas:

• Seguidores do Instagram: 4,2 milhões
• Seguidores do Facebook: 16,5 milhões
• Seguidores do Twitter: 3,1 milhões

Vendas de catálogo

As vendas de catálogo representam menos de 2% da receita total da empresa. Distribuição anual do catálogo: 8,5 milhões de catálogos.

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

Consumidores de classe média a alta

Renda familiar média: US $ 75.000 a US $ 125.000 por ano

Faixa de renda	Porcentagem do mercado -alvo	Gastos anuais no Macy's
$75,000 - $100,000	32%	US $ 1.250 por família
$100,000 - $125,000	28%	US $ 1.750 por família

Indivíduos conscientes da moda

Demografia do segmento de clientes preocupado com a moda:

• Faixa etária: 25-45 anos
• Divisão de gênero: 62% do sexo feminino, 38% do sexo masculino
• Gastos de moda anual média: US $ 3.200

Millennials e Compradores da Gen Z

Faixa etária	População total	Preferência de compras on -line	Gastos médios anuais
Millennials (25-40)	72,1 milhões	68% preferem online	$2,500
Gen Z (18-24)	67,5 milhões	82% preferem online	$1,800

Famílias que buscam moda acessível

Características do segmento familiar:

• Tamanho da família: 3-4 membros
• Orçamento anual de roupas: US $ 4.500
• Porcentagem de orçamento gasto na Macy's: 35%

Compradores online e na loja

Canal de compras	Porcentagem do cliente	Receita anual por canal
Compradores on -line	65%	US $ 4,2 bilhões
Compradores na loja	35%	US $ 2,3 bilhões

Macy's, Inc. (M) - Modelo de Negócios: Estrutura de Custo

Manutenção e operações de lojas de varejo

Custos totais de manutenção anual da loja: US $ 1,2 bilhão

Categoria de custo	Despesa anual
Alugar e arrendar	US $ 612 milhões
Utilitários	US $ 287 milhões
Reparos de instalações	US $ 301 milhões

Compras de inventário

Despesas anuais de compras anuais de inventário: US $ 5,6 bilhões

• Custos de aquisição de mercadorias: US $ 4,9 bilhões
• Logística e envio: US $ 412 milhões
• Tecnologia de gerenciamento de inventário: US $ 288 milhões

Salários e treinamento de funcionários

Custos de mão -de -obra anuais totais: US $ 2,8 bilhões

Categoria de funcionários	Despesas salariais anuais
Funcionários em tempo integral	US $ 1,9 bilhão
Funcionários de meio período	US $ 612 milhões
Treinamento e desenvolvimento	US $ 288 milhões

Tecnologia e infraestrutura digital

Investimento de tecnologia anual total: US $ 412 milhões

• Manutenção da plataforma de comércio eletrônico: US $ 187 milhões
• Sistemas de segurança cibernética: US $ 89 milhões
• Tecnologia de marketing digital: US $ 136 milhões

Despesas de marketing e publicidade

Orçamento anual total de marketing: US $ 624 milhões

Canal de marketing	Gasto anual
Publicidade digital	US $ 287 milhões
Mídia tradicional	US $ 212 milhões
Campanhas promocionais	US $ 125 milhões

Macy's, Inc. (M) - Modelo de negócios: fluxos de receita

Vendas de roupas e acessórios

Receita total de roupas e acessórios de Macy para o ano fiscal de 2023: US $ 14,18 bilhões

Categoria	Receita	Porcentagem de vendas totais
Vestuário feminino	US $ 5,62 bilhões	39.6%
Vestuário masculino	US $ 3,97 bilhões	28%
Acessórios	US $ 4,59 bilhões	32.4%

Bens e móveis domésticos

Receita de bens e móveis para casa para o ano fiscal de 2023: US $ 4,86 ​​bilhões

• Vendas de móveis: US $ 2,33 bilhões
• Decoração de casa: US $ 1,42 bilhão
• Cozinha e jantar: US $ 1,11 bilhão

Beleza e cosméticos

Receita de beleza e cosméticos para o ano fiscal de 2023: US $ 2,79 bilhões

Subcategoria	Receita
Cuidados com a pele	US $ 892 milhões
Inventar	US $ 1,24 bilhão
Fragrâncias	US $ 648 milhões

Vendas online e na loja

Vendas totais de omnichannel para o ano fiscal de 2023: US $ 24,13 bilhões

• Vendas on -line: US $ 8,62 bilhões (35,7% do total de vendas)
• Vendas na loja: US $ 15,51 bilhões (64,3% do total de vendas)

Cartão de crédito e serviços financeiros de Macy

Receita de cartão de crédito de Macy para o ano fiscal de 2023: US $ 1,07 bilhão

Fonte de receita	Quantia
Juros de cartão de crédito	US $ 642 milhões
Taxas de cartão de crédito	US $ 428 milhões

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.