Federated Stores

Macy's, Inc.

Macy's, Inc. headquarters
Type	Public
Traded as	: M S&P 500 Component
Industry	Retail
Founded	1929, Columbus, Ohio (Federated Department Stores, Inc.)
Headquarters	Cincinnati, Ohio, U.S.
Number of locations	888 (3Q 2016)
Area served	Nationwide
Key people	Terry J. Lundgren (Executive Chairman) Jeff Gennette (President and CEO)
Products	Clothing footwear accessories bedding furniture jewelry beauty products housewares
Revenue	US$ 27.079 billion (2015) US$ 25.778 billion (2016)
Operating income	US$ 2.039 billion (2015) US$ 1.315 billion (2016)
Net income	US$ 1.072 billion (2015) US$ 619 million (2016)
Total assets	US$ 20.576 billion (2015) US$ 19.851 billion (2016)
Total equity	US$ 4.25 billion (2015) US$ 4.323 billion (2016)
Number of employees	157,900 (2016)
Subsidiaries	Macy's Bloomingdale's Bluemercury
Website	macysinc.com

Macy's, Inc., originally Federated Department Stores, Inc., is an American holding company headquartered in Cincinnati, Ohio. It is the owner of department store chains Macy's and Bloomingdale's, which specialize in the sales of clothing, footwear, accessories, bedding, furniture, jewelry, beauty products, and housewares; and Bluemercury, a chain of luxury beauty products stores and spas. As of 2016, the company operated approximately 888 stores in the United States, Guam, and Puerto Rico. Its namesake locations and related operations account for 90% of its revenue.

According to Deloitte, Macy's, Inc. is the world's largest fashion goods retailer and the 36th largest retailer overall, based on the company's reported 2010 retail sales revenue of $25 billion (equivalent to $27.5 billion in 2017).

Federated Department Stores was founded in Columbus, Ohio on November 25, 1929 as a department store holding company for Abraham & Straus, F&R Lazarus & Company (including its Cincinnati division, then known as Shillito's) and William Filene's Sons of Boston, with Bloomingdale Brothers of New York joining the next year. Founded by Xavier Warren, Federated was the successor to the Lazarus operation begun in Columbus in 1851. In the mid-1930s, a modern merchandising standard was set when Fred Lazarus, Jr. arranged garments in groups of a single size with a range of style, color and price in that size, basing the technique upon observations made in Paris. Lazarus convinced President Franklin D. Roosevelt that changing the Thanksgiving holiday from the last Thursday of November to the fourth Thursday, thus extending the Christmas shopping season, would benefit the nation's business. An act of Congress perpetuated the arrangement in 1941. After this date Black Friday became a nationwide sensation and the most profitable day for Federated. Various Lazarus family members also held key positions on Federated's board and within its various divisions—namely, Foley's, Filene's, Lazarus and Shillito's. Robert Lazarus Jr. was the only remaining family member with an official role at Federated until his death in 2013, serving as assistant to Ron Klein, then chairman and CEO of the Rich's/Lazarus/Goldsmith's operating unit. Federated's corporate offices were relocated to Cincinnati in 1945.