Macy's Inc
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Macy's, Inc. headquarters
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Formerly called
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Federated Department Stores, Inc. (1929–2007) |
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| Public | |
| Traded as | |
| Industry | Retail |
| Founded | 1929, Columbus, Ohio |
| Headquarters | Cincinnati, Ohio, U.S. |
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Number of locations
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850 (2018) |
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Area served
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Nationwide |
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Key people
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Jeff Gennette (Chairman and CEO) Hal Lawton (President) |
| Products |
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| Revenue |
 US$24.837 billion (2017)
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 US$1.807 billion (2017)
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US$1.547 billion (2017)
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| Total assets |
US$19.381 billion (2017)
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| Total equity |
US$5.661 billion (2017)
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Number of employees
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~130,000 (February 2018) |
| Subsidiaries |
Macy's Bloomingdale's Bluemercury |
| Website | macysinc |
Macy's, Inc. (originally Federated Department Stores, Inc.) is an American holding company; it was founded by Xavier Warren in 1929. Upon its establishment, Federated held ownership of the regional department store chains Abraham & Straus, Lazarus, Filene's, and Shillito's. Bloomingdale's joined Federated Department Stores the following year. Throughout its early history, frequent acquisitions and divestitures saw the company operate a number of nameplates. In 1994, Federated took over the department store chain Macy's. With the acquisition of The May Department Stores Company in 2005, the regional nameplates were retired and replaced by the Macy's and Bloomingdale's brands nationwide by 2006. Ultimately, Federated itself was renamed Macy's, Inc. in 2007.
Macy's, Inc. is headquartered in Cincinnati, Ohio. It operates the subsidiaries Macy's, Bloomingdale's, and the beauty store chain Bluemercury, all of which have a flagship store located in the New York City borough of Manhattan. 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 $28.1 billion in 2018).
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.
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Wikipedia