macy's, inc. fact book 2012
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MACY’S, INC. FACT BOOK 2012
2 • Macy’s, Inc.
Quarterly Results
Fiscal 2012 THREE MONTHS 2012 EARNINGS 10Q/10K ENDED RELEASE DATES SEC FILING
4/28/12 5/9/12 6/4/12
7/28/12 8/8/12 9/4/12
10/27/12 11/7/12 12/3/12
2/2/13 2/26/13 4/3/13
Fiscal 2013 THREE MONTHS 2012 EARNINGS 10Q/10K ENDED RELEASE DATES SEC FILING
5/4/13 5/15/13 6/10/13
8/3/13 8/14/13 9/9/13
11/2/13 11/13/13 12/9/13
2/1/14 2/25/14 4/2/14
Monthly Sales Announcements
Fiscal 2012 Fiscal 2013 SALES SALESMONTH RELEASE DATES RELEASE DATES
February 3/1/12 3/7/13
March 4/5/12 4/11/13
April 5/3/12 5/9/13
May 5/31/12 6/6/13
June 7/5/12 7/11/13
July 8/2/12 8/8/13
August 8/30/12 9/5/13
September 10/4/12 10/10/13
October 11/1/12 11/7/13
November 11/29/12 12/5/13
December 1/3/13 1/9/14
January 2/7/13 2/6/14
FISCAL YEARS 2012 AND 2013
Calendar of Public Disclosures Note: All dates are subject to change.
Media:
Jim Sluzewski . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1-513-579-7764
Investor:
Matt Stautberg . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1-513-579-7028
Transfer Agent:
Computershare
Inside the United States and Canada . . . . . . . . . . . . . . . 1-866-337-3311
Outside the United States and Canada . . . . . . . . . . . . 1-201-680-6578
For the Hearing Impaired . . . . . . . . . . . . . . . . . . . . . . . .1-800-231-5469 (TDD)
Toll-Free Information Request Line . . . . . . . . . . . . . . . . . . . . 1-800-261-5385
Macy’s, Inc. Corporate Website . . . . . . . . . . . . . . . . . . . . . . . . . . . . macysinc.com
S 2012 EARNINGS 10Q/10KRELEASE DATES SEC FILING
5/15/13 6/10/13
8/14/13 9/9/13
11/13/13 12/9/13
2/25/14 4/2/14
2012 Corporate Fact Book • 3
Calendar of Public Disclosures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
Macy’s, Inc. AT-A-GLANCE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
FINANCIAL HIGHLIGHTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
CORPORATE VISION, PHILOSOPHY AND FINANCIAL OBJECTIVES . . . . . . . . . . . . . . . . 5
HIGHLIGHTS OF PROGRESS IN 2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
Macy’s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
Bloomingdale’s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
Macy’s, Inc.: A Diverse and Inclusive Organization . . . . . . . . . . . . 16
Giving Back to Our Communities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
Social Responsibility . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
Sustainability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22
Financial Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24
Store ListingsMACY’S . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30
BLOOMINGDALE’S . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50
Company History . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52
Macy’s, Inc. Board of Directors/Corporate Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58
Shareholder Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61
Stores and Employees by State . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62
Contents
4 • Macy’s, Inc.
2011 2010
Net Sales (in billions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 26.405 $ 25.003 Change in same-store sales (Note 1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.3% 4.6%
Operating Income (in billions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2.411 $ 1.894 % of sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.1% 7.6%
Operating Income, Excluding Certain Items (in billions) (Note 2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2.386 $ 1.919 % of sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.0% 7.7%
Diluted Earnings Per Share Net income .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2.92 $ 1.98 Net income, excluding certain items (Note 2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2.88 $ 2.11
Cash Flow from Operating Activities (in billions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2.093 $ 1.506
Cash Flow from Operating Activities Net of Cash Used by Investing Activities (in billions) (Note 2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1.476 $ 1.041
Notes:
(1) Represents the year-to-year percentage change in net sales from Bloomingdale’s and Macy’s stores in operation throughout the year presented and the immediately preceding year and all Internet sales.
(2) Represents a non-GAAP measure of operating results. Supplemental Operating Results on page 26 contains a reconciliation to the most comparable GAAP measure.
The foregoing fi nancial information, including non-GAAP measures that exclude certain items, should be read in conjunction with the audited fi nancial statements, including the related notes and other fi nancial information contained in the company’s most recent Securities and Exchange Commission fi lings.
Financial Highlights
Macy’s, Inc. At-A-GlanceMacy’s, Inc., with corporate offi ces in Cincinnati and New York, is one of the nation’s premier retailers, with fi scal 2011 sales of $26.4 billion. The company operates about 800 Macy’s department stores and furniture galleries in 45 states, the District of Columbia, Guam and Puerto Rico, as well as macys.com. The Bloomingdale’s brand includes 37 department stores and home stores in 11 states, bloomingdales.com, seven Bloomingdale’s Outlet stores in fi ve states, and a licensed store in Dubai. Macy’s, Inc.’s diverse workforce includes approximately 171,000 employees. Prior to June 1, 2007, Macy’s, Inc. was known as Federated Department Stores, Inc. The company’s shares are traded under the symbol “M” on the New York Stock Exchange.
Corporate Vision, Philosophy and Financial ObjectivesCORPORATE VISIONMacy’s, Inc. is a premier national omnichannel retailer with iconic brands that each operate outstanding stores and dynamic online sites. Both Macy’s and Bloomingdale’s are known worldwide, and each has its own unique identity and customer focus.
CORPORATE PHILOSOPHYMacy’s, Inc. clearly recognizes that the customer is paramount and that all actions and strategies must be directed toward providing a localized merchandise offering and shopping experience to targeted consumers through dynamic department stores and online sites.
Aggressive implementation of the company’s customer-centric strategies by a talented, experienced organization will provide Macy’s, Inc.’s department stores with an important competitive edge.
Macy’s, Inc. is committed to open and honest communications with employees, shareholders, vendors, customers, fi nancial analysts and the news media. The company seeks to be proactive in sharing information and in keeping these key stakeholder groups up-to-date on important and material developments.
At Macy’s, Inc., our greatest strength lies in the skill, judgment and talent of our people. Every day a production of enormous magnitude takes place on our selling fl oors and behind the scenes, where our people bring the company’s strategic goals to life. Our priority of attracting, retaining and growing the most talented people in the retail industry has been and will continue to be our greatest advantage.
CORPORATE FINANCIAL OBJECTIVESThe objectives of Macy’s, Inc. are:
• To grow sales;
• To continue to increase the company’s profi tability levels (earnings before interest, taxes, depreciation and amortization) as a percent of sales;
• To improve return on invested capital;
• To maximize total shareholder return.
2012 Corporate Fact Book • 5
6 • Macy’s, Inc.
CONTINUED GROWTH ON ALL FRONTSFiscal 2011 was the third consecutive year of signifi cantly improved fi nancial performance at Macy’s, Inc. Our momentum results from the culture of growth that we have been building since reorganizing the company in 2008 and 2009. Macy’s, Inc. has the right long-term strategies in place to win with customers in the years ahead. Meanwhile, our very talented organization is executing superbly on each key strategy.
The company has been gaining market share, strengthening customer loyalty and maintaining effi ciencies in our operations, all against the backdrop of a stagnant economic environment. The growth has been balanced — involving both Macy’s and Bloomingdale’s, stores and online, virtually every family of business and every region of the country.
Our progress and success are rooted in having become a customer-centric organization that embraces localization, a seamless omnichannel blending of stores, online and mobile, and more meaningful customer engagement on the selling fl oor.
The company generated growth on all fi nancial fronts in fi scal 2011. Top-line sales grew by more than $1 billion for the second consecutive year. Same-store sales rose a very healthy 5.3 percent, on top of an increase of 4.6 percent in 2010. Diluted earnings per share grew by 47 percent in 2011, following signifi cant increases in each of 2009 and 2010. Net cash provided by operating activities was $2.093 billion in fi scal 2011, compared with $1.506 billion in fi scal 2010. This includes pension plan contributions of $375 million in 2011 and $825 million in 2010. Net cash used by investing activities in fi scal 2011 was $617 million, compared with $465 million in fi scal 2010. Thus, net cash provided by operating activities after investing activities was $1.476 billion in fi scal 2011, compared with $1.041 billion in fi scal 2010. Return On Invested Capital (ROIC) — a key measure of operating productivity — rose signifi cantly in 2011, the third consecutive year of improvement.
DEBT REDUCTIONThe company in fi scal 2011 continued to improve its balance sheet, repaying $454 million in debt in addition to the $1.245 billion of debt repaid in 2010. This helped Macy’s, Inc. to regain investment-grade status at S&P and Moody’s.
ENHANCED SHAREHOLDER RETURNSThe results and momentum in the company have driven enhanced returns to shareholders. During fi scal 2011, the price of Macy’s, Inc. common stock rose by nearly 50 percent, and the share price has nearly quadrupled since the beginning of fi scal 2009.
The board of directors doubled the cash dividend on Macy’s, Inc. common stock to an annualized 40 cents per share, beginning with the quarterly payment on July 1, 2011. Effective with the quarterly payment on April 2, 2012, the dividend doubled again to an annualized 80 cents per share.
In late August 2011, the company resumed its share repurchase program using excess cash, having reached its target credit ratios earlier than expected. In fi scal 2011, the company repurchased a total of 16.4 million shares for approximately $500 million. Going into fi scal 2012, the company had remaining authorization to repurchase approximately $1.352 billion of common stock, including a $1 billion increase in authorization approved by the board of directors in January 2012.
INVESTMENTS IN OMNICHANNEL AND TECHNOLOGYMacy’s and Bloomingdale’s continue to embrace innovation in technology designed to engage customers and to make their shopping experience more convenient, fun and interesting. Technology is fueling the company’s omnichannel strategy for driving sales (see page 9). Online sales (macys.com and bloomingdales.com combined) grew by 40 percent year-over-year in 2011, on top of growth of 29 percent in 2010 and 20 percent in 2009.
Macy’s, Inc. is using technology in stores to mirror the online shopping experience, and adding functionality and content online to provide customers with additional assistance in product selection.
Macy’s, Inc. enjoys a growing reputation as a technology leader in the retailing industry. L2, a think tank for digital innovation, in 2011 named Macy’s and Bloomingdale’s among its Top 10 retailers in Digital IQ, based on digital competency and mastery of mobile and social platforms. Macy’s was ranked No. 1 among 64 retail brands included in the study.
Among technology innovations initiated in 2011, the company expanded its Search & Send capabilities (see page 9) at Macy’s. Macy’s and Bloomingdale’s stores have begun testing computer tablets and hand-held devices to
Highlights of Progress in 2011
2012 Corporate Fact Book • 7
engage customers in selected merchandise areas, including fi ne jewelry and cosmetics at Macy’s, and women’s shoes and cosmetics at Bloomingdale’s. Macy’s began testing Beauty Spot, a new cosmetics concept that allows customers to search and select products from various product categories across multiple brands from a custom-designed kiosk located prominently on the selling fl oor.
Macys.com has launched a new denim fi t fi nder for women, which allows shoppers to select the perfect pair of jeans among all denim brands. All Macy’s and Bloomingdale’s furniture/mattress delivery associates have been equipped with computer tablets to plan daily routes, fi nd locations via GPS, record delivery verifi cation signatures, and access product and sales transaction information on-site to answer customer questions.
In addition, Macy’s and Bloomingdale’s stores began to test emerging transaction-processing technologies, including Google Wallet, a smartphone application that allows customers to “tap, pay and save” when they use their phone as their wallet. And after a successful pilot in fall 2011, Macy’s is rolling out digital receipts in stores nationwide.
To more precisely manage item-level merchandise inventories, Macy’s, Inc. announced in 2011 that Macy’s and Bloomingdale’s stores are adopting RFID (radio frequency identifi cation) technology on an accelerated timeline. By the third quarter of 2012, the company expects to begin using RFID in all stores nationwide to count size-intensive “replenishment goods” — those items regularly stocked and automatically resupplied as they are sold to customers. This represents about 30 percent of the company’s sales. Macy’s, Inc. will be among the fi rst retailers to implement
RFID on a broad national scale. The company has been testing RFID technology for nearly two years in selected Macy’s and Bloomingdale’s stores and distribution centers.
With RFID, Macy’s and Bloomingdale’s store associates can count inventory signifi cantly faster. This enables multiple counts throughout the year compared with the current practice of taking a physical inventory once a year. Testing has shown that, on average, inventory accuracy can be maintained at 97 percent or better. Frequent counts will also ensure the correct placement of items in the right range of sizes, colors and styles on the selling fl oor.
INTERNATIONAL SHIPPING OF ONLINE ORDERS BEGINSMacys.com and bloomingdales.com began international shipping to more than 100 countries in 2011 — providing easy access to the company’s assortment among customers who have visited Macy’s or Bloomingdale’s in the United States, or who know our company for its reputation for fashion, quality and value. Via a partnership with FiftyOne, a leading provider of international e-commerce services and infrastructure to U.S. retailers, the macys.com and bloomingdales.com sites offer international customers a seamless changeover from domestic to world view. International customers in participating countries are automatically transitioned to their local currency as they browse the assortment. Once items are selected for purchase, the system automatically provides the fi nal price for the merchandise including all duties, tariffs and shipping-related costs. While the majority of product assortment sold online is available for international shipping, some product categories and lines are exempt.
8 • Macy’s, Inc.
Macy’s, established in 1858, is the Great American Department Store — an iconic retailing brand with about 800 stores operating coast-to-coast and online at macys.com. Macy’s offers powerful assortments and the best brands, tailored to each and every customer with obvious value, engaging service and unforgettable moments.
Clearly, Macy’s is distinctly different from other major
retailers. Macy’s embraces customers and strives to
provide an experience that transcends ordinary
shopping. Our DNA includes special events that are
magical — the Macy’s Thanksgiving Day Parade, Fourth
of July Fireworks, fl ower shows, fashion extravaganzas,
celebrity appearances, cooking demonstrations and
holiday traditions ranging from the arrival of Santa Claus
to tree lightings and animated window displays.
Beyond fantastic events, Macy’s is delivering magical
moments every day. We surprise and delight customers
with unique and interesting fashion merchandise —
including exclusive brands that our customers won’t fi nd
elsewhere. We engage customers in stores, online and
via mobile devices by offering advice and options that
bring fashion ideas to life. Our looks set the tone in style
magazines, videos, TV shows, movies, blogs and websites.
Our associates take the extra step to help a customer in
need. Every year, we receive tens of thousands of messages complimenting our people and saluting the shopping experience at Macy’s. It’s all part of the excitement that we’ve been creating for 153 years.
Localization is a key component of Macy’s strategic formula for continued growth and success. Through My Macy’s, we have invested in talent, technology and marketing that allow us to ensure that each and every Macy’s store is “just right” for the customer who shops in that location. We have provided for more local decision-making in every Macy’s community. We are tailoring our merchandise assortments, space allocations, service levels, visual merchandising and special events store-by-store.
In fi scal 2011, Macy’s opened one store and closed eight stores. A Macy’s in Warwick, RI, was reopened with renovations following fl ood damage in 2010. Macy’s stores were closed in Topeka, KS; Laurel, MD; Bay Shore, NY; Parma, OH; Antioch, TN; and Texas City, TX. The company
2012 Corporate Fact Book • 9
closed a Macy’s furniture gallery in San Antonio, TX, and
a furniture clearance center in Naperville, IL, with both
businesses transitioning into nearby Macy’s stores.
In March 2012, Macy’s opened new stores in Salt Lake City,
UT, and Greendale, WI. Plans announced to date include
new Macy’s stores in Victorville, CA (opening mid-2013),
Gurnee, IL (to open in spring 2013), Bronx, NY (to open in
fall 2013 or spring 2014) and Bay Shore, NY (a replacement
store to open in fall 2013).
STRATEGIC ADVANCEMENTS AT MACY’SThree key strategic initiatives — My Macy’s localization,
omnichannel integration and MAGIC Selling — combined
to drive sales growth at Macy’s in 2011. We believe we still
are in the early stages of implementation in each, and we
have intensifi ed planning for future improvement in 2012
and beyond.
With My Macy’s localization, we continue to tailor the
merchandise assortment and shopping experience in
every store location for the customer who shops there.
We believe this has created a sustainable competitive
advantage for Macy’s, and we have made signifi cant
progress over the past three years to offer our customers
the right products in the right place at the right time.
In late 2011, we launched a new internal initiative
called “My Macy’s 2.0.” It involves a series of targeted
initiatives — each guided by a team of our most talented
executives — aimed at further refi ning the way we serve
local customers.
The omnichannel strategy involves integrating our stores,
the Internet and mobile devices so we can surround our
customers at every turn and deploy all of the company’s
inventory (no matter where it may be located) to serve their
needs. A pivotal part of the omnichannel strategy is our
capability to allow associates in any store to sell a product that
may be out of stock locally by selecting merchandise from
other stores or our online fulfi llment centers for shipment to
the customer’s door. Likewise, our online fulfi llment centers
can draw on store inventories nationwide to fi ll orders that
originate on the Internet or via mobile devices.
At the end of 2011, we had 23 Macy’s stores set up to pick
and ship orders from other stores or the Internet. By the
end of 2012, we expect to have approximately 290 Macy’s
stores set up for shipping, on top of the inventories in four
primary online fulfi llment centers that will be in operation by
year-end.
We continue to experiment with a wide range of new
technologies, both in store and online, that improve the
10 • Macy’s, Inc.
customer shopping experience. These include using tablet computers in selected departments in stores, piloting tap-and-pay mobile technology, offering customers paperless digital receipts, accelerating the adoption of QR code technology to engage shoppers, and delivering special offers to shoppers via Foursquare, Shopkick, Google and Facebook, among other pervasive social media.
Macy’s strategy of MAGIC Selling, launched two years ago, is how we are improving customer engagement in our stores. We train every associate to Meet and make a connection... Ask questions and listen ... Give options, give advice ... Inspire to buy and Celebrate the purchase. To date, Macy’s store associates have been through more than 1 million hours of MAGIC training. And the results are showing in our same-store sales growth.
As part of the MAGIC Selling process, we are placing ever-more emphasis on coaching of sales associates on the selling fl oor by their managers. We are providing more tools, training, resources and encouragement to the sales managers. We rely on them to show associates — particularly new hires — the Macy’s way for taking great care of our customer on a consistent basis. Our Net Promoter Scores, which measure customer satisfaction store-by-store and day-by-day, have been rising in tandem with sales.
BEST BRANDS, EXCLUSIVE MERCHANDISEMacy’s continues its legacy of offering merchandise from the best and most-wanted brands, and in providing customers genuine value — the right combination of fashion and quality at a good price. Much of Macy’s merchandise
assortment is clearly unique. In 2011, about 43 percent of merchandise sold at Macy’s was exclusive or in limited distribution. This includes Macy’s outstanding portfolio of private brands, which account for about 20 percent of sales.
FOCUSING ON THE MILLENNIAL CUSTOMERWe will intensify our efforts in 2012 and beyond to better serve the needs of Millennial customers, those between the ages of 13 and 30, now our nation’s largest generation. Our plans include re-focusing the merchandise assortments in the Mstylelab and Impulse departments so they are more exciting and relevant to these fast-fashion customers, as well as stepping up the shopping experience and store environments.
HERALD SQUARE FLAGSHIP RENOVATIONIn early 2012, work began on one of the largest capital investments in the history of our company — the top-to-bottom renovation of Macy’s Herald Square fl agship store in New York City. This four-year, $400 million reinvention will make Herald Square the world’s most exciting, interesting and technologically advanced department store. In the course of the project, we will be repurposing 100,000 square feet from offi ces and stockrooms to selling space, restoring the grandeur of the building’s exterior, creating dazzling, updated presentations of new and expanded merchandise space, and signifi cantly expanding the men’s store. To the delight of shoppers, we are creating the world’s largest women’s shoe department (with 39,000 square feet of continuous selling space), which is expected to open in fall 2012.
2012 Corporate Fact Book • 11
Private BrandsMacy’s is recognized as a retail industry leader in developing private brand merchandise that differentiates the assortments in our stores and delivers exceptional value to the customer.
Merchandise for each private brand, available “Only at Macy’s,” is developed to appeal to a certain customer lifestyle and is supported with marketing programs that create a precisely defi ned image. Macy’s also develops private label goods to meet specifi c customer needs and to fi ll gaps in the assortment.
For women, Alfani offers modern separates with a clean, feminine sensibility and a refi ned fi t. The brand is designed to be the stylish woman’s resource for wear-to-work clothes that are both polished and versatile. Alfani for women includes sportswear, intimate apparel, jewelry, shoes and accessories.
Alfani offers clothing for the man who wants to look modern and professional. The collection is designed with an emphasis on fabric, detail and performance. Alfani for men includes sportswear, tailored clothing, furnishings, shoes and accessories. Alfani Red is a fi t designation within the Alfani line that indicates a slimmer, more streamlined fi t.
American Rag is a young, fashion-forward line of denim and separates. A favorite among Juniors and Young Men, the line melds vintage-inspired colors and prints with classic denim and the season’s trends. Recent additions to American Rag include a line of dressed-up separates for girls and suit separates for young men.
Bar lll is a collection of contemporary women’s and men’s clothing, jewelry and bedding launched in 2011. The clothing and jewelry, which are sold in Macy’s Impulse zone, feature design that is versatile and fashion-forward. The brand speaks to a young, style-savvy and technologically sophisticated customer looking for distinctive products that can be added to her or his existing wardrobe and lifestyle to express personal style.
Belgique cookware is a versatile, high-performance line designed to provide professional results and striking good looks. Belgique Stainless Steel is for the cook who wants versatile, high-performance and long-lasting cookware with a sleek, sophisticated look. Belgique Hard Anodized features a non-stick interior ideal for low-fat cooking. The durable exterior is easy to care for and has a clean, modern look.
®
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Charter Club offers modern classic, all-American style in women’s ready-to-wear and home collections. The ready-to-wear collection, designed for the woman who appreciates both style and ease, features separates assorted for all occasions. The home collection provides the essential elements to create an elegant, traditional décor. The brand includes sportswear, intimate apparel, jewelry, accessories, bedding and bath.
Club Room features classic American menswear for weekend or business casual occasions and tailored suit separates for the career-oriented professional. The Club Room brand includes sportswear, tailored clothing, furnishings, shoes and accessories.
Epic Threads is designed for tweens who want cool, original clothing that expresses their personality. Taking a cue from popular skate and streetwear brands, Epic Threads is urban, imaginative and edgy. The brand has a strong denim base, a high-energy color palette and an individualistic sensibility. Epic Threads Collection, introduced in 2011, offers dressy options for style-savvy tweens.
First Impressions classic clothing for newborns and infants is defi ned by fi ne fabrics and time-honored details. The collection’s soft fabrications and sweet, traditional designs make First Impressions a favorite gift choice. The brand includes clothing and matching accessories for boys and girls with an emphasis on special occasion dressing.
Tracing a trajectory from quiet label to powerhouse brand, Giani Bernini has emerged as a coveted name for handbags and small leather goods within Macy’s. The brand’s fi ne materials and classic design attract a traditional customer who recognizes quality when she sees it. Giani Bernini recently added comfort shoes, sold under the GB by Giani Bernini name, and an extensive assortment of sterling silver bridge jewelry to its portfolio.
This luxury collection for the home evokes the cool, clean-lined style of a world-class hotel, creating an oasis in the modern world. Hotel offers high thread-count sheets and luxurious fabrics for the customer who appreciates quality and modern design. The sophisticated collection includes bedding, bath and mattresses. A new line extension offers easy-care product with a mix-and-match design element.
Ideology is a new brand of activewear designed for the active lifestyle and offers versatile, mix-and-match pieces that combine fashion-forward style with technical features that maximize performance and comfort. Cheryl Burke, renowned professional dancer and two-time winner of “Dancing with the Stars,” is the face of the new brand.
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I.N.C. for women delivers up-to-the-minute, trend-right sportswear designed to add freshness and fun to the fashionable woman’s wardrobe. Cutting edge, off-the-runway trends are captured and delivered in high-profi le, affordable clothes, shoes and jewelry for the woman who wants to be noticed.
I.N.C. Men offers fashion-forward clothing with a modern fi t and sharp styling. Cool, understated suit separates, a broad range of style-conscious denim, sophisticated knits and graphic T-shirts are designed to mix and match for maximum versatility for the contemporary man.
With fun colors and fl irty prints, Jenni by Jennifer Moore intimates stand out as the choice for the young, fashionable customer, featuring a bright and cheerful selection of pajamas, loungewear and lingerie. In the Juniors arena, Jenni’s colorful, comfortable sensibility stands out in an assortment that includes sweatpants, hoodies, tees, and other items. The So Jenni brand takes the fun feel of Jenni to the children’s category, offering girls’ clothing in sizes 7-16.
With a pretty, feminine sensibility and an emphasis on comfort, JM Collection is designed for the woman who wants versatile, work-to-weekend clothes at an affordable price. The collection consists of easy, classic silhouettes updated each season in new colors, prints and textures. Solution-oriented separates like the Magic Pant are an important part of the brand’s growing appeal.
Designed for the busy woman with an easy, modern sense of style, this brand offers a versatile collection of fashionable sportswear and stylish accessories that transition from home to work to weekend. The brand includes sportswear, shoes, jewelry, handbags and accessories.
Elegant and refi ned, this brand of European-inspired classic menswear is characterized by luxury fabrics and attention to detail. It is designed for the more traditional customer, who expects the best in investment dressing. The brand includes sportswear, tailored clothing, furnishings, shoes and accessories. Greg Norman for Tasso Elba is a broad assortment of golf-inspired menswear and accessories. Shark by Greg Norman for Tasso Elba is the younger, more fi tted expression of this worldly golf lifestyle.
BRANDS AND LABELS The difference between a brand and a label is subtle but important. Our brands have fully developed brand profi les targeted to specifi c consumers and are supported with national advertising and branded in-store environments. A label is just that: a name attached to a category of merchandise that fi lls a niche in our assortments. Examples of our labels include:
• Greendog • Holiday Lane
• John Ashford • Karen Scott
• Morgan Taylor • Studio Silver
• The Cellar • Tools of the Trade
• Via Europa
Bloomingdale’s, America’s only nationwide, full-line upscale department store, is recognized for its originality, innovation and fashion leadership. It truly is “Like no other store in the world.” In fact, Bloomingdale’s is a leading attraction for visitors and tourists coming to the United States from around the globe. This brand includes 37 stores, bloomingdales.com and seven Bloomingdale’s Outlet locations. Bloomingdale’s opened in Dubai, United Arab Emirates, in February 2010 under a license agreement with Al Tayer Insignia, a company of Al Tayer Group LLC.
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Bloomingdale’s is separating itself from the mainstream and reinforcing its position as an authority for upscale, contemporary fashion. Customers are attracted by the latest styles from the hottest brands, such as Armani, Burberry, Chanel, Christian Dior, David Yurman, Jimmy Choo, John Varvatos, Louis Vuitton, Miu Miu, Prada, Ralph Lauren Black Label, Theory and Tory Burch. Bloomingdale’s shoppers have come to expect and savor variety — the newest looks from established brands, as well as unique products from rising young designers.
Supporting these fashion brands are exceptional customer amenities — international visitors centers, personal shoppers, outstanding fi tting rooms and lounges — elegant events and personalized, attentive service that strengthen customer relationships and build loyalty.
In fi scal 2011, Bloomingdale’s opened three outlet stores and closed three full-line stores and one home store. New Bloomingdale’s Outlet stores were opened in Estero, FL; Schaumburg, IL; and Wrentham, MA. Closed were Bloomingdale’s stores in Atlanta, GA; North Bethesda, MD; and Bloomington, MN; as well as a Bloomingdale’s Home and Furniture store in Oak Brook, IL.
CONTINUED SUCCESS WITH DESIGNER FASHIONS AND OMNICHANNELBloomingdale’s had another great year in 2011, with sales growth that again compared favorably with its upscale competitors. The brand capitalized on its strength of showcasing top designers, including new talent making fashion headlines. Its omnichannel strategy is helping build a nationwide presence, serving sophisticated customers who may not have a local Bloomingdale’s store but know and love the brand from their travels and previous experience.
NEW STORES PLANNEDCapitalizing on the strength of smaller, carefully edited fashion stores opened in recent years in SoHo in New York City and Santa Monica, CA, Bloomingdale’s has announced it will open a new store in Glendale, CA, in fall 2013, as well as a new replacement store in Palo Alto, CA, in spring 2014.
Bloomingdale’s continues to test its outlet store concept, which launched in 2010. We added three new outlet stores in 2011, bringing the current store count to seven, with another fi ve scheduled to open in 2012.
BLOOMINGDALE’S LAUNCHES REWARDING LOYALTY PROGRAM Early in 2012, Bloomingdale’s launched a new customer loyalty program called Loyallist in all U.S. stores and online. The new tender-neutral program is streamlined and delivers benefi ts to any customer shopping with a U.S. address at Bloomingdale’s — regardless of how they pay. Members of the loyalty program will accumulate points each time they shop and for every 5,000 points will receive a Reward Card worth $25. The Reward Card can be redeemed on all merchandise (exclusive of gift cards) and is issued the moment earned, in the store or overnight via email if earned online, for use the very next day.
Shoppers can earn points at three levels. Loyallists will receive one point for every dollar spent in store, on bloomingdales.com and at outlet locations. Shoppers who use their Bloomingdale’s credit card will earn three points per dollar. Those at the “Top of the List,” who have spent $3,500 or more annually at Bloomingdale’s on their Bloomingdale’s card earn four points per dollar and are recognized by their black Bloomingdale’s Reserve card. The program also includes various additional bonuses, benefi ts and special promotions.
2012 Corporate Fact Book • 15
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Macy’s, Inc.A Diverse and Inclusive OrganizationDiversity is at the core of Macy’s, Inc.’s approach to doing business. It touches all areas of our company. We expect our associates, our advertising and in-store presentations, and the companies with which we do business to mirror the diverse multicultural marketplace we serve.
OUR ASSOCIATESMacy’s believes that different perspectives are important to our company, and we benefi t greatly from the individual strengths of each associate. To serve our diverse customers, we have to be a diverse company. Women represent more than 78 percent of the workforce across Macy’s, Inc., and more than 69 percent of management-level executives are women. Racial minorities represent more than 51 percent of our associate team and represent more than 32 percent of our management team.
OUR MARKETING AND ADVERTISINGA crucial part of our diversity strategy is our multicultural marketing. We use powerful and evocative images, symbols and words to communicate our brand messages, our special events and our merchandise selections to our diverse core customers. And we deliver those messages via targeted media channels to reach customers where and when they want to receive our messages. We also work with minority-owned and women-owned agencies to ensure our concept development and ad placements are in sync with our multicultural customer.
OUR SUPPLIERSHaving a supplier base that refl ects our diverse customer base gives us a tremendous competitive advantage, particularly because it enables us to source distinctive merchandise to present in our stores. It also helps us give meaningful support to businesses that contribute to the economic health of our local communities. Our Supplier Diversity Program helps us identify and support emerging minority- and women-owned businesses. In 2011, our company’s purchases from minority- and women-owned business enterprises totaled about $723 million, an increase of 29 percent over 2010. The Workshop at Macy’s, our company’s fi rst business development program, was launched in 2011 to foster growth in the next generation of minority- and women-owned merchandise suppliers.
multicultural marketplace we serve.
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CORPORATE AND FOUNDATION GIVINGThrough our gifts from Macy’s, Bloomingdale’s and the Macy’s Foundation, more than $26 million was contributed to approximately 4,500 nonprofi t organizations in 2011. The majority of our gifts were directed to our core focus areas for funding: arts and culture, education, the environment, HIV/AIDS awareness and research, and women’s issues.
Our newest giving program, My Macy’s District Grants, completed its second year of operation and provided nearly $3.4 million in grants to our local communities. More than 1,200 individual gifts were made. The District Grants program features contributions committees in each of the Macy’s operating districts who make local funding decisions. Similar to our merchandise localization, the District Grants program aids our local teams in supporting the organizations and causes that are important in their respective local communities.
A major gift during the year was our nearly $1.5 million grant to Make-A-Wish as part of our fourth annual Believe campaign during the holidays. Macy’s donated $1 for every letter to Santa dropped into our special in-store letterboxes, up to a maximum of $1 million, and added contributions of more than $500,000 for letters posted on National Believe Day and from other in-store events.
Across the country, support from Macy’s and Bloomingdale’s giving programs helped sponsor free admission to museums and exhibits, special musical performances, art exhibits, and art and
Giving Back to Our CommunitiesMacy’s, Inc. believes in giving back to our local communities. Our contributions, leadership and volunteer efforts help create stronger, healthier places for our customers and associates to work and live.
Collectively, contributions in 2011 from the company and the Macy’s Foundation — as well as employee contributions through workplace giving campaigns and customer contributions through our signature giving programs — totaled more than $66 million. Our associates gave more than 111,000 hours of their personal time for community service.
theatre workshops for children. In the area of education, we funded scholarship programs, summer reading programs, mentoring and tutoring, and early childhood education initiatives. Grants in our HIV/AIDS focus area included sponsorship of awareness walks and runs as well as funding for meals and nutrition programs, housing programs, and research and counseling initiatives. We contributed to environmental programs covering both conservation and preservation, including sponsorship of Earth Day activities, plant programs for children at botanical gardens, and animal preservation and awareness programs at zoos and aquariums. In the women’s issues focus area, our grants supported early detection and screening programs for heart disease, breast cancer and ovarian cancer; provided a wide range of assistance to emergency shelters; sponsored programs to raise awareness about domestic and dating violence; and funded self-esteem and leadership programs for young girls and teens.
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ASSOCIATE GIVING Associates of Macy’s and Bloomingdale’s are tremendously generous with their support of nonprofi t organizations — with both monetary contributions and gifts of their time and leadership. They make our “give back” value come alive every day.
Macy’s Foundation Matching Gifts: In 2011, the Macy’s Foundation contributed more than $4 million to charities across the country as a dollar-for-dollar match of our associates’ personal charitable contributions to nearly 3,000 individual nonprofi t organizations throughout the country.
United Way: More than 725 United Way chapters across the United States received contributions totaling more than $10.5 million from Macy’s, Inc. associates during 2011. Combined with $3.4 million in contributions from the Macy’s Foundation, our total contribution was $13.9 million for 2011.
Earning For Learning: Earning For Learning (EFL) is an initiative that provides grants to schools where Macy’s, Inc. associates, their families or retirees volunteer their time for education activities such as tutoring and mentoring. In 2011, the Macy’s Foundation awarded approximately 100 grants totaling $49,000 through the EFL program, and EFL volunteers gave 5,000 hours of service to their local schools.
Bag Hunger: Macy’s, Inc. associates contributed $1.5 million in 2011 to our companywide Bag Hunger food campaign to help reduce hunger in our local communities. (See Bag Hunger on next page.)
CAUSE-RELATED PROGRAMSBecause Macy’s, Inc. believes in helping to create stronger, more vibrant communities, we invited our customers throughout the year to join us in making a difference and “giving back.” In 2011, customers contributed more than $27 million to nonprofi t organizations nationwide through our signature programs.
Go Red For Women: 2011 marked Macy’s eighth year as national sponsor of Go Red For Women, the American Heart Association’s campaign for awareness and prevention of heart disease in women. More than $4 million was contributed to the Go Red movement through our Wear Red Day promotion and from our Thanks For Sharing holiday rewards program. In eight years, Go Red has received more than $29 million from Macy’s and our customers.
Reading Is Fundamental: Customers supported Reading Is Fundamental (RIF) with donations totaling nearly $5 million in 2011 through our Be Book Smart back-to-school effort and other campaigns. More than $21 million has been raised for RIF, the nation’s oldest and largest literacy organization, since our partnership began in 2004.
Shop For A Cause: Shop For A Cause is our annual charity shopping day event held in every Macy’s store across the country. In 2011 Macy’s raised $3.2 million for the March of Dimes. More than $39 million has been raised in the six years that Macy’s has held this signature “give back” event.
Thanks For Sharing: Thanks For Sharing is Macy’s holiday rewards program. In 2011 for the third consecutive year, $15 million was raised for charitable organizations across the country. By enrolling in the rewards program during the holiday season, customers are contributing to
2012 Corporate Fact Book • 19
designated nonprofi t organizations located in communities across the country. In the past nine years, Thanks For Sharing has raised more than $96 million.
Macy’s Passport Presents Glamorama: Over the past 29 years, the Macy’s Passport Presents Glamorama fashion extravaganza has raised more than $41 million for charities that help fi ght childhood illness, cancer and HIV/AIDS. In 2011 the events combined fun, fashion and philanthropy in four cities to raise more than $900,000.
EMPLOYEE VOLUNTEERISM PROGRAMSSince the Macy’s, Inc. Partners in Time employee volunteer program was founded in 1989 in Atlanta, thousands of volunteers have given more than 2 million hours of community service. That’s valued at more than $34 million to hundreds of charities we’ve impacted through the years.
Along the way, our Partners in Time program has been nationally recognized, receiving the Points of Light/Hands On Network “Award for Excellence in Workplace Volunteerism,” among other honors. In 2011, more than 33,500 participants joined 2,066 Partners in Time service projects. Thousands of others were involved in “give back” initiatives such as cause marketing and employee giving campaigns.
Partners in Time and Earning For Learning volunteers gave more than 111,000 hours of service in 2011 alone. Partners in Time projects made a strong impact for youth with 15 percent of efforts benefi ting children and school partnerships. With the success of our Partners in Time Bag Hunger food campaign, celebrating its 15th anniversary in 2012, hunger relief represented 44 percent of volunteerism. Projects for health issues, including disabilities and AIDS, were supported by 11 percent of projects, and 7 percent supported breast cancer research, family violence awareness and other issues of special interest to women.
BAG HUNGER PROVIDED 59 MILLION MEALS FOR HUNGRY FAMILIES IN 15 YEARSDuring the annual Partners in Time Bag Hunger food campaign, Macy’s, Bloomingdale’s and our central offi ce locations band together to help alleviate summer hunger — a time when food pantry shelves are often bare and school meal programs are not offered. In 2011 and 2012, a total of 17.2 million pounds of food and equivalent monetary contributions were given by our generous associates, spurred on by a good-natured competition among locations.
In addition, volunteerism for the hunger cause was a special focus; associates gave 98,461 hours of community service in 2011 and year-to-date in 2012, valued by our charities at about $2.1 million. Throughout the country, Macy’s, Inc. Partners in Time volunteers packed food at pantry warehouses, assembled box lunches for hunger-relief agencies, and served meals at soup kitchens, putting their passion for giving back into action.
In 2012, in celebration of the Bag Hunger 15th anniversary, the Macy’s Foundation will award a total of $15,000 in grants in the names of the top store and central offi ce departments to their chosen hunger-relief charities.
Since 1998, Partners in Time has provided an equivalent 71.4 million pounds of food or 59 million meals, plus volunteer service, for hungry families throughout the country, many through affi liates of Feeding America, the largest domestic hunger-relief organization in the United States.
44% Hunger
15% Children/School partnerships
11% Health (including disabilities and AIDS)
7% Women’s issues
5% Environment/housing/disaster relief
4% Arts/civic/culture/holiday
14% Other*
*Projects for diversity initiatives and others. � +� +� +7+5+4+ +A2011 Partners in Time Employee Volunteer Projects by Issue Area
VENDOR AND SUPPLIER CODE OF CONDUCTSince 1995, Macy’s, Inc. has had a stringent Vendor and Supplier Code of Conduct that sets out specifi c standards and requirements for any vendor doing business with Macy’s, Inc. and is designed to protect workers in this country and abroad. All of the company’s vendors are required to agree in writing to comply with the company’s Code of Conduct. Among other things, the Code requires Macy’s, Inc.’s vendors to allow unannounced factory inspections for contractual compliance, as well as for compliance with laws and regulations dealing with child or forced labor and unsafe working conditions. Macy’s, Inc. will not tolerate the involvement of its suppliers in human traffi cking and slavery. It will quickly investigate any reports alleging human traffi cking and slavery in the supply chain, and will take swift and decisive action against any supplier that is found to act improperly in this regard. Inspections of factories engaged in the production of private brand merchandise for the company are made routinely, and willful noncompliance with the Code will result in termination. (Macy’s, Inc.’s policy on sweatshops and forced or child labor, as well as the company’s Vendor and Supplier Code of Conduct, is posted on macysinc.com. The Code of Conduct also is available by calling 1-800-261-5385.)
SOCIALLY RESPONSIBLE PRODUCTS AT MACY’SSeveral exclusive merchandising initiatives at Macy’s involve products with a focus on international social responsibility.
Macy’s Path to Peace program includes colorful and symbolic baskets and bowls hand-made by Rwandan weavers who survived the country’s civil war and genocide. The products are available on macys.com and in selected Macy’s stores. Introduced in 2005, Path to Peace has dramatically changed the lives of many Rwandans. From public health initiatives and HIV/AIDS care to the spirit of hope and reconciliation fostered by the weavers, the tangible and intangible impact of the project is no longer measured by individual weavers but by whole communities. More information is available at macys.com/rwanda.
Social ResponsibilityThere is no shortage of talk about the obligation of public companies to be socially responsible to the people and communities where they do business. At Macy’s, Inc., we hold those same beliefs — along with a belief that actions speak louder than words when it comes to helping tackle some of the toughest problems facing us today.
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Macy’s Heart of Haiti program includes decorative pieces (such as textiles, metalwork and housewares) made by artisans struggling to recover from the tragic earthquake of 2010. The products are available on macys.com and in selected Macy’s stores. Purchasing one of these handcrafted masterpieces directly benefi ts Haitian artisans by allowing them to support their families with dignity and purpose. With steady income comes better nutrition, improved education and access to healthcare. Heart of Haiti also offers new opportunities for artists to collaborate with U.S. designers, strengthening artisan associations and inspiring and energizing their communities. More information is available at macys.com/haiti.
GoodWeave™ Rugs — In spring 2011, Macy’s introduced a collection of decorative area rugs that have been certifi ed by GoodWeave™, an international organization that works to ensure rugs made by hand in Nepal and India are free of child labor. The collection is carried in 10 Macy’s stores nationwide. By buying a beautiful hand-crafted rug at Macy’s with the GoodWeave label, shoppers are helping to support families and build sustainable communities in Nepal and India, nations where poverty is widespread. GoodWeave-certifi ed rugs are woven by skilled adult artisans, permitting educational opportunities for children who otherwise might be required to work. More information about GoodWeave is available at goodweave.org.
CONSUMER CHOICEIn a free society as eclectic and ethnically varied as ours, customers expect and demand a range of choices that meet their individual needs and fashion preferences. In our role as retailers, we recognize that it is the consumer who ultimately determines what products will continue to be viable retail offerings. Those decisions are made daily at the cash register by individual consumers and function as a singularly effective barometer for determining what will and will not be sold by retailers in a free and open marketplace. Varied and confl icting viewpoints about what should or should not be sold underscore our belief that factors unrelated to the workings of a free economy are inappropriate determinants of retail offerings. For example, while we respect the views of individuals who choose not to buy or wear fur, we also respect the wishes of many others who are our customers and who want to make such choices for themselves.
For more information on corporate responsibility, visit macysinc.com/socialresponsibility.
2012 Corporate Fact Book • 21
22 • Macy’s, Inc.
Our Road to Sustainability: Doing Better Every DayAt Macy’s, Inc., we believe that contributing to a more sustainable environment is good business practice and the right thing to do for future generations. As a leading national retailer with a signifi cant workforce, we have the opportunity to make a meaningful difference in improving the environment. And we will do so by using resources more effi ciently, providing eco-friendly products that meet customer expectations and striving to reduce our overall impact on the environment. We must, however, operate within the bounds of good business decision-making so that each action we take is measurable, sustainable and enduring. Macy’s, Inc.’s commitment to sustainability is multi-dimensional.
1. We will be aggressive in our drive to eliminate wasteful behavior. In some cases, this requires consistent application of very simple principles, such as reminding our associates to turn off lights when rooms are not in use, to print fewer hard copies of e-mails, to recycle waste, to optimize facility performance and to use mass transit for commuting to work. In other cases, we will be pursuing systematic improvements to the way we do business, such as better targeting customer mailing lists and shifting marketing to electronic media so we are printing and sending fewer printed advertisements.
2. We will reduce our use of scarce resources in a meaningful way. Macy’s, Inc. will pursue ongoing programs to consume less electricity and water, reduce our waste stream, and source more of our power from renewable resources such as solar energy. We will use fewer paper-related products, recycle more and seek to use paper made with post-consumer waste. We will work to migrate more of our output from paper to electronic/digital, including large-scale projects such as monthly customer billing statements. By doing so, we will reduce the company’s greenhouse gas footprint, energy consumption and costs.
3. Whenever possible and sensible within the context of our business requirements, Macy’s, Inc. will pursue the most environmentally friendly solution. We will be as aggressive as possible in changing for the better to preserve endangered forests, wildlife, water quality and eco-systems. We will explore ways to make our shopping bags, gift boxes, wrapping tissue, merchandise hangers and other staples of retailing from recycled and/
or certifi ed paper sources, with a preference for Forest Stewardship Council (FSC) certifi cation. The building materials used in our stores will be environmentally certifi ed whenever reasonably possible.
4. We will take a comprehensive approach to sustainability, involving everyone around us. Macy’s, Inc. will advocate sustainability and renewability with our vendor partners, associates and customers. This will include developing supplier sustainability standards and promoting eco-friendly products to our customers. We will encourage our associates and ask them to support our initiatives with their ideas, energy, personal actions and volunteer time. We will support efforts in our communities and our nation to clean up the environment and reduce consumption of scarce resources.
5. We will measure what we do and strive toward quantifi able goals. Building on progress in 2008-2010, Macy’s, Inc. has set the following sustainability goals to guide our progress in the years ahead. Specifi cally, Macy’s, Inc. will seek to:
• Reduce our energy consumption on a kWh-per-square-foot basis by another 8 percent to 10 percent by 2013 (compared with 2009 levels), recognizing that we already have reduced our energy consumption by about 19 percent over the past seven years (2003 to 2009).
• Host an additional 15 percent to 25 percent of renewable energy sources by 2013.
• Reduce the amount of paper we use by at least 10 percent by 2013 (from 2009 levels). This is on top of a reduction of 23 percent in the 2007 to 2009 period.
• Increase the percentage of recycled (10 percent PCW or higher) and/or third-party certifi ed paper we use in marketing materials to 90 percent by 2013 from 43 percent in 2009 (up from 3 percent in 2006).
• Increase the use of sustainable building materials in all major construction projects by 20 percent by 2013 (over 2010 levels).
2012 Corporate Fact Book • 23
Sustainability in ActionWe have made signifi cant progress and have taken dozens of tangible steps to reduce our impact on the environment. In part, we have:
Macy’s has been recognized by ForestEthics for reducing paper consumption as well as for increased use of recycled and certifi ed paper. The EPA has rated Macy’s as one of its top 20 partners for generating the most green electricity on site.
There is more to learn and more to do to reduce our overall impact on the environment. Macy’s, Inc. aspires to be a leader in the global effort to improve our climate, and we are moving forward to that end with enthusiasm and commitment.
• Reduced electric consumption by 31 percent in Macy’s stores since 2002.
• Increased the percentage of certifi ed or recycled paper used in marketing materials to 93 percent in 2011 compared with 43 percent in 2009.
• Reduced store packaging with our Bag-It-Right program during a period of increasing sales with shopping bag use down 19 percent from 2009 levels and down 8.6 percent from 2010.
• Reduced paper consumption by 17 percent compared with the 2007 baseline.
• Developed initiatives to increase our paperless credit card billing.
• Offered customers paperless receipts by e-mailing receipts in limited stores. By August 2012, all Macy’s stores nationwide will offer paperless receipts to customers.
• Reduced 80 metric tons of CO2 in the fi rst year, as well as lowered freight costs by collaborating with suppliers to standardize carton sizes.
• Increased solar energy with a total of 41 active installations at Macy’s locations.
• Completed the installation of LED lighting in about 800 Macy’s stores.
• Emphasized energy optimization as a vital part of Herald Square’s current renovation.
• Increased recycled corrugated cardboard, plastic, hangers, offi ce fi ber, iron, pallets and other materials by 8.3 percent.
• Improved the miles driven by sustainable modes of transportation including rail, vendor-to-distribution center bypass, Empty Miles and backhaul by 390 percent.
• Recycled 40,000 pounds of zero balance or out-of-date gift cards with Earthworks, an organization that takes the plastic and recycles it to produce other plastic products. Newer gift cards now have an “EW” logo on the back to identify to our customers that it is recyclable plastic.
• Increased the use of sustainable building materials by 40 percent in 2011 compared with 2010.
• Introduced language in contracts to emphasize Macy’s sustainability goals which has heightened awareness with our contractor and consultant partners.
• Developed a paperless square footage update collection process that eliminates the printing and mailing of fl oor plans for 800 stores. The new process saves an estimated 6,800 square feet of paper and reduces costs.
24 • Macy’s, Inc.
FINANCIAL OVERVIEWMacy’s, Inc. Sales by Month (Dollars in millions)
2011 % CHANGE COMP-STOREMONTH SALES # STORES SALES
February $ 1,763 850 5.8 %March 2,206 851 0.9 %April 1,920 850 10.8 %
1st QTR $ 5,889 5.4 %
May $ 1,936 850 7.4 %June 2,392 850 6.7 % July 1,611 849 5.0 %
2nd QTR $ 5,939 6.4 %
August $ 1,714 849 5.0 %September 2,297 849 4.9 %October 1,842 850 2.2 %
3rd QTR $ 5,853 4.0 %
November $ 2,464 852 4.8 %December 4,923 852 6.2 % January 1,337 842 2.4 %
4th QTR $ 8,724 5.2 %
TOTAL $ 26,405 5.3 %
2010 % CHANGE COMP-STOREMONTH SALES # STORES SALES
February $ 1,667 850 3.7 %March 2,172 849 10.8 %April 1,735 849 1.1 %
1st QTR $ 5,574 5.5 %
May $ 1,786 849 1.4 %June 2,226 849 6.5 % July 1,525 849 7.3 %
2nd QTR $ 5,537 4.9 %
August $ 1,636 852 4.3 %September 2,181 853 4.8 %October 1,806 854 2.5 %
3rd QTR $ 5,623 3.9 %
November $ 2,341 854 6.1 %December 4,618 854 3.9 % January 1,310 850 2.6 %
4th QTR $ 8,269 4.3 %
TOTAL $ 25,003 4.6 %
2009 % CHANGE COMP-STOREMONTH SALES # STORES SALES
February $ 1,577 847 (8.5) %March 1,931 848 (9.2) %April 1,691 848 (9.1) %
1st QTR $ 5,199 (9.0) %
May $ 1,744 848 (9.1) %June 2,044 848 (8.9) % July 1,376 848 (10.7) %
2nd QTR $ 5,164 (9.5) %
August $ 1,542 851 (8.1) %September 2,042 852 (2.3) %October 1,693 854 (0.8) %
3rd QTR $ 5,277 (3.6) %
November $ 2,174 854 (6.1) %December 4,422 854 1.0 % January 1,253 850 3.4 %
4th QTR $ 7,849 (0.8) %
TOTAL $ 23,489 (5.3) %
2000 . . . . . . .2.0 %
2001 . . . . . . (5.3) %
2002 . . . . . . (3.0) %
2003 . . . . . . (0.9) %
2004 . . . . . . .2.6 %
2005 . . . . . . .1.3 %
2006 . . . . . . .4.4 %
2007 . . . . . . (1.3) %
2008 . . . . . . (4.6) %
2009 . . . . . . (5.3) %
2010 . . . . . . .4.6 %
2011 . . . . . . .5.3 %
MACY’S, INC. COMP-STORE SALES
2011 MACY’S, INC. SALES BY MERCHANDISE CATEGORIES
Feminine Accessories, Intimate Apparel, Shoes & Cosmetics 37%
Feminine Apparel 25%
Men’s & Children’s 23%
Home/Misc. 15%
2012 Corporate Fact Book • 25
2011 2010
% TO NET % TO NET $ SALES $ SALES
Net sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 26,405 $ 25,003
Cost of sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,738 59.6 % 14,824 59.3 %
Gross margin . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,667 40.4 % 10,179 40.7 %
Selling, general and administrative expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (8,281) (31.4) % (8,260) (33.0) %
Gain on sale of properties, impairments and store closing costs . . . . . . . . . . . . . 25 0.1 % (25) (0.1) %
Operating income .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,411 9.1 % 1,894 7.6 %
Interest expense — net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (443) (574)
Income before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,968 1,320
Federal, state and local income tax expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (712) (473)
Net income .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,256 $ 847
Basic earnings per share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2.96 $ 2.00
Diluted earnings per share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2.92 $ 1.98
The foregoing fi nancial information should be read in conjunction with the audited fi nancial statements, including the related notes and other information contained in the company’s most recent Securities and Exchange fi lings.
Consolidated Statements of Income (Dollars in millions, except per share data)
26 • Macy’s, Inc.
2011 2010
Net sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 26,405 $ 25,003
Operating income .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,411 $ 1,894
Percent to sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.1 % 7.6 %
Add back (deduct) impact of gain on sale of properties, impairments and store closing costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (25) 25
Operating income, excluding certain items . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,386 $ 1,919
Percent to sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.0 % 7.7 %
Diluted earnings per share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2.92 $ 1.98
Add back (deduct) impact of gain on sale of properties, impairments and store closing costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.04) 0.04
Add back expenses associated with the early retirement of debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - 0.09
Diluted earnings per share, excluding certain items . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2.88 $ 2.11
Net cash provided by operating activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,093 $ 1,506
Net cash used by investing activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (617) (465)
Cash fl ow from operating activities net of cash used by investing activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,476 $ 1,041
The foregoing fi nancial information, including non-GAAP measures that exclude certain items, should be read in conjunction with the audited fi nancial statements, including the related notes and other information contained in the company’s most recent Securities and Exchange fi lings.
Supplemental Operating Results(Dollars in millions, except per share data)
2012 Corporate Fact Book • 27
Condensed Consolidated Balance Sheets(Dollars in millions)
JANUARY 28, JANUARY 29,ASSETS 2012 2011
Current Assets:
Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,827 $ 1,464
Receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 368 338
Merchandise inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,117 4,758
Prepaid expenses and other current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 465 339
Total Current Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,777 6,899
Property and equipment — net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,420 8,813
Goodwill . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,743 3,743
Other intangible assets — net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 598 637
Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 557 539
Total Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 22,095 $ 20,631
LIABILITIES & SHAREHOLDERS’ EQUITY
Current Liabilities:
Short-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,103 $ 454
Merchandise accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,593 1,421
Accounts payable and accrued liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,788 2,525
Income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 371 182
Deferred income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 408 409
Total Current Liabilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,263 4,991
Long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,655 6,971
Deferred income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,141 1,200
Other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,103 1,939
Shareholders’ equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,933 5,530
Total Liabilities & Shareholders’ Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 22,095 $ 20,631
Note: Certain reclassifi cations were made to prior year’s amounts to conform with the classifi cations of such amounts in the most recent years.
The foregoing fi nancial information should be read in conjunction with the audited fi nancial statements, including the related notes and other information contained in the company’s most recent Securities and Exchange fi lings.
28 • Macy’s, Inc.
Condensed Consolidated Statements of Cash Flows(Dollars in millions)
2011 2010
Cash fl ows from operating activities:
Net income .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,256 $ 847
Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,085 1,150
Gain on sale of properties, impairments and store closing costs . . . . . . . . . (25) 25
Decrease in working capital and other, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (223) (516)
Net cash provided by operating activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,093 $ 1,506
Cash fl ows from investing activities:
Capital expenditures for property and equipment and capitalized software . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (764) (505)
Disposition of property and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 114 74
Other, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33 (34)
Net cash used by investing activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (617) (465)
Cash fl ows from fi nancing activities:
Debt issued .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 800 -
Debt repaid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (454) (1,245)
Dividends paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (148) (84)
Acquisition of treasury stock.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (502) (1)
Issuance of common stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 162 43
Other, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29 24
Net cash used by fi nancing activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (113) (1,263)
Net increase (decrease) in cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,363 (222)
Cash and cash equivalents at beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,464 1,686
Cash and cash equivalents at end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,827 $ 1,464
The foregoing fi nancial information should be read in conjunction with the audited fi nancial statements, including the related notes and other information contained in the company’s most recent Securities and Exchange fi lings.
2012 Corporate Fact Book • 29
Net income for 2011 was $1,256 million, compared to net income of $847 million for 2010, refl ecting the benefi ts of the key strategies at Macy’s, the continued strong performance at Bloomingdale’s and higher income from credit operations. For 2011, gain on sale of properties, impairments and store closing costs positively affected net income by $25 million on a pretax basis. For 2010, impairments and store closing costs and expenses associated with the early retirement of debt negatively affected net income by $91 million on a pretax basis.
NET SALESNet sales for 2011 totaled $26,405 million, compared to net sales of $25,003 million for 2010, an increase of $1,402 million or 5.6 percent. On a comparable store basis, net sales for 2011 were up 5.3 percent compared to 2010. Sales from the Company’s Internet businesses in 2011 increased 39.6 percent compared to 2010 and positively affected the Company’s 2011 comparable store sales by 1.5 percent. The Company continues to benefi t from the successful execution of the My Macy’s localization strategy. Geographically, sales in 2011 were strongest in the southern regions. By family of business, sales in 2011 were strongest in cosmetics and fragrances, handbags, watches, men’s, home textiles and furniture. Sales of the Company’s private label brands continued to be strong and represented approximately 20 percent of net sales in the Macy’s-branded stores in 2011. Sales in 2011 were less strong in women’s traditional casual apparel, juniors and cold weather merchandise. The Company calculates comparable store sales as sales from stores in operation throughout 2010 and 2011 and all net Internet sales. Stores undergoing remodeling, expansion or relocation remain in the comparable store sales calculation unless the store
is closed for a signifi cant period of time. Defi nitions and calculations of comparable store sales differ among companies in the retail industry.
COST OF SALESCost of sales was $15,738 million or 59.6 percent of net sales for 2011, compared to $14,824 million or 59.3 percent of net sales for 2010, an increase of $914 million. The cost of sales rate as a percent to net sales was higher in 2011, as compared to 2010, primarily due to the expansion of free shipping on macys.com and in stores since the fourth quarter of 2010. The valuation of merchandise inventories on the last-in, fi rst-out basis did not impact cost of sales in either period.
SELLING, GENERAL AND ADMINISTRATIVE EXPENSESSelling, general and administrative (“SG&A”) expenses were $8,281 million or 31.4 percent of net sales for 2011, compared to $8,260 million or 33.0 percent of net sales for 2010, an increase of $21 million. The SG&A rate as a percent of net sales was 160 basis points lower in 2011, as compared to 2010, refl ecting increased net sales. SG&A expenses in 2011 were impacted by higher selling costs as a result of stronger sales, higher advertising expense, and greater investments in the Company’s omnichannel operations, partially offset by higher income from credit operations and lower depreciation and amortization expense. Advertising expense, net of cooperative advertising allowances, was $1,136 million for 2011 compared to $1,072 million for 2010. Advertising expense, net of cooperative advertising allowances, as a percent of net sales was 4.3 percent for both 2011 and 2010. Income from credit operations was $582 million in 2011 as compared to $332 million in 2010. Depreciation and amortization expense was $1,085 million for 2011, compared to $1,150 million for 2010.
GAIN ON SALE OF PROPERTIES, IMPAIRMENTS AND STORE CLOSING COSTSGain on sale of properties, impairments and store closing costs for 2011 included a $54 million gain from the sale of store leases related to the 2006 divestiture of Lord & Taylor, partially offset by $22 million of asset impairment charges and $7 million of other costs and expenses primarily related to the store closings announced in January 2012.
Impairments and store closing costs for 2010 amounted to $25 million and included $18 million of asset impairment charges and $7 million of other costs and expenses related to the store closings announced in January 2011.
NET INTEREST EXPENSENet interest expense was $443 million for 2011, compared to $574 million for 2010, a decrease of $131 million. Net interest expense for 2011 benefi ted from lower levels of borrowings as compared to 2010, resulting from both the early retirement of outstanding debt during fi scal 2010 and the repayment of debt at maturity. Interest expense for 2010 also included approximately $66 million of expenses associated with the early retirement of debt.
INCOME TAXESThe Company’s effective tax rate of 36.2 percent for 2011 and 35.8 percent for 2010 differ from the federal income tax statutory rate of 35 percent, and on a comparative basis, principally because of the effect of state and local income taxes, including the settlement of various tax issues and tax examinations.
Fiscal 2011 — Results of OperationsComparison of the 52 Weeks Ended January 28, 2012 and January 29, 2011.
30 • Macy’s, Inc.
Macy’s Store Regions# DISTRICTS 69 • # STORES 800
Northwest
# Districts 10# Stores 125
North
# Districts 8# Stores 79
Midwest
# Districts 8# Stores 94
Northeast
# Districts 10# Stores 94
Mid-Atlantic
# Districts 8# Stores 96
Southeast
# Districts 9# Stores 101
South Central
# Districts 8# Stores 103
Southwest
# Districts 8# Stores 108
2012 Corporate Fact Book • 31
Macy’s Mid-Atlantic Region# DISTRICTS 8 • # STORES 96
DelMarVa Central
# Stores 12
DelMarVa South
# Stores 14
DelMarVa North
# Stores 13
Philadelphia
# Stores 11
New Jersey North
# Stores 9
New Jersey Central
# Stores 11
Richmond
# Stores 15
New Jersey South
# Stores 11
32 • Macy’s, Inc.
Macy’s Midwest Region# DISTRICTS 8 • # STORES 94
New York West
# Stores 13
Pittsburgh East
# Stores 13
Pittsburgh North
# Stores 13
Cleveland
# Stores 11
Indiana
# Stores 9
Columbus
# Stores 13
Cincinnati
# Stores 13
Tennessee
# Stores 9
2012 Corporate Fact Book • 33
Macy’s North Region# DISTRICTS 8 • # STORES 79
Chicago South
# Stores 11
St. Louis North
# Stores 9
Minneapolis West
# Stores 9
Minneapolis East
# Stores 10
Michigan
# Stores 11
Detroit
# Stores 11
St. Louis South
# Stores 8
Chicago North
# Stores 10
34 • Macy’s, Inc.
Macy’s Northeast Region# DISTRICTS 10 • # STORES 94
New England Central
# Stores 11
New England North
# Stores 13
New England South
# Stores 13
Connecticut
# Stores 13
Long Island East
# Stores 6Long Island West
# Stores 9
Herald Square
# Stores 1
NYC Metro
# Stores 11
New York South
# Stores 9
New York East
# Stores 8
2012 Corporate Fact Book • 35
Macy’s Northwest Region# DISTRICTS 10 • # STORES 125
Valley Fair
# Stores 12
San Francisco
# Stores 6
Bay Area North
# Stores 12
Bay Area South
# Stores 16
Salt Lake City
# Stores 12
Oregon
# Stores 12
South Seattle
# Stores 16
North Seattle
# Stores 15
Portland
# Stores 12
Sacramento
# Stores 12
36 • Macy’s, Inc.
Macy’s South Central Region# DISTRICTS 8 • # STORES 103
Colorado
# Stores 14Kansas
# Stores 12
Dallas
# Stores 11
South Houston
# Stores 14
Houston/LA
# Stores 12Arizona
# Stores 15
Fort Worth/OK
# Stores 10
San Antonio/Austin
# Stores 15
2012 Corporate Fact Book • 37
Macy’s Southeast Region# DISTRICTS 9 • # STORES 101
Northern Florida
# Stores 11
Carolinas
# Stores 14
Atlanta East
# Stores 13
Atlanta West
# Stores 12
Tampa
# Stores 13
Sarasota
# Stores 9
Miami South
# Stores 6
Miami North
# Stores 10
Ft. Lauderdale/Palm Beach
# Stores 13
38 • Macy’s, Inc.
Macy’s Southwest Region# DISTRICTS 8 • # STORES 108
San Diego
# Stores 14
Hawaii
# Stores 20
Riverside
# Stores 14
LA East
# Stores 11
LA West
# Stores 13 Orange County
# Stores 13
LA Valley
# Stores 10
LA North
# Stores 13
2012 Corporate Fact Book • 39
GROSS YEAR SQ. FTMETROPOLITAN AREA MALL/LOCATION CITY OPENED (in 000s)
GROSS YEAR SQ. FTMETROPOLITAN AREA MALL/LOCATION CITY OPENED (in 000s)
Includes: F – Furniture • H – Home • K – Kids • M – Men’s
Macy’s Store Locations*
ALABAMA SOUTHEAST REGION Birmingham Brookwood Village Birmingham 1974 244
Birmingham Riverchase Galleria Hoover 1986 226
ARIZONA SOUTH CENTRAL REGIONPhoenix Arrowhead Towne Center Glendale 1993 200
Phoenix Biltmore Fashion Park Phoenix 1968 213
Phoenix Chandler Fashion Center Chandler 2001 201
Phoenix Fiesta Mall Mesa 1979 159
Phoenix Metro Center Phoenix 1973 107
Phoenix Paradise Valley Mall Phoenix 1980 153
Phoenix Santan Village Gilbert 2009 122
Phoenix Scottsdale Fashion Square Scottsdale 2002 251
Phoenix Superstition Springs Center Mesa 1994 155
Tucson Park Place Tucson 1974 153
Tucson Tucson Mall Tucson 1991 146
CALIFORNIANORTHWEST REGION Fairfi eld Solano Fairfi eld 1985 160
Fresno Fashion Fair Fresno 1983 187
Fresno Fashion Fair K/M Fresno 1970 76
Fresno Fresno Furniture Fresno 2000 73
Fresno Shops at River Park Fresno 2009 107
Modesto Vintage Faire Modesto 1981 146
Modesto Vintage Faire H/M Modesto 1977 87
Redding Mt. Shasta Mall Redding 2001 110
Sacramento Arden Fair Sacramento 1961 204
Sacramento Country Club Plaza Sacramento 1961 165
Sacramento Downtown Plaza Sacramento 1963 343
Sacramento Downtown Plaza F/M Sacramento 1979 201
Sacramento Galleria at Roseville Roseville 2000 224
Sacramento Roseville Furniture Roseville 2001 50
Sacramento Sunrise Mall Citrus Heights 1972 178
Sacramento Sunrise Mall F/M Citrus Heights 1972 160
Salinas Del Monte Center Monterey 1967 237
Salinas Monterey Furniture Monterey 1997 39
Salinas Northridge Mall Salinas 1972 177
San Francisco-Oakland Bay Fair San Leandro 1957 213
San Francisco-Oakland Broadway Plaza Walnut Creek 1954 188
San Francisco-Oakland Broadway Plaza M Walnut Creek 1995 72
San Francisco-Oakland County East Mall Antioch 2004 107
San Francisco-Oakland Hillsdale Furniture San Mateo 1987 35
San Francisco-Oakland Hillsdale Shopping Center San Mateo 1954 252
San Francisco-Oakland Hilltop Richmond 1976 201
San Francisco-Oakland Mall at Northgate San Rafael 1964 266
San Francisco-Oakland NewPark Mall Newark 1980 196
San Francisco-Oakland Novato Furniture Novato 1992 50
San Francisco-Oakland Pleasanton Furniture Pleasanton 1994 48
San Francisco-Oakland Serramonte Daly City 1968 233
San Francisco-Oakland Southland Mall Hayward 1983 179
San Francisco-Oakland Stoneridge Shopping Center Pleasanton 1980 197
San Francisco-Oakland Stoneridge Shopping Center F/H/K/M Pleasanton 1980 174
CALIFORNIANORTHWEST REGION continuedSan Francisco-Oakland Stonestown Galleria San Francisco 1952 280
San Francisco-Oakland Sunvalley Shopping Center Concord 1967 206
San Francisco-Oakland Sunvalley Shopping Center H/M Concord 1981 183
San Francisco-Oakland Union City Furniture Clearance Union City 1997 63
San Francisco-Oakland Union Square San Francisco 1866 925
San Francisco-Oakland Union Square H/M San Francisco 1866 248
San Francisco-Oakland Village at Corte Madera Corte Madera 1985 117
San José Cupertino Square Mall Cupertino 1997 177
San José Stanford Shopping Center Palo Alto 1961 223
San José Stanford Shopping Center M Palo Alto 1961 96
San José Sunnyvale Town Center Sunnyvale 1979 178
San José Valley Fair Santa Clara 1956 396
San José Valley Fair F/H/M Santa Clara 1957 316
San José Eastridge San José 1971 187
San José Oakridge San José 1978 236
Santa Cruz Capitola Mall Capitola 2002 102
Santa Rosa Coddingtown Mall Santa Rosa 1966 203
Santa Rosa Santa Rosa Mall Santa Rosa 1981 187
Stockton Sherwood Mall Stockton 1966 168
Stockton West Valley Mall Tracy 2010 101
Visalia-Porterville Visalia Mall Visalia 2009 152
SOUTHWEST REGION Bakersfi eld Valley Plaza Bakersfi eld 1967 150
El Centro Imperial Valley Mall El Centro 2005 140
Los Angeles-Orange Co. Antelope Valley Mall Palmdale 2010 120
Los Angeles-Orange Co. Baldwin Hills Crenshaw Plaza Los Angeles 1947 257
Los Angeles-Orange Co. Beverly Center Los Angeles 1982 158
Los Angeles-Orange Co. Beverly Center M Los Angeles 1982 67
Los Angeles-Orange Co. Brea Mall Brea 1996 185
Los Angeles-Orange Co. Brea Mall F/H/K/M Brea 2007 198
Los Angeles-Orange Co. Broadway Plaza Los Angeles 1973 266
Los Angeles-Orange Co. Burbank Town Center Burbank 1992 278
Los Angeles-Orange Co. Century City Los Angeles 1976 136
Los Angeles-Orange Co. Del Amo Fashion Center Torrance 1966 289
Los Angeles-Orange Co. Del Amo Fashion Center H/K/M Torrance 1981 177
Los Angeles-Orange Co. Del Amo Fashion Center Home Torrance 1966 165
Los Angeles-Orange Co. Eagle Rock Plaza Los Angeles 1973 150
Los Angeles-Orange Co. Fashion Island Newport Beach 1967 226
Los Angeles-Orange Co. Fashion Square Sherman Oaks 1962 312
Los Angeles-Orange Co. Fox Hills Culver City 1975 189
Los Angeles-Orange Co. Glendale Galleria Glendale 1996 191
Los Angeles-Orange Co. Irvine Spectrum Irvine 2002 140
Los Angeles-Orange Co. Laguna Hills Laguna Hills 1975 161
Los Angeles-Orange Co. Lakewood Center Lakewood 1952 348
Los Angeles-Orange Co. Laurel Plaza North Hollywood 1995 475
Los Angeles-Orange Co. Los Cerritos Center Cerritos 1971 175
Los Angeles-Orange Co. MainPlace Santa Ana 1958 334
Los Angeles-Orange Co. MainPlace F/M Santa Ana 2006 155
Los Angeles-Orange Co. Manhattan Beach Manhattan Beach 1982 111
Los Angeles-Orange Co. Manhattan Beach H/M Manhattan Beach 1982 66
*As of March 31,2012
Includes: F – Furniture • H – Home • K – Kids • M – Men’s 40 • Macy’s, Inc.
GROSS YEAR SQ. FTMETROPOLITAN AREA MALL/LOCATION CITY OPENED (in 000s)
GROSS YEAR SQ. FTMETROPOLITAN AREA MALL/LOCATION CITY OPENED (in 000s)
*As of March 31,2012
Macy’s Store Locations*
CALIFORNIASOUTHWEST REGION continuedLos Angeles-Orange Co. Mission Viejo Mall Mission Viejo 1980 197
Los Angeles-Orange Co. Mission Viejo Mall H Mission Viejo 1979 237
Los Angeles-Orange Co. Montebello Town Center Montebello 2001 144
Los Angeles-Orange Co. Montebello Town Center Home Montebello 2007 89
Los Angeles-Orange Co. Northridge Fashion Center Northridge 1995 207
Los Angeles-Orange Co. Northridge Fashion Center F/H/M Northridge 2007 191
Los Angeles-Orange Co. Pasadena Pasadena 1947 301
Los Angeles-Orange Co. Paseo Colorado Pasadena 1980 158
Los Angeles-Orange Co. Promenade Woodland Hills 1993 192
Los Angeles-Orange Co. Promenade Furniture Woodland Hills 1993 81
Los Angeles-Orange Co. Puente Hills Mall City of Industry 1974 152
Los Angeles-Orange Co. Santa Anita Arcadia 1974 188
Los Angeles-Orange Co. South Bay Galleria Redondo Beach 1959 361
Los Angeles-Orange Co. South Coast Plaza Costa Mesa 1973 276
Los Angeles-Orange Co. South Coast Plaza M Costa Mesa 1973 79
Los Angeles-Orange Co. South Coast Plaza Home Costa Mesa 1996 209
Los Angeles-Orange Co. Stonewood Center Downey 1990 154
Los Angeles-Orange Co. Stonewood Center Home Downey 1990 34
Los Angeles-Orange Co. Topanga Canoga Park 1994 243
Los Angeles-Orange Co. Valencia Town Center Santa Clarita 1992 201
Los Angeles-Orange Co. West Covina West Covina 1993 182
Los Angeles-Orange Co. Westminster Mall Westminster 1974 215
Los Angeles-Orange Co. Westside Pavilion Los Angeles 1965 243
Los Angeles-Orange Co. Westside Pavilion Furniture Los Angeles 2004 51
Riverside-San Bernardino Galleria at Tyler Riverside 1973 165
Riverside-San Bernardino Inland Center San Bernardino 1998 181
Riverside-San Bernardino Montclair Plaza Montclair 1968 171
Riverside-San Bernardino Moreno Valley Mall Moreno Valley 1992 197
CALIFORNIASOUTHWEST REGION continuedRiverside-San Bernardino Palm Desert Palm Desert 1982 202
Riverside-San Bernardino Palm Desert Furniture Palm Desert 1983 48
Riverside-San Bernardino Promenade in Temecula Temecula 1999 165
Riverside-San Bernardino Promenade in Temecula F/H/K/M Temecula 2008 208
Riverside-San Bernardino Victoria Gardens Rancho Cucamonga 2004 175
Riverside-San Bernardino Victoria Gardens F/H/K/M Rancho Cucamonga 2008 182
San Diego Chula Vista Center Chula Vista 1962 181
San Diego Fashion Valley San Diego 1969 204
San Diego Grossmont Shopping Center La Mesa 1961 151
San Diego Horton Plaza San Diego 1985 139
San Diego Mission Valley San Diego 1961 385
San Diego Mission Valley Home San Diego 1975 185
San Diego North County Fair Escondido 1986 151
San Diego Otay Ranch Town Center Chula Vista 2006 140
San Diego Parkway El Cajon 1972 120
San Diego Plaza Bonita San Diego 1981 156
San Diego Plaza Camino Real Carlsbad 1979 156
San Diego Plaza Camino Real F/H/M Carlsbad 1980 118
San Diego University Town Center San Diego 1977 155
Santa Barbara La Cumbre Plaza Santa Barbara 1967 150
Santa Barbara Paseo Nuevo Santa Barbara 1990 141
Santa Barbara Santa Maria Town Center Santa Maria 1990 131
Ventura County Pacifi c View Ventura 1963 181
Ventura County Simi Valley Town Center Simi Valley 2005 107
Ventura County Simi Valley Town Center F/H/M Simi Valley 2006 140
Ventura County The Oaks Thousand Oaks 1983 137
Ventura County The Oaks H/K/M Thousand Oaks 1983 149
COLORADO SOUTH CENTRAL REGIONBoulder Twenty Ninth Street Mall Boulder 1983 153
Colorado Springs Chapel Hills Mall Colorado Springs 1998 174
Denver Cherry Creek Furniture Denver 1990 21
Denver Cherry Creek Shopping Center Denver 1990 189
Denver Flat Iron Crossing Broomfi eld 2000 205
Denver Northfi eld Stapleton Denver 2006 140
Denver Park Meadows Lone Tree 1997 217
Denver Southwest Plaza Littleton 1982 141
Denver Streets at SouthGlenn Centennial 1974 160
Denver Streets at SouthGlenn Furniture Centennial 2008 20
Denver The Orchard Westminster 2008 140
Denver Town Center at Aurora Aurora 1975 167
Fort Collins Foothills Fashion Mall Ft. Collins 1974 129
Fort Collins Promenade Shops at Centerra Loveland 2005 150
CONNECTICUT NORTHEAST REGIONFairfi eld County Danbury Fair Danbury 1987 241
Fairfi eld County Stamford Town Center Stamford 1982 255
Fairfi eld County Trumbull Trumbull 1978 201
Hartford Enfi eld Square Enfi eld 1971 166
Hartford Enfi eld Square F/H/M Enfi eld 1971 76
Hartford Shoppes at Buckland Hills Manchester 1990 151
Includes: F – Furniture • H – Home • K – Kids • M – Men’s 2012 Corporate Fact Book • 41
GROSS YEAR SQ. FTMETROPOLITAN AREA MALL/LOCATION CITY OPENED (in 000s)
GROSS YEAR SQ. FTMETROPOLITAN AREA MALL/LOCATION CITY OPENED (in 000s)
CONNECTICUT NORTHEAST REGION continuedHartford Shoppes at Buckland Hills F/K/M Manchester 2004 106
Hartford Westfarms Farmington 1993 213
Hartford Westfarms F/M Farmington 1993 80
New Haven Brass Mill Center Waterbury 1997 166
New Haven Connecticut Post Milford 1991 225
New Haven Meriden Meriden 1971 179
Norwich Crystal Mall Waterford 1984 120
DELAWARE MID-ATLANTIC REGIONDover Dover Mall Dover 1997 140
Philadelphia Christiana Mall Newark 1979 217
Philadelphia Concord Mall Wilmington 1983 153
Philadelphia Concord Mall Home Wilmington 1983 56
FLORIDA SOUTHEAST REGION Daytona Beach Volusia Mall Daytona Beach 1982 164
Ft. Myers Edison Mall Ft. Myers 1965 129
Ft. Myers Edison Mall F/H/K/M Ft. Myers 1979 168
Gainesville Oaks Mall Gainesville 1984 104
Lakeland Lakeland Square Lakeland 1995 101
Lakeland Winter Haven Winter Haven 1977 75
Melbourne Melbourne Square Melbourne 1983 104
Melbourne Merritt Square Merritt Island 1970 173
Miami-Palm Beach Aventura Mall F/H/M Aventura 1999 238
Miami-Palm Beach Aventura Mall Aventura 1983 275
Miami-Palm Beach Boca Raton Furniture Boca Raton 1999 50
Miami-Palm Beach Boynton Beach Mall Boynton Beach 1985 227
Miami-Palm Beach Broward Mall Plantation 1978 205
Miami-Palm Beach CityPlace West Palm Beach 2000 108
Miami-Palm Beach Coral Square Coral Springs 1984 111
Miami-Palm Beach Coral Square H/K/M Coral Springs 1985 142
Miami-Palm Beach Dadeland Miami 1962 420
Miami-Palm Beach Dadeland F/H/K Miami 1992 210
Miami-Palm Beach Ft. Lauderdale Furniture Ft. Lauderdale 2002 45
Miami-Palm Beach Galleria Ft. Lauderdale 2006 218
Miami-Palm Beach Miami (Downtown) Miami 1898 485
Miami-Palm Beach Miami Beach Miami Beach 1953 96
Miami-Palm Beach Miami International Mall Miami 1982 205
Miami-Palm Beach Miami International Mall H/M Miami 1982 145
Miami-Palm Beach Pembroke Furniture Pembroke Pines 1997 51
Miami-Palm Beach Pembroke Lakes Mall Pembroke Pines 1992 181
Miami-Palm Beach Pembroke Lakes Mall H/M Pembroke Pines 2006 83
Miami-Palm Beach Pompano Beach Pompano Beach 1969 151
Miami-Palm Beach South Dade Furniture Clearance Miami 1979 70
Miami-Palm Beach Southland Mall Miami 1981 145
Miami-Palm Beach The Falls Miami 2006 254
Miami-Palm Beach The Gardens Mall Palm Beach Gardens 1988 341
Miami-Palm Beach Town Center at Boca Raton Boca Raton 1979 311
Miami-Palm Beach Wellington Green Wellington 2001 199
Miami-Palm Beach Westland Mall Hialeah 1967 209
Naples Coastland Center Naples 1977 144
FLORIDA SOUTHEAST REGION continuedOcala Paddock Mall Ocala 1980 85
Orlando Altamonte Furniture Altamonte Springs 2000 50
Orlando Altamonte Mall Altamonte Springs 1975 152
Orlando Florida Mall Orlando 1999 202
Orlando Mall at Millenia Orlando 2002 276
Orlando Orlando Fashion Square Orlando 1973 206
Orlando Oviedo Marketplace Oviedo 2000 195
Orlando Seminole Towne Center Sanford 1995 161
Punta Gorda Port Charlotte Town Center Port Charlotte 1994 85
Sarasota DeSoto Square Bradenton 1973 132
Sarasota Sarasota Square Sarasota 1977 143
Sarasota Southgate Sarasota 1976 152
Stuart Treasure Coast Square Jensen Beach 1987 140
Tallahassee Governor’s Square Tallahassee 1979 169
Tampa Brandon Town Center Brandon 1995 142
Tampa Citrus Park Tampa 1999 162
Tampa Countryside Furniture Clearwater 2000 50
Tampa Countryside Mall Clearwater 1975 213
Tampa Gandy Furniture Tampa 1954 61
Tampa Gulf View Square Port Richey 1981 84
Tampa Shops at Wiregrass Pasco County 2008 139
Tampa Tyrone Square St. Petersburg 1972 162
Tampa University Square Tampa 1974 140
Tampa WestShore Plaza Tampa 1966 236
Vero Beach Indian River Mall Vero Beach 1996 104
GEORGIA SOUTHEAST REGION Athens Georgia Square Athens 1981 121
Atlanta Arbor Place Douglasville 2004 141
Atlanta Cumberland Mall Atlanta 1973 279
Atlanta Gallery at South DeKalb Decatur 1969 188
Atlanta Greenbriar Mall Atlanta 1965 200
Atlanta Gwinnett Furniture Duluth 1998 51
Atlanta Gwinnett Place Duluth 1984 245
Atlanta Lenox Square Atlanta 1959 433
Atlanta Mall at Stonecrest Lithonia 2001 160
Atlanta Mall of Georgia Buford 2000 245
Atlanta North DeKalb Decatur 1965 190
Atlanta North Point Mall Alpharetta 1993 250
Atlanta Northlake Mall Atlanta 1971 192
Atlanta Northpoint Furniture Alpharetta 2000 71
Atlanta Perimeter Furniture Atlanta 1986 87
Atlanta Perimeter Mall Atlanta 1971 280
Atlanta Southlake Mall Morrow 1976 233
Atlanta Town Center at Cobb Kennesaw 1986 255
Atlanta Town Center at Cobb F/M Kennesaw 2003 243
Augusta Augusta Mall Augusta 1978 166
Columbus Peachtree Mall Columbus 2002 139
Macon Macon Mall Macon 1975 158
Savannah Oglethorpe Mall Savannah 1992 143
Includes: F – Furniture • H – Home • K – Kids • M – Men’s 42 • Macy’s, Inc.
GROSS YEAR SQ. FTMETROPOLITAN AREA MALL/LOCATION CITY OPENED (in 000s)
GROSS YEAR SQ. FTMETROPOLITAN AREA MALL/LOCATION CITY OPENED (in 000s)
*As of March 31,2012
Macy’s Store Locations*
HAWAII SOUTHWEST REGION Honolulu Ala Moana Honolulu 1966 325
Honolulu Ala Moana Jewel Gallery Honolulu 1986 2
Honolulu Honolulu (Downtown) Honolulu 1850 80
Honolulu Kahala Honolulu 1958 91
Honolulu Kahala M Honolulu 1958 15
Honolulu Kailua Kailua 1946 59
Honolulu Pearlridge Aiae 1971 166
Honolulu Waikiki Honolulu 1937 37
Honolulu Windward Kaneohe 1982 87
Island of Hawaii Kings Shops Waikoloa 1992 10
Island of Hawaii Makalapua Kailua-Kona 1997 52
Island of Hawaii Prince Kuhio Plaza Hilo 1985 50
Island of Hawaii Prince Kuhio Plaza H/K/M Hilo 2003 62
Kauai Kukui Grove Lihue 1992 50
Kauai Kukui Grove H/M Lihue 2003 25
Maui Hyatt Regency Kaanapali 1983 7
Maui Queen Kaahumanu Center Kahulu 1972 80
Maui Queen Kaahumanu Center H/K/M Kahulu 2003 86
IDAHO NORTHWEST REGION Boise Boise Town Square Boise 1988 180
Boise Nampa Gateway Center Nampa 1905 104
Coeur d’Alene Silver Lake Mall Coeur d’Alene 2002 52
Idaho Falls Grand Teton Mall Idaho Falls 1984 60
Lewiston Lewiston Center Lewiston 1978 49
Moscow Palouse Mall Moscow 1979 41
Twin Falls Magic Valley Mall Twin Falls 1987 61
ILLINOIS NORTH REGION Bloomington Eastland Mall Bloomington 1999 154
Carbondale University Mall Carbondale 1991 109
Champaign Market Place Shopping Center Champaign 1999 191
Chicago Fox Valley Aurora 1975 253
Chicago Hawthorn Center Vernon Hills 1973 240
Chicago Louis Joliet Joliet 1978 126
Chicago Northbrook Court Northbrook 1995 286
Chicago Oak Brook Furniture Oak Brook 1996 106
Chicago Oakbrook Center Oak Brook 1962 378
Chicago Old Orchard Skokie 1956 461
Chicago Orland Square Orland Park 1976 198
Chicago River Oaks Center Calumet City 1966 253
Chicago Spring Hill Mall West Dundee 1980 123
Chicago State Street Chicago 1868 2,048
Chicago Stratford Square Mall Bloomingdale 1981 149
Chicago The Promenade Bolingbrook Bolingbrook 2007 207
Chicago Water Tower Place Chicago 1975 325
Chicago Woodfi eld Furniture Schaumburg 1996 104
Chicago Woodfi eld Mall Schaumburg 1971 316
Peoria Northwoods Mall Peoria 1985 165
Rockford CherryVale Mall Rockford 1973 154
Springfi eld White Oaks Mall Springfi eld 1977 161
St. Louis Alton Square Mall Alton 1978 180
St. Louis St. Clair Square Fairview Heights 1973 248
Includes: F – Furniture • H – Home • K – Kids • M – Men’s 2012 Corporate Fact Book • 43
GROSS YEAR SQ. FTMETROPOLITAN AREA MALL/LOCATION CITY OPENED (in 000s)
GROSS YEAR SQ. FTMETROPOLITAN AREA MALL/LOCATION CITY OPENED (in 000s)
INDIANA MIDWEST REGION Bloomington College Mall Bloomington 1982 90
Fort Wayne Glenbrook Square Fort Wayne 1966 251
Indianapolis Castleton Square Indianapolis 1973 310
Indianapolis Glendale Mall Indianapolis 1958 235
Indianapolis Greenwood Park Mall Greenwood 1980 160
Lafayette Tippecanoe Mall Lafayette 1994 140
Muncie Muncie Mall Muncie 1996 120
South Bend University Park Mall Mishawaka 1979 169
Terre Haute Honey Creek Mall Terre Haute 1998 177
NORTH REGION Chicago Southlake Merrillville 1978 165
Evansville Eastland Mall Evansville 1982 171
KANSAS SOUTH CENTRAL REGION Kansas City Metcalf South Shopping Center Overland Park 1967 216
Kansas City Oak Park Furniture Overland Park 2002 25
Kansas City Oak Park Mall Overland Park 2002 165
Kansas City Prairie Village Prairie Village 1958 133
Kansas City Town Center Plaza Leawood 2004 124
KENTUCKYMIDWEST REGION Bowling Green Greenwood Mall Bowling Green 1980 124
Cincinnati Florence Mall Florence 1977 147
Cincinnati Florence Mall Home Florence 1994 112
Lexington Fayette Mall Lexington 1971 279
Louisville Jeff erson Mall Louisville 1979 157
Louisville Oxmoor Center Louisville 1970 278
NORTH REGION Owensboro Towne Square Mall Owensboro 1998 102
LOUISIANA SOUTH CENTRAL REGIONBaton Rouge Cortana Baton Rouge 1976 243
Baton Rouge Mall of Louisiana Baton Rouge 1997 220
Lafayette Acadiana Mall Lafayette 1979 186
New Orleans Esplanade Kenner 2008 188
New Orleans Lakeside New Orleans 2008 229
MAINE NORTHEAST REGION Bangor Bangor Mall Bangor 1998 143
Portland Maine Mall South Portland 1969 194
MARYLAND MID-ATLANTIC REGIONBaltimore Annapolis Mall Annapolis 1979 202
Baltimore Harford Mall Bel Air 1981 141
Baltimore Harford Mall Furniture Bel Air 1981 25
Baltimore Mall in Columbia Columbia 1975 228
Baltimore Marley Station Glen Burnie 1987 164
Baltimore Owings Mills Mall Owings Mills 1986 164
MARYLAND MID-ATLANTIC REGION continuedBaltimore Security Square Baltimore 1979 155
Baltimore Towson Town Center Towson 1982 204
Baltimore White Marsh Home Baltimore 2006 59
Baltimore White Marsh Mall Baltimore 1991 165
Hagerstown Valley Mall Hagerstown 1999 120
Salisbury Centre at Salisbury Salisbury 1991 138
Washington, D.C. Bowie Town Center Bowie 2001 160
Washington, D.C. Francis Scott Key Mall Frederick 1993 141
Washington, D.C. Lakeforest Mall Gaithersburg 1978 170
Washington, D.C. Mall at Prince Georges Hyattsville 1958 177
Washington, D.C. Marlow Heights Shopping Center Marlow Heights 1960 160
Washington, D.C. Montgomery Bethesda 1968 213
Washington, D.C. Montgomery Home Bethesda 1968 76
Washington, D.C. St. Charles Towne Center Waldorf 1990 179
Washington, D.C. St. Charles Towne Home Waldorf 1990 54
Washington, D.C. Wheaton Wheaton 2005 174
MASSACHUSETTS NORTHEAST REGIONBoston Belmont Belmont 1978 75
Boston Boston (Downtown) Boston 2007 385
Boston Burlington Mall Burlington 1968 255
Boston Cambridgeside Galleria Cambridge 1990 91
Boston Cambridgeside Galleria H/K Cambridge 1990 40
Boston Framingham Furniture Framingham 1994 41
Boston Hanover Furniture Hanover 1972 13
Boston Hanover Mall Hanover 1972 110
Boston Independence Mall Kingston 1989 149
Boston Natick Collection Natick 1965 210
Boston Northshore Mall Peabody 1993 216
Boston Northshore Mall F/M Peabody 2007 115
Boston South Shore Plaza Braintree 1961 255
Boston Square One Mall Saugus 1994 179
Boston Westgate Mall Brockton 2003 144
Cape Cod Cape Cod Mall Hyannis 1978 81
Includes: F – Furniture • H – Home • K – Kids • M – Men’s 44 • Macy’s, Inc.
GROSS YEAR SQ. FTMETROPOLITAN AREA MALL/LOCATION CITY OPENED (in 000s)
GROSS YEAR SQ. FTMETROPOLITAN AREA MALL/LOCATION CITY OPENED (in 000s)
*As of March 31,2012
Macy’s Store Locations*
MASSACHUSETTS NORTHEAST REGION continuedCape Cod Cape Cod Mall F/H/K/M Hyannis 2007 119
Pittsfi eld Berkshire Mall Lanesborough 1994 111
Providence Dartmouth Mall Dartmouth 2004 141
Providence Emerald Square North Attleboro 1989 185
Providence Emerald Square F/H/M North Attleboro 1989 120
Providence Silver City Galleria Taunton 1992 152
Providence Swansea Mall Swansea 1988 102
Springfi eld Eastfi eld Mall Springfi eld 1994 127
Springfi eld Holyoke Mall at Ingleside Holyoke 1995 202
Worcester Auburn Home Auburn 1997 88
Worcester Auburn Mall Auburn 1997 167
Worcester Mall at Whitney Field Leominster 2002 140
Worcester Solomon Pond Mall Marlborough 1996 200
MICHIGAN NORTH REGION Ann Arbor Briarwood Mall Ann Arbor 1974 189
Battle Creek Lakeview Square Mall Battle Creek 1983 102
Detroit Birchwood Mall Ft. Gratiot 1997 103
Detroit Eastland Center Harper Woods 1957 433
Detroit Fairlane Town Center Dearborn 1976 241
Detroit Lakeside Mall Sterling Heights 1978 207
Detroit Lakeside Mall H/M Sterling Heights 1978 119
Detroit Northland Center Southfi eld 1954 504
Detroit Oakland Mall Troy 1968 442
Detroit Somerset Collection Troy 1996 316
Detroit Southland Taylor 1970 283
Detroit Twelve Oaks Novi 1977 300
Detroit Westland Shopping Center Westland 1965 334
Flint Genesee Valley Center Flint 1970 266
Grand Rapids RiverTown Crossings Grandville 1999 171
Grand Rapids Woodland Shopping Center Grand Rapids 1975 162
Kalamazoo The Crossroads Portage 1980 122
Lansing Lansing Mall Lansing 1979 103
Lansing Meridian Mall Okemos 1982 154
Saginaw Fashion Square Saginaw 1976 123
Traverse City Grand Traverse Mall Traverse City 1992 103
MINNESOTA NORTH REGION Minneapolis-St. Paul Burnsville Center Burnsville 1977 224
Minneapolis-St. Paul Mall of America Bloomington 1992 320
Minneapolis-St. Paul Maplewood Mall Maplewood 1996 230
Minneapolis-St. Paul Minneapolis (Downtown) Minneapolis 1902 1,276
Minneapolis-St. Paul Ridgedale Minnetonka 1974 202
Minneapolis-St. Paul Ridgedale H/M Minnetonka 1974 129
Minneapolis-St. Paul Rosedale Center Roseville 1969 270
Minneapolis-St. Paul Rosedale Furniture Roseville 1976 53
Minneapolis-St. Paul Southdale Center Edina 1956 426
Minneapolis-St. Paul Southdale Furniture Edina 1978 93
Minneapolis-St. Paul St. Paul (Downtown) St. Paul 1963 362
Rochester Apache Mall Rochester 1972 163
St. Cloud Crossroads Center St. Cloud 1976 101
MISSOURI NORTH REGION Cape Girardeau West Park Mall Cape Girardeau 1981 108
St. Louis Chesterfi eld Mall Chesterfi eld 1995 269
St. Louis Jamestown Mall Florissant 1994 200
St. Louis Mid Rivers Mall St. Peters 1981 211
St. Louis South County Mall St. Louis 1963 205
St. Louis St. Louis (Downtown) St. Louis 1924 189
St. Louis St. Louis Galleria St. Louis 1991 277
St. Louis West County Mall Des Peres 2001 275
SOUTH CENTRAL REGION Columbia The Shoppes at Stadium Columbia 2003 140
Joplin Northpark Mall Joplin 1987 85
Joplin Northpark Mall H/M Joplin 1994 55
Kansas City Independence Center Independence 1986 198
Kansas City Lee’s Summit Kansas City 2009 122
Kansas City Metro North Mall Kansas City 1976 222
Springfi eld Battlefi eld Mall Springfi eld 1982 135
MONTANA NORTHWEST REGION Bozeman Gallatin Valley Mall Bozeman 1980 51
Helena Northside Center Helena 2001 65
NEVADA NORTHWEST REGION Reno Meadowood Mall Reno 1978 167
Reno Meadowood Mall H/M Reno 1979 102
Reno Reno Furniture Reno 1994 52
SOUTHWEST REGION Las Vegas Boulevard Las Vegas 1966 178
Las Vegas Fashion Show Las Vegas 1981 201
Las Vegas Galleria at Sunset Henderson 1996 229
Las Vegas Las Vegas Home Las Vegas 1994 111
Las Vegas Meadows Mall Las Vegas 1978 165
NEW HAMPSHIRE NORTHEAST REGIONBoston Fox Run Mall H/K/M Newington 1983 78
Boston Fox Run Mall Newington 1983 60
Boston Mall at Rockingham Park Salem 1991 166
Manchester Bedford Bedford 1966 180
Manchester Mall of New Hampshire Manchester 1996 166
Manchester Pheasant Lane Mall Nashua 1993 150
NEW JERSEY MID-ATLANTIC REGIONAtlantic City Hamilton Mall Mays Landing 1987 259
New York Bridgewater Commons Bridgewater 1988 259
New York Brunswick Square East Brunswick 1970 244
New York Essex Green Shopping Center West Orange 1975 93
New York Freehold Raceway Mall Freehold 1998 244
New York Ledgewood Mall Ledgewood 1994 73
Includes: F – Furniture • H – Home • K – Kids • M – Men’s 2012 Corporate Fact Book • 45
GROSS YEAR SQ. FTMETROPOLITAN AREA MALL/LOCATION CITY OPENED (in 000s)
GROSS YEAR SQ. FTMETROPOLITAN AREA MALL/LOCATION CITY OPENED (in 000s)
NEW JERSEY MID-ATLANTIC REGION continuedNew York Livingston Mall Livingston 1971 266
New York Menlo Park Mall Edison 1959 351
New York Middlesex Mall South Plainfi eld 1976 81
New York Monmouth Mall Eatontown 1960 290
New York Newport Centre Jersey City 2002 230
New York Ocean County Mall Toms River 1977 170
New York Preakness Shopping Center Wayne 1963 81
New York Rockaway Townsquare Rockaway 1977 262
New York Rte. 1 Furniture North Brunswick 1995 38
New York Rte. 22 Furniture Springfi eld 1962 40
New York Rte. 35 Furniture Eatontown 1980 37
New York Rte. 46 Furniture Wayne 1972 63
New York Short Hills Short Hills 1981 279
New York Willowbrook Wayne 1967 380
New York Woodbridge Center Woodbridge 1971 278
Philadelphia Cherry Hill Furniture Maple Shade 2001 61
Philadelphia Cherry Hill Mall Cherry Hill 1962 334
Philadelphia Deptford Mall Deptford 1975 208
Philadelphia Moorestown Mall Moorestown 1999 200
Philadelphia Voorhees Town Center Voorhees 1970 224
Trenton Quaker Bridge Mall Lawrenceville 1976 215
NEW JERSEY NORTHEAST REGION New York Garden State Plaza Paramus 1957 485
New York Paramus Furniture Paramus 2000 77
New York Paramus Park Paramus 1974 303
NEW MEXICO SOUTH CENTRAL REGIONAlbuquerque Coronado Center Albuquerque 1976 157
Albuquerque Cottonwood Mall Albuquerque 1996 173
NEW YORK NORTHEAST REGIONAlbany Colonie Center Albany 1990 341
Albany Crossgates Mall Albany 1985 202
Albany Rotterdam Square Schenectady 1995 120
Kingston Hudson Valley Mall Kingston 1995 121
New York Broadway Mall Hicksville 1956 309
New York Brooklyn Brooklyn 1865 1,012
New York Carle Place Furniture Carle Place 1971 86
New York Carle Place Furniture Clearance Carle Place 1971 51
New York Commack Shopping Center Commack 1981 208
New York Cross County Shopping Center Yonkers 1987 355
New York Douglaston Douglaston 1981 158
New York Flushing Flushing 1951 277
New York Green Acres Mall Valley Stream 1986 274
New York Green Acres Mall F/M Valley Stream 2004 116
New York Hampton Bays Hampton Bays 1981 50
New York Herald Square New York 1902 2,169
New York Jeff erson Valley Mall Yorktown Heights 1987 121
New York Kings Plaza Shopping Center Brooklyn 1970 339
New York Manhasset Manhasset 1965 331
New York Nanuet Mall Nanuet 1969 227
New York Palisades Center West Nyack 1998 204
New York Parkchester Bronx 1941 171
New York Queens Center Elmhurst 1995 373
New York Queens Furniture Elmhurst 2001 64
New York Roosevelt Field Garden City 1956 461
New York Smith Haven Lake Grove 1969 326
New York Smith Haven Furniture Lake Grove 2007 51
New York Staten Island Furniture Staten Island 2003 51
New York Staten Island Mall Staten Island 1965 272
New York Sunrise Mall Massapequa 1973 213
New York Walt Whitman Mall Huntington Station 1962 308
New York White Plains Galleria White Plains 1980 315
Poughkeepsie Galleria at Crystal Run Middletown 1992 181
Poughkeepsie Poughkeepsie Galleria Poughkeepsie 1987 165
Syracuse Carousel Center Syracuse 1990 165
Syracuse Great Northern Mall Clay 1989 88
Syracuse ShoppingTown Mall DeWitt 1993 120
Utica Sangertown Square New Hartford 1995 140
Includes: F – Furniture • H – Home • K – Kids • M – Men’s 46 • Macy’s, Inc.
GROSS YEAR SQ. FTMETROPOLITAN AREA MALL/LOCATION CITY OPENED (in 000s)
GROSS YEAR SQ. FTMETROPOLITAN AREA MALL/LOCATION CITY OPENED (in 000s)
*As of March 31,2012
Macy’s Store Locations*
NEW YORK MIDWEST REGION Binghamton Oakdale Mall Johnson City 2000 140
Buff alo Boulevard Mall Amherst 1983 181
Buff alo Boulevard Mall M Amherst 1983 41
Buff alo Eastern Hills Mall Williamsville 1971 127
Buff alo McKinley Mall Buff alo 1989 88
Buff alo McKinley Mall Home Buff alo 1989 31
Buff alo Walden Galleria Cheektowanga 1988 190
Elmira Arnot Mall Horsehead 1995 120
Rochester Eastview Victor 1971 175
Rochester Mall at Greece Ridge Greece 1995 122
Rochester Mall at Greece Ridge Home Greece 1995 42
Rochester Medley Centre Rochester 1990 129
Rochester The Marketplace Rochester 1982 149
NORTH CAROLINA SOUTHEAST REGIONCharlotte Carolina Place Pineville 1993 151
Charlotte Northlake Mall Charlotte 2005 165
Charlotte SouthPark Mall Charlotte 1988 201
Durham Northgate Mall Durham 1994 187
Durham Streets at Southpoint Durham 2001 180
Fayetteville Cross Creek Mall Fayetteville 1975 133
Greensboro Friendly Center Greensboro 1958 147
Greensboro Wendover Greensboro 2002 141
Raleigh Cary Towne Center Cary 1991 107
Raleigh Crabtree Valley Mall Raleigh 1995 175
Raleigh Triangle Town Center Raleigh 2002 180
Winston-Salem Hanes Mall Winston-Salem 1990 155
NORTH DAKOTA NORTH REGION Fargo West Acres Fargo 1973 118
Grand Forks Columbia Mall Grand Forks 1978 99
OHIO MIDWEST REGION Akron Chapel Hill Shopping Center Akron 1967 169
Akron Stow-Kent Plaza Stow 1965 82
Akron Summit Mall Akron 1965 195
Canton Belden Village Canton 1971 133
Cincinnati Anderson Towne Center Cincinnati 1969 162
Cincinnati Fountain Place Cincinnati 1997 186
Cincinnati Kenwood Furniture Cincinnati 1989 71
Cincinnati Kenwood Towne Centre Cincinnati 1988 269
Cincinnati Northgate Mall Cincinnati 1993 191
Cincinnati Tri-County Mall Cincinnati 1960 235
Cleveland Great Lakes Mall Mentor 1964 190
Cleveland Great Northern North Olmsted 1965 231
Cleveland Midway Mall Elyria 1990 105
Cleveland Richmond Town Square Richmond Heights 1998 165
Cleveland SouthPark Strongsville 1996 186
Cleveland University Square University Heights 2002 165
Columbus Eastland Furniture Clearance Columbus 1972 72
Columbus Eastland Mall Columbus 2006 121
OHIO MIDWEST REGION continuedColumbus Easton Town Center Columbus 2001 245
Columbus Kingsdale Shopping Center Columbus 1970 108
Columbus Mall at Tuttle Crossing Dublin 1997 225
Columbus Mall at Tuttle Crossing F Dublin 2003 227
Columbus Polaris Fashion Place Columbus 2001 180
Columbus Tuttle Furniture Dublin 1996 41
Dayton Dayton Mall Dayton 1969 263
Dayton Fairfi eld Commons Dayton 1994 152
Lima Lima Mall Lima 1971 195
Mansfi eld Richland Mall Mansfi eld 1969 140
Sandusky Sandusky Mall Sandusky 1979 133
Springfi eld Upper Valley Mall Springfi eld 1971 156
Steubenville Fort Steuben Mall Steubenville 1974 132
Wheeling Ohio Valley Mall St. Clairsville 1979 101
Youngstown Eastwood Mall Niles 1969 157
Youngstown Southern Park Mall Youngstown 1970 189
NORTH REGION Toledo Franklin Park Toledo 1971 187
Includes: F – Furniture • H – Home • K – Kids • M – Men’s 2012 Corporate Fact Book • 47
GROSS YEAR SQ. FTMETROPOLITAN AREA MALL/LOCATION CITY OPENED (in 000s)
GROSS YEAR SQ. FTMETROPOLITAN AREA MALL/LOCATION CITY OPENED (in 000s)
OKLAHOMA SOUTH CENTRAL REGIONOklahoma City Penn Square Mall Oklahoma City 1988 161
Oklahoma City Quail Springs Mall Oklahoma City 1986 146
Tulsa Tulsa Promenade Tulsa 1996 180
Tulsa Woodland Hills Tulsa 1982 160
OREGON NORTHWEST REGION Bend Bend River Mall Bend 1980 105
Coos Bay Pony Village Mall North Bend 1980 41
Eugene Valley River Center Eugene 1990 188
Medford Rogue Valley Mall Medford 1986 111
Medford Rogue Valley Mall Home Medford 1986 45
Portland Clackamas Town Center Portland 1980 199
Portland Clackamas Town Center Home Portland 1980 169
Portland Lloyd Center Portland 1966 298
Portland Portland (Downtown) Portland 2007 246
Portland Streets of Tanasbourne Hillsboro 2004 172
Portland Washington Square Portland 1973 260
Portland Washington Square Furniture Portland 2008 76
Roseburg Roseburg Valley Mall Roseburg 1980 40
Salem Lancaster Mall Salem 1980 67
Salem Salem Center Salem 1966 188
PENNSYLVANIAMID-ATLANTIC REGION Allentown Lehigh Valley Mall Whitehall 1976 218
Harrisburg Capital City Mall Camp Hill 1995 120
Harrisburg Harrisburg Mall Harrisburg 1995 191
Philadelphia Exton Square Mall Exton 1973 184
Philadelphia King of Prussia King of Prussia 1991 256
Philadelphia Montgomery Mall North Wales 1978 220
Philadelphia Neshaminy Mall Bensalem 1968 211
Philadelphia Oxford Valley Mall Langhorne 1973 197
Philadelphia Philadelphia City Center Philadelphia 1911 386
Philadelphia Plymouth Meeting Mall Plymouth Meeting 1966 214
Philadelphia Roosevelt Mall Philadelphia 1995 311
Philadelphia Springfi eld Mall Springfi eld 1974 192
Philadelphia Suburban Square Ardmore 1930 102
Philadelphia Willow Grove Park Willow Grove 2001 226
York West Manchester Mall York 1995 120
MIDWEST REGION Altoona Logan Valley Mall Altoona 1995 150
Erie Millcreek Mall Erie 1975 163
Pittsburgh Beaver Valley Mall Monaca 1987 203
Pittsburgh Century III Mall West Miffl in 1979 173
Pittsburgh Galleria at Pittsburgh Mills Tarentum 2005 173
Pittsburgh Monroeville Mall Monroeville 1969 263
Pittsburgh Pittsburgh (Downtown) Pittsburgh 1946 1,158
Pittsburgh Ross Park Furniture Pittsburgh 1997 48
Pittsburgh Ross Park Mall Pittsburgh 1986 229
Pittsburgh South Hills Village Bethel Park 1965 260
Pittsburgh South Hills Village Furniture Bethel Park 1993 21
Pittsburgh The Mall at Robinson Pittsburgh 1998 205
PENNSYLVANIAMIDWEST REGION continuedPittsburgh The Waterfront Homestead 2003 142
Pittsburgh Washington Crown Center Washington 1999 148
Pittsburgh Westmoreland Furniture Greensburg 1976 24
Pittsburgh Westmoreland Mall Greensburg 1976 168
Scranton-Wilkes-Barre Viewmont Mall Scranton 1995 140
Scranton-Wilkes-Barre Wyoming Valley Mall Wilkes-Barre 1995 96
Scranton-Wilkes-Barre Wyoming Valley Mall H/M Wilkes-Barre 1995 51
State College Nittany Mall State College 1999 98
Williamsport Lycoming Mall Muncy 1995 120
Youngstown Shenango Valley Mall Hermitage 1976 106
RHODE ISLAND NORTHEAST REGIONProvidence Providence Place Providence 1999 201
Providence Warwick Mall Warwick 1970 186
SOUTH CAROLINA SOUTHEAST REGIONColumbia Columbia Mall Columbia 1978 186
Greenville Haywood Mall Greenville 1980 152
SOUTH DAKOTA NORTH REGION Sioux Falls Empire Mall Sioux Falls 1971 101
TENNESSEE MIDWEST REGION Jackson Old Hickory Mall Jackson 1981 160
Memphis Oak Court Memphis 1961 399
Memphis Southland Mall Memphis 1966 150
Memphis The Avenue Carriage Crossing Collierville 2007 130
Memphis Wolfchase Galleria Memphis 1997 266
Nashville Cool Springs Galleria Franklin 1991 270
Nashville Mall at Green Hills Nashville 2004 179
Nashville Rivergate Mall Goodlettsville 1971 204
TEXAS SOUTH CENTRAL REGIONAustin Barton Creek Square Austin 1982 225
Austin Lakeline Mall Cedar Park 1995 180
Austin The Domain Austin 2007 140
Beaumont Parkdale Mall Beaumont 2002 171
College Station Post Oak Mall College Station 1984 105
Corpus Christi Padre Staples Mall Corpus Christi 1987 218
Dallas-Fort Worth Collin Creek Mall Plano 1980 199
Dallas-Fort Worth Dallas Galleria Dallas 1985 268
Dallas-Fort Worth Fairview Fairview 2009 122
Dallas-Fort Worth Firewheel Town Center Garland 2005 141
Dallas-Fort Worth Golden Triangle Denton 2003 114
Dallas-Fort Worth Hulen Mall Ft. Worth 1977 215
Dallas-Fort Worth Irving Mall Irving 1989 188
Dallas-Fort Worth North East Mall Hurst 2001 240
Dallas-Fort Worth NorthPark Center Dallas 2000 250
Dallas-Fort Worth Parks at Arlington Arlington 1990 201
Dallas-Fort Worth Ridgmar Mall Ft. Worth 1998 181
Dallas-Fort Worth Shops at Willow Bend Plano 2001 239
Dallas-Fort Worth Southwest Center Mall Dallas 1975 148
Includes: F – Furniture • H – Home • K – Kids • M – Men’s 48 • Macy’s, Inc.
GROSS YEAR SQ. FTMETROPOLITAN AREA MALL/LOCATION CITY OPENED (in 000s)
GROSS YEAR SQ. FTMETROPOLITAN AREA MALL/LOCATION CITY OPENED (in 000s)
*As of March 31,2012
Macy’s Store Locations*
TEXAS SOUTH CENTRAL REGION continuedDallas-Fort Worth Stonebriar Centre Frisco 2000 201
Dallas-Fort Worth Town East Mall Mesquite 1972 196
Dallas-Fort Worth Vista Ridge Mall Lewisville 1991 181
El Paso Cielo Vista Mall El Paso 2002 187
El Paso Sunland Park Mall El Paso 2004 105
Houston Almeda Houston 1966 147
Houston Baybrook Mall Friendswood 2004 244
Houston Deerbrook Humble 1984 204
Houston First Colony Mall Sugar Land 1996 202
Houston Galleria Houston 1986 256
Houston Galleria H/K/M Houston 2003 248
Houston Greenspoint Mall Houston 1976 314
Houston Houston (Downtown) Houston 1947 791
Houston Houston Furniture Clearance Houston 2005 43
Houston Memorial City Mall Houston 2001 300
Houston Pasadena Town Square Pasadena 1962 209
Houston Pearland Houston 2008 140
Houston San Jacinto Mall Baytown 1980 157
Houston West Oaks Mall Houston 1982 243
Houston Willowbrook Mall Houston 1981 248
Houston Willowbrook Mall F/M Houston 2002 91
Houston Woodlands Mall The Woodlands 1994 201
Houston Woodlands Mall K The Woodlands 2001 18
Houston Woodlands Mall Furniture The Woodlands 2002 19
Killeen-Temple Temple Mall Temple 1995 111
Laredo Mall Del Norte Laredo 1996 113
Laredo Mall Del Norte Home Laredo 1996 33
McAllen La Plaza Mall McAllen 1997 181
McAllen La Plaza Mall H/K McAllen 1997 50
San Antonio Ingram Park Mall San Antonio 1983 150
San Antonio North Star Mall San Antonio 1981 278
San Antonio Rivercenter San Antonio 1989 96
San Antonio Rolling Oaks Shopping Center San Antonio 1992 179
San Antonio Shops at La Cantera San Antonio 2005 166
San Antonio South Park Mall San Antonio 2000 120
Tyler Broadway Square Tyler 1981 100
UTAH NORTHWEST REGION Ogden Layton Hills Mall Layton 1980 162
Provo University Mall Orem 1972 208
Salt Lake City Cottonwood Mall Salt Lake City 1962 200
Salt Lake City Salt Lake City (Downtown) Salt Lake City 2012 150
Salt Lake City Fashion Place Mall Murray 1988 26
Salt Lake City South Towne Center Sandy 1986 201
Salt Lake City Valley Fair Mall West Valley City 1970 106
VERMONT NORTHEAST REGION Burlington Burlington Town Center Burlington 1999 152
VIRGINIA MID-ATLANTIC REGION Lynchburg River Ridge Mall Lynchburg 1980 144
Richmond Chesterfi eld Towne Center Richmond 1990 143
Richmond Regency Square Richmond 1990 100
Richmond Regency Square F/H/K/M Richmond 1990 124
Richmond Short Pump Town Center Richmond 2003 202
Richmond Southpark Mall Colonial Heights 1989 104
Richmond Virginia Center Commons Glen Allen 1993 110
Roanoke Valley View Mall Roanoke 1985 101
Roanoke Valley View Mall H/K Roanoke 2001 47
Virginia Beach-Norfolk Chesapeake Square Chesapeake 1999 95
Virginia Beach-Norfolk Peninsula Town Center Hampton 1977 173
Virginia Beach-Norfolk Greenbrier Mall Chesapeake 1990 145
Virginia Beach-Norfolk Lynnhaven Mall Virginia Beach 1998 200
Virginia Beach-Norfolk Military Circle Shopping Center Norfolk 1976 153
Virginia Beach-Norfolk Patrick Henry Newport News 1998 141
Washington, D.C. Ballston Common Furniture Arlington 1959 103
Washington, D.C. Ballston Common Mall Arlington 1959 352
Washington, D.C. Dulles Town Center Dulles 1998 181
Includes: F – Furniture • H – Home • K – Kids • M – Men’s 2012 Corporate Fact Book • 49
GROSS YEAR SQ. FTMETROPOLITAN AREA MALL/LOCATION CITY OPENED (in 000s)
GROSS YEAR SQ. FTMETROPOLITAN AREA MALL/LOCATION CITY OPENED (in 000s)
VIRGINIA MID-ATLANTIC REGION continuedWashington, D.C. Fair Oaks Mall Fairfax 1980 220
Washington, D.C. Fair Oaks Mall F Fairfax 2000 254
Washington, D.C. Fashion Centre at Pentagon City Arlington 1989 307
Washington, D.C. Landmark Mall Alexandria 1965 201
Washington, D.C. Manassas Mall Manassas 1996 139
Washington, D.C. Spotsylvania Towne Centre Fredericksburg 1993 146
Washington, D.C. Springfi eld Mall Springfi eld 1991 287
Washington, D.C. Tysons Corner Center McLean 1968 243
Washington, D.C. Tysons Galleria McLean 1988 265
WASHINGTON NORTHWEST REGIONBellingham Bellingham Home Bellingham 1991 40
Bellingham Bellis Fair Bellingham 1988 120
Bremerton Kitsap Mall Silverdale 1985 120
Bremerton Siverdale Home Silverdale 1995 40
Longview Three Rivers Mall Kelso 1987 51
Olympia Capital Mall Olympia 1978 113
Olympia Olympia Furniture Olympia 1996 40
Portland Vancouver Mall Vancouver 1977 180
Seattle-Tacoma Alderwood Furniture Lynnwood 1985 40
Seattle-Tacoma Alderwood Mall Lynnwood 1979 248
Seattle-Tacoma Bellevue Square Bellevue 1984 227
Seattle-Tacoma Bellevue Square Home Bellevue 1984 51
Seattle-Tacoma Budget House Furniture Clearance Tukwila 1974 33
Seattle-Tacoma Commons at Federal Way Federal Way 1977 141
Seattle-Tacoma Everett Mall Everett 1977 133
Seattle-Tacoma Northgate Mall Seattle 1950 319
Seattle-Tacoma Redmond Home Redmond 1987 40
Seattle-Tacoma Redmond Town Center Redmond 2003 112
Seattle-Tacoma Seattle Seattle 1929 864
Seattle-Tacoma South Hill Mall Puyallup 1994 115
Seattle-Tacoma Southcenter Seattle 1968 265
Seattle-Tacoma Tacoma Home Tacoma 2003 53
Seattle-Tacoma Tacoma Mall Tacoma 1964 257
Seattle-Tacoma Tukwila Home Tukwila 1981 49
Skagit County Cascade Mall Burlington 1989 62
Skagit County Cascade Mall H/K/M Burlington 2004 51
Spokane NorthTown Spokane 1993 106
Spokane Spokane Spokane 1947 374
Spokane Spokane Valley Mall Spokane Valley 1997 122
Tri-Cities Columbia Center Kennewick 1969 122
Tri-Cities Columbia Center K/M Kennewick 2002 40
Tri-Cities Columbia Home Kennewick 2004 40
Walla Walla Walla Walla Walla Walla 1944 69
Wenatchee Wenatchee Valley Mall East Wenatchee 2001 87
Yakima Valley Mall Union Gap 2002 119
WEST VIRGINIA MIDWEST REGION Charleston Charleston Town Center Charleston 1983 147
Huntington Huntington Mall Barboursville 1981 162
WISCONSIN NORTH REGION Appleton Fox River Mall Appleton 1991 168
Eau Claire Oakwood Mall Eau Claire 1991 104
La Crosse Valley View Mall LaCrosse 1980 101
Madison Hilldale Shopping Center Madison 1962 172
Milwaukee Mayfair Wauwatosa 1959 284
Milwaukee Southridge Greendale 2012 150
WYOMING NORTHWEST REGION Casper Eastridge Mall Casper 1983 61
WASHINGTON, D.C. MID-ATLANTIC REGIONWashington, D.C. Metro Center Washington, D.C. 1985 272
GUAM SOUTHWEST REGION Guam Micronesia Mall Dededo 1994 88
Guam Micronesia Mall H/K/M Dededo 2009 69
PUERTO RICO SOUTHEAST REGION San Juan Plaza Las Americas San Juan 2000 254
ANNOUNCED MACY’S STORE OPENINGS Chicago Gurnee Mills Gurnee, IL 2013 140
New York Bay Plaza Bronx, NY 2013 160
New York Bayshore Bay Shore, NY 2013 200
Riverside-San Bernardino Victorville Victorville, CA 2013 103
50 • Macy’s, Inc. Includes: H – Home • M – Men’s
GROSS YEAR SQ. FTMETROPOLITAN AREA MALL/LOCATION CITY OPENED (in 000s)
GROSS YEAR SQ. FTMETROPOLITAN AREA MALL/LOCATION CITY OPENED (in 000s)
*As of March 31,2012
Bloomingdale’s Store Locations*
CALIFORNIA Los Angeles-Orange Co. Beverly Center Los Angeles 1997 163
Los Angeles-Orange Co. Century City Los Angeles 1996 235
Los Angeles-Orange Co. Fashion Island Newport Beach 1996 172
Los Angeles-Orange Co. Fashion Island Home Newport Beach 1996 68
Los Angeles-Orange Co. Santa Monica Place Santa Monica 2010 101
Los Angeles-Orange Co. Sherman Oaks Sherman Oaks 1996 229
Los Angeles-Orange Co. South Coast Plaza Costa Mesa 2007 291
San Diego Fashion Valley San Diego 2006 226
San Francisco-Oakland San Francisco Centre San Francisco 2006 335
San Jose Stanford Shopping Center Palo Alto 1996 229
FLORIDA Miami-Palm Beach Aventura Mall Aventura 1997 252
Miami-Palm Beach The Falls Miami 1984 228
Miami-Palm Beach The Gardens Mall Palm Beach Gardens 1990 235
Miami-Palm Beach Town Center at Boca Raton Boca Raton 1986 270
Orlando Mall at Millenia Orlando 2002 237
GEORGIA Atlanta Lenox Square Atlanta 2003 281
ILLINOIS Chicago Medinah Home Chicago 2003 130
Chicago North Michigan Ave. Chicago 1988 256
Chicago Old Orchard Skokie 1995 206
MARYLAND Washington, D.C. Wisconsin Place Chevy Chase 2007 190
MASSACHUSETTS Boston Mall at Chestnut Hill Chestnut Hill 2006 186
Boston Mall at Chestnut Hill H/M Chestnut Hill 1973 124
NEVADA Las Vegas Fashion Show Home Las Vegas 2002 99
NEW JERSEY New York Bridgewater Commons Bridgewater 2002 161
New York Shops at Riverside Hackensack 1959 293
New York Short Hills Short Hills 1967 246
New York Willowbrook Wayne 2002 274
NEW YORK New York 59th Street New York City 1886 859
New York Roosevelt Field Garden City 1995 309
New York Roosevelt Field Furniture Garden City 2004 69
New York SoHo New York City 2004 122
New York Walt Whitman Mall Huntington 1998 231
New York Westchester Furniture Clearance Mt. Pleasant 2004 64
New York White Plains White Plains 1975 300
PENNSYLVANIA Philadelphia King of Prussia (The Court) King of Prussia 1981 248
Philadelphia Willow Grove Park Willow Grove 1982 239
VIRGINIA Washington, D.C. Tysons Corner Center McLean 1976 272
DUBAI* Dubai Dubai Mall Dubai, UAE 2010 146
Dubai Dubai Mall H Dubai, UAE 2010 54
*Stores are operated by Al Tayer Group LLC under a license agreement
ANNOUNCED BLOOMINGDALE’S STORE OPENINGS Los Angeles-Orange Co. Glendale Galleria Glendale, CA 2013 120
San José Stanford Shopping Center Palo Alto, CA 2014 120
BLOOMINGDALE’S OUTLET STORESBoston Wrentham Village Wrentham, MA 2011 24
Chicago Woodfi eld Village Green Schaumburg, IL 2011 24
Ft. Myers Miromar Outlets Estero, FL 2011 25
Miami-Palm Beach Dolphin Mall Miami, FL 2010 25
Miami-Palm Beach Sawgrass Mills Sunrise, FL 2010 24
New York Bergen Town Center Paramus, NJ 2010 25
Washington, D.C. Potomac Mills Woodbridge, VA 2010 26
ANNOUNCED BLOOMINGDALE’S OUTLET STORE OPENINGS San Francisco-Oakland Paragon Outlets Livermore Valley Livermore, CA 2012 25
Manchester Merrimack Premium Outlets Merrimack, NH 2012 25
New York The Gallery at Westbury Plaza Westbury, NY 2012 25
Dallas-Forth Worth The Shops at Park Lane Dallas, TX 2012 25
Dallas-Forth Worth Paragon Outlets Grand Prairie Grand Prairie, TX 2012 25
2012 Corporate Fact Book • 51
International:
• Dubai, UAE*
BLOOMINGDALE’S MARKETS
Domestic:
• Los Angeles, CA
• Orange County, CA
• San Diego, CA
• San Francisco, CA
• Miami, FL
• Orlando, FL
• W. Palm Beach/ Boca Raton, FL
• Atlanta, GA
• Chicago, IL
• Boston, MA
• Las Vegas, NV
• New Jersey
• New York, NY
• Philadelphia, PA
• Washington, D.C.
*Stores are operated by Al Tayer Group LLC under a license agreement
52 • Macy’s, Inc.
Company HistoryMACY’S: A HISTORYNo one would have guessed that the small, fancy dry goods store that opened on the corner of 14th Street and 6th Avenue in New York City in 1858 would grow to be one of the largest department store retailers in the world.
But after several failed retail ventures, Rowland Hussey Macy’s determination and ingenuity paid off at the age of 36 with the launch of R.H. Macy & Co. He adopted a red star as his symbol of success, dating back to his days as a sailor. First-day sales totaled $11.06 but by the end of the fi rst full year, sales grossed almost $90,000. By 1877, R.H. Macy & Co. had become a full-fl edged department store occupying the ground space of 11 adjacent buildings.
Always the innovator, Macy’s is known for several fi rsts that changed the retail industry. Macy’s was the fi rst retailer to promote a woman, Margaret Getchell, to an executive position, making business history. Macy’s pioneered such revolutionary business practices as the one-price system, in which the same item was sold to every customer at one price, and quoting specifi c prices for goods in newspaper advertising. Known for its creative merchandising, Macy’s was the fi rst to introduce such products as the tea bag, the Idaho baked potato and colored bath towels. Macy’s also was the fi rst retailer to hold a New York City liquor license.
By November 1902, the store had outgrown its modest storefront and moved uptown to its present Herald Square location on Broadway and 34th Street, establishing an attraction for shoppers from around the world. With the store’s 7th Avenue expansion completed in 1924, Macy’s Herald Square became the “World’s Largest Store,” with more than 1 million square feet of retail space. (Note that Macy’s Herald Square will be expanding to 1.1 million square feet of retail space in the current renovation project described on page 10.)
By 1918, R.H. Macy & Co. was generating $36 million in annual sales. Yet, the prosperity of the retailer was never more apparent than when the company went public in 1922 and began to open regional stores and take over competing retailers. In 1923, the Toledo-based department store Lasalle & Koch was acquired; the next year, Davison-Paxton in Atlanta was acquired; and in 1936, the Newark-based Bamberger’s was purchased.
To help celebrate their new American heritage, Macy’s immigrant employees organized the fi rst Christmas Parade in 1924. The procession featured fl oats, bands, animals from the zoo and 10,000 onlookers, beginning a time-honored tradition now known as the annual Macy’s Thanksgiving Day Parade.
In 1945, the company expanded west and purchased O’Connor Moffatt & Company in San Francisco. Two years later, O’Connor Moffatt stores, including the landmark Union Square store that opened in 1866, were converted to Macy’s after a survey indicated that San Franciscans would welcome the name.
Macy’s California broke new ground with the fi rst department store fl ower show in 1946. What began as a fragrance promotion in the cosmetics department now annually welcomes the spring season, treating visitors to a botanical, cultural and community spectacle and is held in New York, Chicago, Minneapolis, Philadelphia and Washington, D.C., in addition to San Francisco. In 1971, Macy’s Union Square store’s lower level, once cluttered with bargains, was transformed into “The Cellar,” changing the way customers shop for housewares. Due to its success, the Herald Square store followed suit fi ve years later.
On December 19, 1994, Federated Department Stores, Inc. (now known as Macy’s, Inc.) acquired R.H. Macy & Co., creating the world’s largest premier department store company. Federated Department Stores operated over 400 department stores and more than 157 specialty stores in 37 states.
A&S Department Stores were converted to the Macy’s nameplate in May 1995. Also in 1995, Federated acquired The Broadway Department Stores, bringing Broadway, Emporium and Weinstocks to the Macy’s family, as well as six former I. Magnin stores. Some 46 stores were converted to the Macy’s nameplate. Following the model of A&S, Jordan Marsh Department Stores of Boston, already owned by Federated, was converted to Macy’s in March 1996. In January 2001, Macy’s absorbed 17 Stern’s Department Stores located in New York and New Jersey. In June 2001, Federated purchased the Liberty House operations in Hawaii and Guam, bringing the proud Macy’s tradition and heritage to the Pacifi c.
Macy’s entered 2005 with about 240 locations, primarily on the East and West Coasts. With the conversion of all Federated’s regional store nameplates in March 2005, Macy’s grew to about 425 locations across the country. In September 2006, with the conversion of stores acquired from The May Department Stores Company, Macy’s now serves customers through approximately 800 stores in virtually every major geographic market in the United States, as well as the macys.com website.
2012 Corporate Fact Book • 53
BLOOMINGDALE’S: A HISTORY
Bloomingdale’s began with a 19th century fad and the extraordinary vision of two brothers. Lyman and Joseph Bloomingdale pioneered nearly every major change in the evolution of department stores — if they weren’t the fi rst with an idea, they simply did it bigger and better than anyone else. Their innovative retailing philosophy guided Bloomingdale’s in its beginning and that strategy continues today, justifi ably earning Bloomingdale’s the reference “Like No Other Store in the World.”
The fi rst retail endeavor of the Bloomingdale brothers was a Ladies’ Notion Shop in New York. In 1872, Bloomingdale’s opened and expanded their East Side Bazaar, selling a variety of women’s fashions. This was a bold move in the era of specialty shops; the Bazaar became a harbinger of the true “department store.” By 1929, Bloomingdale’s covered an entire city block.
Two years later, the glamorous Art Deco edifi ce that still graces Lexington Avenue was completed. In 1949, Bloomingdale’s began its real expansion, opening its fi rst satellite store in Fresh Meadows, Queens, and by 1959, Bloomingdale’s had created a complete circle of stores around the fl agship in New Jersey, Westchester County and Long Island. This dramatic growth continued in the 1970s and 1980s with the opening of stores in the Northeast, Florida and Chicago. Bloomingdale’s was on its way to becoming a true national entity. That vision culminated in 1996 with the addition of its fi rst four stores in California, the most ambitious expansion in the company’s history, followed by Bloomingdale’s entry into the Atlanta market in 2003.
From the beginning, the Bloomingdale brothers catered to America’s love of international goods, and by the 1880s, their European selection was dazzling. A buying offi ce in Paris in 1886 was the beginning of a network that now spans the globe. The 1960s brought promotions resulting from Bloomingdale’s fascination with the foreign market: the fi rst was a small affair called “Casa Bella,” featuring merchandise for the home from Italy.
Over the next 30 years, the promotions took on a grand scale — including unique merchandise and cultural exhibits that would touch every department in Bloomingdale’s. Major transformation of the Bloomingdale’s image came in the 1960s and 1970s. The promotions were so exciting that the term “Retailing as Theater” was coined to describe Bloomingdale’s “happenings.” It was the era of pet rocks and glacial ice cubes, of visits by movie stars and royalty from Elizabeth Taylor to Queen Elizabeth II.
The new direction in merchandising was both to seek and to create. Buyers covered the world to fi nd exclusive, one-of-a-kind items. When they couldn’t fi nd what they wanted,
they had it made. In fashion, Bloomingdale’s launched new designers and created boutiques for already-famous names. Among the discoveries: Ralph Lauren, Perry Ellis and Norma Kamali — and for the fi rst time in America: Sonia Rykiel, Kenzo and Fendi ready-to-wear. Designers opening their fi rst in-store boutiques at Bloomingdale’s include Yves St. Laurent, Calvin Klein, Claude Montana and Thierry Mugler.
In 1961, Bloomingdale’s made retail history in yet another area by introducing the fi rst designer shopping bag. Artist Joseph Kinigstein was commissioned to create a bag for the “Esprit de France” promotion. Rather than doing the obvious — ladylike fl owers in pastel colors — he reproduced antique French tarot cards in bold red, black and white. Most daring of all, the bag omitted the store name. Even so, it was unmistakably Bloomingdale’s, and the collector’s shopping bag was launched. Since then, both famous and fl edgling artists, architects and ad designers have created Bloomingdale’s bags. Their designs have been featured in art museums all over the world.
In 1971 “model rooms,” a highlight of Bloomingdale’s since 1947, gained worldwide attention. “The Cave,” an intricate multi-level frame sprayed entirely in white polyurethane, was a spectacular example of the lengths to which Bloomingdale’s would go to make a statement of style. Over the years, the model rooms have been showcases for the talents of everyone from architect Frank Gehry to fi lmmaker Federico Fellini.
During the 1970s, Bloomingdale’s was a favorite stop of the international avant-garde, epitomized locally by the “Young East Sider” who lived right in the neighborhood. In 1973, the store wanted to stamp the Bloomingdale’s name on panties to launch an intimate apparel promotion; they chose the company nickname as a nod to the young, trendy crowd, and the “Bloomie’s” logo was born. Soon, New Yorkers were affectionately referring to the city’s second most popular tourist attraction after the Statue of Liberty as “Bloomie’s” and the hottest souvenir in town was anything emblazoned with “Bloomie’s.” From the late 1980s to the present, the economy and retailing has changed — thus changing the buying habits of consumers. As usual, Bloomingdale’s kept up with the times and prepared for the future. Today, there is an increased emphasis on building customer services and relationships, while continuing the unique and exclusive aspects that made Bloomingdale’s world famous.
With a reputation for quality, creativity and uniqueness, Bloomingdale’s has remained at the forefront of retailing worldwide. Bloomingdale’s speaks to its customers in a language they understand: service, selection and fashion, making Bloomingdale’s “Like No Other Store in the World.”
54 • Macy’s, Inc.
Macy’s, Inc. History — Chronology 1830 Shillito’s founded in Cincinnati by
John Shillito.
1841 Eben Jordan and Benjamin L. Marsh open Jordan Marsh in Boston.
1851 F&R Lazarus & Company founded in Columbus, OH, by Simon Lazarus.
1858 Rowland H. Macy opens R.H. Macy & Co. as a dry goods store in New York City. First-day sales totaled $11.06.
1859 Macy’s fi rst-year sales were approximately $85,000 with an advertising budget of $2,800.
1865 Wechsler & Abraham (later Abraham & Straus) founded in Brooklyn, NY, by Abraham Abraham and Joseph Wechsler.
1867 Rich’s founded in Atlanta by Morris Rich.
Stern Brothers (later Stern’s) founded in Manhattan.
1870 Goldsmith’s founded in Memphis.
1872 Bloomingdale Brothers, Inc. founded in New York City by Lyman and Joseph Bloomingdale. First-day sales totaled $3.68.
1877 David May opens the fi rst store of what was to become The May Department Stores Company in Leadville, CO, a silver-mining boom town.
1888 The Straus family acquires a general partnership with Macy’s.
1890 The Bon Marché founded in Seattle.
1893 The Straus family buys out Joseph Wechsler’s interest in Wechsler & Abraham, changing the store’s name to Abraham & Straus. While A&S did not become part of Macy’s, the two stores kept a close association, even sharing overseas offi ces.
1898 Burdines founded in Miami.
1902 Macy’s moves to Herald Square in New York City.
1905 David May moves the headquarters of his growing retail organization to St. Louis.
1907 Bullock’s founded by John Bullock and P.G. Winnett in Los Angeles.
1910 The May Department Stores Company is incorporated.
1911 The May Department Stores Company is listed on the New York Stock Exchange and opens Famous-Barr in St. Louis.
1923 May Company acquires a department store company in Los Angeles, adding to its growing regional coverage in Akron and Cleveland, OH, and St. Louis.
1924 Macy’s Herald Square location becomes the largest store in the world, following completion of the 7th Avenue addition. Also, 10,000 people watch Macy’s fi rst parade, now known as Macy’s Thanksgiving Day Parade.
1925 Macy’s acquires Davison-Paxon of Atlanta.
1929 Federated Department Stores, Inc. (now known as Macy’s, Inc.) is formed as a holding company by several family-owned department stores, including Abraham & Straus and F&R Lazarus (along with its Cincinnati-based subsidiary, Shillito’s) and Filene’s of Boston. Corporate offi ces established in Columbus, OH.
1930 Bloomingdale’s joins Federated. First-year sales for Federated were $112 million.
1934 A modern merchandising standard is set when Fred Lazarus (son of Simon) arranges garments in groups of a single size with a range of style, color and price in that size, rather than the other way around. Lazarus based this technique upon observations made in Paris.
1935 Boston’s Jordan Marsh is one of the founders of New York City-based Allied Stores Corporation, a successor to Hahn Department Stores, Inc. A holding company founded in 1928, Hahn brought chain store advantages to independent, family-owned department stores.
1939 Fred Lazarus Jr. convinces President Franklin Roosevelt that changing the Thanksgiving holiday from the last Thursday of November to the fourth Thursday, extending the Christmas shopping season, would be good for the nation’s business. A 1941 Act of Congress perpetuated the arrangement.
Federated and Allied stores make shopping easier during diffi cult economic times by offering credit, a “pay when you can” policy and developing a reputation for commu-nity involvement in times of crisis.
2012 Corporate Fact Book • 55
1945 Federated moves its offi ces to Cincinnati. Macy’s acquires O’Connor Moffat & Company of San Francisco.
1946 In several ways, Shillito’s becomes the fi rst department store to embrace the African-American community. It is the nation’s fi rst department store to give credit to African-Americans, as well as employ them as salespeople and executives. The store’s restaurant is the fi rst in downtown Cincinnati to serve African-American customers.
May Company acquires Kaufmann’s in Pittsburgh.
1947 O’Connor Moffat becomes Macy’s California.
1951 Allied acquires New Jersey’s Stern Brothers, later known as Stern’s.
1956 Miami-based Burdines becomes a division of Federated.
May Company begins operating May D&F in Denver.
1957 Seventeen-year-old designer-to-be Ralph Lauren sells sweaters at Bloomingdale’s over Christmas week. The following year, he joins Allied Stores as assistant menswear buyer.
1959 Federated acquires Dayton, Ohio-based Rike’s and Memphis-based Goldsmith’s.
May Company acquires Hecht’s in Washington, D.C. and Baltimore.
1962 Allied acquires the William H. Block Company of Indianapolis.
1964 Federated breaks the 10-fi gure barrier for the fi rst time, netting annual sales of $1.215 billion. Federated acquires Los Angeles’ Bullock’s and I. Magnin.
1966 May Company acquires Meier & Frank in Portland, OR.
1967 Allied also passes the billion dollar mark, with annual sales of $1.024 billion.
1968 Black Retail Action Group (BRAG), founded in part by Abraham & Straus executives, gives technical assistance to minority-owned businesses and scholarships to retailing students. This furthers the A&S commitment to African-Americans. The company was the country’s fi rst major retailer to sign up for Plans for Progress, President Kennedy’s commission on job opportunities for African-Americans.
1976 Through an exchange of common stock, Federated acquires Atlanta-based Rich’s.
1980 To help meet the civic, health and welfare, educational and cultural needs of the communities Federated serves, the company invests $15 million to establish a foundation.
1982 The merger of Rike’s of Dayton and Shillito’s of Cincinnati results in Shillito-Rikes.
1985 The newly formed Federated Systems Group (then known as The SABRE Group) begins the conversion of all Federated divisions to a common electronic data processing system. (The group is now known as Macy’s Systems and Technology.)
Davison’s of Atlanta changes its name to Macy’s.
1986 A single, billion-dollar organization is formed with the merger of Federated’s Shillito-Rikes of Cincinnati and Columbus-based Lazarus. With headquarters in Cincinnati, the division operates under the Lazarus name.
Campeau Corporation acquires Allied Stores Corporation, which is reorganized under the merger agreement.
In what was then retail’s largest acquisition, May Company acquires Associated Dry Goods and adds Lord & Taylor, J.W. Robinson’s and L.S. Ayres, among others, to its collection of regional department stores.
1987 Federated buys Allied’s Indianapolis-based Block’s division, incorporating it into Lazarus.
1988 Campeau Corporation acquires Federated. Several Federated divisions are sold to other retailers. May Company purchases Foley’s and Filene’s. Macy’s purchases Bullock’s and I. Magnin from Campeau. To consolidate with Federated, Allied’s New York headquarters moves to Cincinnati. Allied — operating in tandem with Federated — is comprised of The Bon Marché, Jordan Marsh, Maas Brothers and Stern’s. Goldsmith’s merges into Rich’s, although the Goldsmith’s nameplate is maintained in the Memphis market.
1989 Federated forms its Financial, Administrative and Credit Services operation (The FACS Group) in suburban Cincinnati to centralize credit services for all department store divisions. (The group is now known as Macy’s Credit and Customer Services.)
Federated’s employee volunteer program, Partners in Time, is founded at Rich’s/Goldsmith’s as a way to give back to the community.
56 • Macy’s, Inc.
1990 In January, saddled by debt resulting from the highly leveraged Campeau takeover of Federated, both Federated and Allied fi le for bankruptcy reorganization. The reorganizing of more than $8 billion of debt begins. Allen Questrom becomes chairman and chief executive offi cer, joining James M. Zimmerman, president and chief operating offi cer, to form the senior management team that would resurrect the company.
1991 Divisional consolidations begin. The company’s Florida operations, including all former Maas Brothers/Jordan Marsh stores, operate under the Burdines name, and division headquarters are consolidated in Miami.
1992 A new public company — Federated Department Stores, Inc. — emerges from bankruptcy in February with 220 department stores in 26 states and annual sales of approximately $7 billion. The former Allied Stores Corporation is merged into Federated. A consolidation of the A&S and Jordan Marsh divisions results in the A&S/Jordan Marsh division, headquartered in Brooklyn, NY. Early in the new year, Macy’s fi les for protection under Chapter 11.
1993 Federated announces the centralization of divisional accounting and accounts payable functions in Cincinnati. In addition, a management realignment reconfi gures merchandise distribution for its northeastern divisions.
1994 Federated acquires the Joseph Horne Co. of Pittsburgh, adding 10 Pennsylvania stores to its Lazarus division. In December, Federated acquires R.H. Macy & Co., creating the largest department store retailer in the nation. Acquisition approval, granted by U.S. Bankruptcy Court in December, culminates Macy’s three-year reorganization plan.
Macy’s East, headquartered in New York City, merges with A&S/Jordan Marsh to form a $4 billion retailing division of Federated. In San Francisco, Macy’s West continues to operate all West Coast Macy’s and Bullock’s stores, as Federated restores its presence in California and Texas.
Federated announces the discontinuation of the I. Magnin chain and 13 I. Magnin stores are sold or converted to Macy’s or Bullock’s.
Federated Logistics (now known as Macy’s Logistics and Operations) is formed to coordinate the company’s distribution facilities and functions in the northeastern United States.
1995 Rich’s/Goldsmith’s and Lazarus are consolidated into one division — Rich’s/Lazarus/Goldsmith’s, based in Atlanta and operating stores in nine southeastern and midwestern states.
Federated acquires Broadway Stores, Inc., based in Los Angeles. Initially, this added 82 Broadway, Emporium and Weinstock’s department stores in California and four other southwestern states with annual sales of more than $2 billion. Federated announces that 56 of these stores will be converted to the Macy’s nameplate. Five others will become Bloomingdale’s, while other locations will be sold or closed.
Federated Logistics is expanded to handle distribution, logistics functions and vendor technology for all Federated divisions nationwide.
A&S stores, already a part of the Macy’s East division, are converted to the Macy’s nameplate.
1996 Jordan Marsh stores in the north-eastern United States, already part of the Macy’s East division, are converted to the Macy’s nameplate. Meanwhile, Bullock’s stores in Southern California, already part of the Macy’s West division, are renamed Macy’s.
May Company acquires Strawbridge’s in Philadelphia.
The Federated Department Stores Foundation is reactivated as the company’s primary vehicle for charitable giving. Total contributions by Federated, its divisions and the Foundation were $7.8 million in fi scal 1996.
Bloomingdale’s opens its fi rst California stores with four locations — three in the Los Angeles area and one in Palo Alto.
Macys.com is launched.
1997 In May, James M. Zimmerman succeeds Allen Questrom as chairman and chief executive offi cer of Federated. Terry J. Lundgren becomes president and chief merchandising offi cer.
1998 For the fi rst time since 1988, Federated’s debt is rated by major agencies as investment grade. In the fall, the company launches a new Macy’s By Mail catalog and re-launches macys.com.
The May Company acquires The Jones Store in Kansas City, MO.
1999 Fingerhut Companies, Inc. of Minnetonka, MN, a leading direct-marketing company, is acquired by Federated in March.
May Company acquires Zions Co-operative Mercantile Institution (ZCMI) department stores in Utah and Idaho.
2012 Corporate Fact Book • 57
2000 A new private brand of apparel and accessories for children, called Greendog, debuts at stores across the country.
2001 In February, Federated announces that its Stern’s division will be closed, with most locations being converted to the Bloomingdale’s or Macy’s nameplates.
In July, Federated acquires Liberty House, Hawaii’s largest retailer and only conventional department store group. It becomes part of Macy’s West.
2002 Federated disposes of Fingerhut.
Terry J. Lundgren becomes chief operating offi cer in addition to president and chief merchandising offi cer.
2003 Federated integrates the Macy’s nameplates with its regional department stores — creating Bon-Macy’s, Burdines-Macy’s, Goldsmith’s-Macy’s, Lazarus-Macy’s and Rich’s-Macy’s. Macy’s Corporate Marketing is developed.
Bloomingdale’s enters the Atlanta market for the fi rst time with two stores.
Terry J. Lundgren becomes president and chief executive offi cer. James M. Zimmerman remains chairman of the board.
Federated board initiates quarterly dividends.
2004 Terry J. Lundgren becomes chairman, president and chief executive offi cer as James M. Zimmerman retires as chairman of the company.
Macy’s Home Store division is formed.
May Company acquires Marshall Field’s.
2005 Federated begins operating nationwide under two store nameplates — Macy’s and Bloomingdale’s — as all regional department store names are converted to the Macy’s brand.
Macy’s launches a new customer loyalty program, with escalating benefi ts for its largest customers, as it issues new credit cards for about 14 million accounts.
Federated acquires The May Department Stores Company. The acquisition creates a stronger, more resourceful company with more stores nationwide.
2006 More than 400 former May Company stores convert to Macy’s, creating a nationwide store focused on delivering fashion and affordable luxury to customers from coast-to-coast.
Macy’s launches its fi rst-ever national advertising campaign.
Federated divests Lord & Taylor, David’s Bridal and Priscilla of Boston, which were acquired as part of May Company.
2007 Federated sells its 507-store After Hours Formalwear business, which was acquired as part of May Company, to Houston-based Men’s Wearhouse.
Shareholders vote to change the corporate name from Federated Department Stores, Inc. to Macy’s, Inc.
2008 Macy’s begins piloting a new localization initiative called My Macy’s in 20 local markets as it consolidates three divisions — Macy’s North into Macy’s East, Macy’s Northwest into Macy’s West, and Macy’s Midwest into Macy’s South (creating a new Macy’s Central division).
The company celebrates Macy’s 150th birthday on October 28.
Macy’s, Inc. launches a corporatewide sustainability initiative to guide a wide variety of efforts to protect the environment.
2009 Macy’s rolls out its My Macy’s localization initiative nationwide, creating 49 new local stores districts (for a total of 69), while adopting a unifi ed national operating structure.
Macy’s and Bloomingdale’s launched social media programs to reach customers in new ways.
2010 After several years of signifi cant changes to the company’s structure and organization, a culture of growth develops at Macy’s, Inc.
Bloomingdale’s opens in Dubai, the company’s fi rst international presence.
Macy’s ends the year with more than 1.2 million Facebook friends.
2011 Macy’s, Inc. announces one of the largest capital investments in the company’s history — a four-year, $400 million renovation of Macy’s Herald Square fl agship store in New York City, with work to begin in early spring 2012.
Macys.com and bloomingdales.com begin international shipping to more than 100 countries.
Macy’s ends the year with more than 4.5 million Facebook friends.
58 • Macy’s, Inc.
Sara LevinsonFormer Chairman and Chief Executive Offi cerClubMom, Inc.
Stephen F. BollenbachNon-Executive Chairman of the Board of DirectorsKB Home
Terry J. LundgrenChairman, President and Chief Executive Offi cerMacy’s, Inc.
Deirdre P. ConnellyPresident, North American PharmaceuticalsGlaxoSmithKline
Joseph NeubauerChairman and ChiefExecutive Offi cerARAMARK Holdings Corporation
Paul C. VargaChairman and Chief Executive Offi cerBrown-Forman Corporation
Joyce M. RochéFormer President and Chief Executive Offi cerGirls Incorporated
Meyer FeldbergDean Emeritus and Professor of Leadership and EthicsColumbia Business School
Craig E. WeatherupFormer Chief Executive Offi cerThe Pepsi-Cola Company
Marna C. WhittingtonFormer Chief Executive Offi cerAllianz Global Investors Capital
Joseph A. PichlerFormer Chairman The Kroger Company(retired May 18, 2012)
Macy’s, Inc. Board of Directors
2012 Corporate Fact Book • 59
Karen M. HoguetChief Financial Offi cer
Julie GreinerChief Merchandise Planning Offi cer
Michael GouldChairman and Chief Executive Offi cer, Bloomingdale’s
Peter SachseChief Stores Offi cer
Jeffrey GennetteChief Merchandising Offi cer
Martine ReardonChief Marketing Offi cer
Jeffrey A. KantorChairman of macys.com
Thomas L. ColeChief Administrative Offi cer
Timothy M. AdamsChief Private Brand Offi cer
Executive Management Team
Terry J. LundgrenChairman, President and Chief Executive Offi cer
60 • Macy’s, Inc.
Other Macy’s, Inc. Corporate Offi cers
Ann Munson SteinesDeputy General Counsel and Assistant Secretary
David W. ClarkHuman Resources and Diversity
Joel A. BelskyController
William L. Hawthorne IIIDiversity Strategies and Legal Affairs
Dennis J. BroderickGeneral Counsel and Secretary
Bradley R. MaysTax
Felicia WilliamsRisk Management and Financial Services
Michael ZornAssociate and Labor Relations
R.B. HarrisonFinance
James A. SluzewskiCorporate Communications and External Affairs
Amy HansonProperty Development,Credit and Customer Services
Shirley H. YoshidaInternal Audit
2012 Corporate Fact Book • 61
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Shareholder InformationMACY’S, INC. CORPORATE GOVERNANCEMacy’s, Inc. believes strongly in good corporate governance and transparency in fi nancial reporting. If you would like to know more, please visit the Corporate Governance section of our corporate website at macysinc.com/investors/governance.
COMMON STOCKShares of Macy’s, Inc. common stock are traded on the New York Stock Exchange. The company’s trading symbol is M. The approximate number of Macy’s, Inc. shareholders of record, as of Jan. 28, 2012, was 21,000. As of that date, there were approximately 414.2 million shares of Macy’s, Inc. common stock outstanding, excluding shares held by Macy’s, Inc.
SHARES AVERAGE DIVIDENDS2011 TRADED DAILY VOLUME LOW HIGH PAID
First Quarter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 553,343,200 8,783,200 21.69 25.99 0.0500
Second Quarter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 557,687,400 8,852,200 23.98 30.62 0.1000
Third Quarter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 637,438,200 9,960,000 22.66 32.35 0.1000
Fourth Quarter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 438,862,600 7,194,500 28.69 35.92 0.1000
2010
First Quarter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 688,375,100 10,926,600 15.34 25.25 0.0500
Second Quarter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 733,287,400 11,639,500 16.93 24.84 0.0500
Third Quarter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 580,036,000 9,063,100 18.70 25.26 0.0500
Fourth Quarter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 481,085,900 7,759,500 22.78 26.32 0.0500
PRICES
62 • Macy’s, Inc.
Macy’s, Inc. Operates Stores In:*
ALABAMA:400 EmployeesMacy’s (2)
ARIZONA:3,400 EmployeesMacy’s (11)
CALIFORNIA: 29,800 EmployeesBloomingdale’s (10)Macy’s (138)
COLORADO:1,700 EmployeesMacy’s (14)
CONNECTICUT:2,800 EmployeesMacy’s (13)
DELAWARE:600 EmployeesMacy’s (4)
FLORIDA:13,800 EmployeesBloomingdale’s (5)Bloomingdale’s Outlet (3)Macy’s (61)
GEORGIA:6,200 EmployeesBloomingdale’s (1)Macy’s (23)
HAWAII:2,100 EmployeesMacy’s (18)
IDAHO:700 EmployeesMacy’s (7)
ILLINOIS:6,500 EmployeesBloomingdale’s (3)Bloomingdale’s Outlet (1)Macy’s (24)
INDIANA:2,000 EmployeesMacy’s (11)
KANSAS:700 EmployeesMacy’s (5)
KENTUCKY:1,200 EmployeesMacy’s (7)
LOUISIANA:800 EmployeesMacy’s (5)
MAINE:300 EmployeesMacy’s (2)
MARYLAND:4,000 EmployeesBloomingdale’s (1)Macy’s (22)
MASSACHUSETTS:4,800 EmployeesBloomingdale’s (2)Bloomingdale’s Outlet (1)Macy’s (29)
MICHIGAN:4,300 EmployeesMacy’s (21)
MINNESOTA:3,300 EmployeesMacy’s (13)
MISSOURI:3,400 EmployeesMacy’s (15)
MONTANA:200 EmployeesMacy’s (2)
NEVADA:1,400 EmployeesBloomingdale’s (1)Macy’s (8)
NEW HAMPSHIRE:900 EmployeesMacy’s (6)
NEW JERSEY:8,100 EmployeesBloomingdale’s (4)Bloomingdale’s Outlet (1)Macy’s (30)
NEW MEXICO:300 EmployeesMacy’s (2)
NEW YORK:23,600 EmployeesBloomingdale’s (7)Macy’s (51)
NORTH CAROLINA:1,400 EmployeesMacy’s (12)
NORTH DAKOTA:300 EmployeesMacy’s (2)
OHIO:8,600 EmployeesMacy’s (35)
OKLAHOMA:500 EmployeesMacy’s (4)
OREGON:2,000 EmployeesMacy’s (15)
PENNSYLVANIA:6,200 EmployeesBloomingdale’s (2)Macy’s (37)
RHODE ISLAND:500 EmployeesMacy’s (2)
SOUTH CAROLINA:200 EmployeesMacy’s (2)
SOUTH DAKOTA:100 EmployeesMacy’s (1)
TENNESSEE:2,400 EmployeesMacy’s (8)
TEXAS:9,200 EmployeesMacy’s (55)
UTAH:600 EmployeesMacy’s (7)
VERMONT:100 EmployeesMacy’s (1)
VIRGINIA: 4,500 EmployeesBloomingdale’s (1)Bloomingdale’s Outlet (1)Macy’s (27)
WASHINGTON:4,600 EmployeesMacy’s (35)
WEST VIRGINIA:300 EmployeesMacy’s (2)
WISCONSIN:900 EmployeesMacy’s (6)
WYOMING:100 EmployeesMacy’s (1)
WASHINGTON, D.C.:400 EmployeesMacy’s (1)
GUAM:300 EmployeesMacy’s (2)
PUERTO RICO:500 EmployeesMacy’s (1)
* Information as of March 31, 2012, except for number of employees, which is as of January 28, 2012.
2012 Corporate Fact Book • 63
Number of Stores . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 844
Store Gross Sq. Ft. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 152,198,000
Total States . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45plus the District of Columbia, Guam and Puerto Rico
Total Number of Employees . . . . . . . . . . . . . . . . . . . . . . . 171,000
Information as of March 31, 2012, except for number of employees, which is as of January 28, 2012.
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