The proposed acquisition was $5.8 billion!A look back at the rise and fall of America’s beloved department store Macy’s with photos

• Macy’s, one of America’s oldest and largest department stores, is an icon of American retail.
• However, in recent years, sales have declined and a number of stores have closed.
• A look back at Macy’s past with photos.

In business for nearly 200 years, the Macy’s name has been more or less synonymous with pure Americanness.

Macy’s started as a small clothing store in New York and pioneered many of the essential elements of the modern department store, including in-store tailoring, dining, and elaborate window decorations. The company’s Thanksgiving parade and Fourth of July fireworks display are annual traditions.

Macy’s, which has enjoyed a dominant position in both retail and culture, has faced challenges such as the retail apocalypse and the pandemic, both of which contributed to declining foot traffic and sluggish sales. It’s not that I didn’t care.

Looking to get back on track, Macy’s announced a fundamental overhaul of its business in 2020, including a multi-year closure plan and large-scale layoffs. Additionally, in March 2024, Tony Spring is scheduled to take over as CEO, replacing Jeff Gennette, who has worked at Macy’s for 40 years, and changes in the management team are underway. It is being

On December 11, the Wall Street Journal reported that a group of investors proposed a $5.8 billion takeover bid for Macy’s to take the company private.

We don’t know what will happen in the future, but let’s take a look back at Macy’s past with photos.

Macy’s was founded in New York in 1851 by Rowland Hussey Macy.

Before opening his store, Mr. Macy worked on a whaling ship until he was 19 years old, then began working at his father’s store in Massachusetts.

In 1844, Mr. Macy tried to open his own store — a needle and thread store — in Boston, and then opened a series of clothing stores, none of which were successful until he opened his iconic store in New York. I did not go.

The first store was located on 6th Avenue and 14th Street in New York.

Source: Macy’s

Macy then began growing his fledgling business over the next few years, starting with expanding into 11 nearby buildings and adding product categories.

Source: Macy’s

Mr. Macy was credited with creating the modern department store as we know it today — and he is credited with several major contributions to the retail industry.

Source: Macy’s

These included various rules that had not existed in the retail industry up until now, such as the requirement to buy and sell products only in cash and the introduction of a one-price system.

Macy’s was one of the first companies to list product prices in newspaper ads and offer a money-back guarantee if customers were not satisfied with their purchase.

Mr. Macy introduced then-revolutionary products to the New York market, including tea bags, Idaho baked potatoes, and colorful bath towels.

Source: Macy’s

Macy also started a custom-made clothing business, making clothes in-store, a service that Macy made commonplace at major department stores.

Source: Macy’s

In the 1860s, Macy’s was the first retailer to obtain a liquor license and serve drinks on the premises.

Source: Macy’s

In 1862, he created the concept of a Santa Claus retail store.

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In 1864, they established the custom of elaborately decorated holiday windows that are still popular today – and thus the idea of ​​”window shopping” was born.

Source: Macy’s

After Mr. Macy’s death in 1877, the Macy family continued the business until 1885, when ownership was acquired by the Strauss family.

Source: Macy’s

In 1902, the Strauss family moved Macy’s to Herald Square, building a nine-story store that would become a pop culture icon.

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By 1924, Macy’s was officially the world’s largest department store.

Source: Macy’s

That year, Macy’s held its first Thanksgiving parade — 10,000 people gathered to see the parade, which included animals from the Central Park Zoo.

Source: Macy’s

Since then, Macy’s has started using elaborate floats that have become an integral part of the annual event.

Under the Strauss family, Macy’s expanded nationwide and became a staple of shopping malls and suburban shopping centers.

Source: Encyclopedia Britannica

It continued to be a popular department store in America for several decades afterwards.

As an integral part of the classic film “Miracle on 34th Street” (1947), its cultural influence continued to grow.

In 1976, the city began hosting an annual Independence Day fireworks display, continuing to bring gaiety to the national holiday.

The first signs that Macy’s was in big trouble came in the mid-1980s, when a series of failures, including a failed acquisition, combined with a recession left the company in huge debt.

Source: Encyclopedia Britannica

Burdened by debt, Macy’s merged with Federated Department Stores, America’s largest department store at the time, in 1994.

Source: Encyclopedia Britannica

Federated operated a variety of local department stores, including Lazarus, Filene’s, and Bloomingdale’s.

The 1990s were an important marketing era for Macy’s — pioneering partnerships with celebrities and supermodels, including Kate Moss and…

Sarah Jessica Parker has been appointed as the face of sportswear brand Macysport.

The popular boy band of the time, 98 Degrees, performed live.

In 1997, we took advantage of the Internet boom and launched an e-commerce site.

Source: Macy’s

Around this time, Macy’s also strengthened its loyalty program and tried to attract shoppers with membership cards.

In 2006, more than 400 Federated stores changed their names to Macy’s, increasing Macy’s dominance — and by 2007, Federated changed its name to Macy’s.

Source: Encyclopedia Britannica

In the 2010s, Macy’s began experimenting with new concepts such as the Macy’s Backstage outlet.

Source: Macy’s

But they couldn’t avoid “retail collapse” — in January 2015, Macy’s announced it would close 14 Macy’s and Bloomingdale’s stores across the United States.

In September of the same year, Macy’s announced it would close 40 more stores due to declining sales.

Struggling due to declining customer numbers and the rise of e-commerce, the rush to close stores continued for several years.

In an effort to attract more shoppers to its stores, the company has been experimenting with new concepts, such as starting a rotating in-store pop-up shop called Story in June 2018.

Source: Insider

In February 2020, Macy’s announced a major restructuring that would close 125 stores and cut 2,000 jobs.

As part of the move, the company also closed offices in San Francisco and the Ohio cities of Cincinnati and Lorain.

The five-pillar three-year plan projected cost savings of $600 million in 2020 and $1.5 billion annually by 2022.

Source: Insider

Unlike in the past, we also experimented with concept stores operating outside of shopping malls.

Source: Insider

In 2021, NFTs depicting Macy’s Thanksgiving parade floats will be auctioned off.

Source: Insider

For the 2022 holiday season, Toys R Us revival stores will open in Macy’s stores across the country.

Source: Insider

In 2023, Macy’s closes more stores as part of a multi-year restructuring plan

Source: Insider

A change in management is underway — CEO Jeff Gennette (61), who has worked at Macy’s for 40 years, is scheduled to retire in February 2024.

His successor will be Bloomingdale’s CEO Tony Spring, 58, who is scheduled to take over in March 2024.

Macy’s currently operates a total of 623 Macy’s and Bloomingdale’s stores, as well as the e-commerce site Bluemercury and 160 specialty stores across the United States.

Source: Macy’s

An investor group offered to buy Macy’s for $5.8 billion

On December 11, the Wall Street Journal reported that a group of investors had proposed a $5.8 billion takeover bid for Macy’s to take the company private. The investor group consists of real estate investment company Arkhouse Management and asset management company Brigade Capital Management.