- As one of the oldest and largest department stores in the nation, Macy’s is an icon of American retail.
- Despite its dominance, Macy’s has struggled in recent years to overcome slumping sales and continues to shutter stores.
- Here’s the story of Macy’s rise to iconic American retailer and a look at its recent stumbles.
In its nearly two centuries in operation, the Macy’s name has become more or less synonymous with pure Americana.
Since its humble beginnings as a small dry goods store in New York City, Macy’s has pioneered several components of the modern department store, including onsite tailoring, dining, and elaborate window dressings. Over the years, it established enduring traditions like the Macy’s Thanksgiving Day Parade and the Fourth of July firework show.
Despite its dominance in both retail and culture, Macy’s hasn’t been impervious to challenges including the retail apocalypse and the pandemic, both of which contributed to dwindling foot traffic and slumping sales.
In 2020, the company announced a major business overhaul that has involved multi-year store closures and mass layoffs as Macy’s looks to course correct. It also has undergone a series of executive shakeups, including most recently the appointment of Tony Spring as CEO in March 2023, replacing Jeff Gennette after 40 years at the company.
Today the Wall Street Journal reported an investor group made a $5.8 billion buyout bid to take Macy’s private.
While the fate of the retailer remains unknown, we took a look at Macy’s meteoric rise and recent struggles.
