The Drive to
Differentiate
Macy’s • BlooMingdale’s
2007 AnnuAl RepoRt
Financial Highlights
2007
2006
2005*
Net Sales (in billions)
Change in same-store sales (Note 1)
$ 26.313 $ 26.970 $ 22.390
4.4%
(1.3)%
1.3%
(cid:48)(cid:81)(cid:70)(cid:83)(cid:66)(cid:85)(cid:74)(cid:79)(cid:72)(cid:1)(cid:42)(cid:79)(cid:68)(cid:80)(cid:78)(cid:70)(cid:1)(in billions)
% of Sales
$ 1.863
7.1%
$ 1.836
6.8%
$ 2.424
10.8%
(cid:48)(cid:81)(cid:70)(cid:83)(cid:66)(cid:85)(cid:74)(cid:79)(cid:72)(cid:1)(cid:42)(cid:79)(cid:68)(cid:80)(cid:78)(cid:70)(cid:13)
(cid:38)(cid:89)(cid:68)(cid:77)(cid:86)(cid:69)(cid:74)(cid:79)(cid:72)(cid:1)(cid:36)(cid:70)(cid:83)(cid:85)(cid:66)(cid:74)(cid:79)(cid:1)(cid:42)(cid:85)(cid:70)(cid:78)(cid:84) (in billions) (Note 2) $ 2.082
7.9%
% of Sales
$ 2.273
8.4%
$ 2.138
9.5%
(cid:37)(cid:74)(cid:77)(cid:86)(cid:85)(cid:70)(cid:69)(cid:1)(cid:38)(cid:66)(cid:83)(cid:79)(cid:74)(cid:79)(cid:72)(cid:84)(cid:1)(cid:49)(cid:70)(cid:83)(cid:1)(cid:52)(cid:73)(cid:66)(cid:83)(cid:70)
Income from Continuing Operations
Income from Continuing Operations,
Excluding Certain Items
(Note 3)
Net Income
$ 2.01
$ 1.80
$ 3.16
$ 2.15
$ 1.97
$ 2.08
$ 1.81
$ 2.53
$ 3.24
(cid:36)(cid:66)(cid:84)(cid:73)(cid:1)(cid:39)(cid:77)(cid:80)(cid:88)(cid:1)(cid:71)(cid:83)(cid:80)(cid:78)(cid:1)(cid:36)(cid:80)(cid:79)(cid:85)(cid:74)(cid:79)(cid:86)(cid:74)(cid:79)(cid:72)
(cid:1) (cid:48)(cid:81)(cid:70)(cid:83)(cid:66)(cid:85)(cid:74)(cid:79)(cid:72)(cid:1)(cid:34)(cid:68)(cid:85)(cid:74)(cid:87)(cid:74)(cid:85)(cid:74)(cid:70)(cid:84)(cid:1)(in billions)
$ 2.231
$ 3.692
$ 4.145
(cid:36)(cid:66)(cid:84)(cid:73)(cid:1)(cid:39)(cid:77)(cid:80)(cid:88)(cid:1)(cid:71)(cid:83)(cid:80)(cid:78)(cid:1)(cid:36)(cid:80)(cid:79)(cid:85)(cid:74)(cid:79)(cid:86)(cid:74)(cid:79)(cid:72)
Operating (cid:34)(cid:68)(cid:85)(cid:74)(cid:87)(cid:74)(cid:85)(cid:74)(cid:70)(cid:84)(cid:1)(cid:79)(cid:70)(cid:85)(cid:1)(cid:80)(cid:71)(cid:1)(cid:36)(cid:66)(cid:84)(cid:73) (cid:86)(cid:84)(cid:70)(cid:69)(cid:1)
(cid:74)(cid:79)(cid:1)(cid:36)(cid:80)(cid:79)(cid:85)(cid:74)(cid:79)(cid:86)(cid:74)(cid:79)(cid:72)(cid:1)(cid:42)(cid:79)(cid:87)(cid:70)(cid:84)(cid:85)(cid:74)(cid:79)(cid:72)(cid:1)(cid:34)(cid:68)(cid:85)(cid:74)(cid:87)(cid:74)(cid:85)(cid:74)(cid:70)(cid:84)(cid:13)(cid:1)
(cid:1)
(cid:1) (cid:38)(cid:89)(cid:68)(cid:77)(cid:86)(cid:69)(cid:74)(cid:79)(cid:72)(cid:1)(cid:36)(cid:70)(cid:83)(cid:85)(cid:66)(cid:74)(cid:79)(cid:1)(cid:42)(cid:85)(cid:70)(cid:78)(cid:84) (in billions) (Note 4) $ 1.149
$ .457
$ 1.163
(cid:11)(cid:1)(cid:1)(cid:53)(cid:73)(cid:70)(cid:1)(cid:46)(cid:66)(cid:90)(cid:1)(cid:37)(cid:70)(cid:81)(cid:66)(cid:83)(cid:85)(cid:78)(cid:70)(cid:79)(cid:85)(cid:1)(cid:52)(cid:85)(cid:80)(cid:83)(cid:70)(cid:84)(cid:1)(cid:36)(cid:80)(cid:78)(cid:81)(cid:66)(cid:79)(cid:90)(cid:1)(cid:88)(cid:66)(cid:84)(cid:1)(cid:66)(cid:68)(cid:82)(cid:86)(cid:74)(cid:83)(cid:70)(cid:69)(cid:1)(cid:34)(cid:86)(cid:72)(cid:86)(cid:84)(cid:85)(cid:1)(cid:20)(cid:17)(cid:13)(cid:1)(cid:19)(cid:17)(cid:17)(cid:22)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:1)
(cid:83)(cid:70)(cid:84)(cid:86)(cid:77)(cid:85)(cid:84)(cid:1)(cid:80)(cid:71)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:66)(cid:68)(cid:82)(cid:86)(cid:74)(cid:83)(cid:70)(cid:69)(cid:1)(cid:80)(cid:81)(cid:70)(cid:83)(cid:66)(cid:85)(cid:74)(cid:80)(cid:79)(cid:84)(cid:1)(cid:73)(cid:66)(cid:87)(cid:70)(cid:1)(cid:67)(cid:70)(cid:70)(cid:79)(cid:1)(cid:74)(cid:79)(cid:68)(cid:77)(cid:86)(cid:69)(cid:70)(cid:69)(cid:1)(cid:74)(cid:79)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:36)(cid:80)(cid:78)(cid:81)(cid:66)(cid:79)(cid:90)(cid:8)(cid:84)(cid:1)(cid:83)(cid:70)(cid:84)(cid:86)(cid:77)(cid:85)(cid:84)(cid:1)(cid:1)
(cid:80)(cid:71)(cid:1)(cid:80)(cid:81)(cid:70)(cid:83)(cid:66)(cid:85)(cid:74)(cid:80)(cid:79)(cid:84)(cid:1)(cid:71)(cid:83)(cid:80)(cid:78)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:69)(cid:66)(cid:85)(cid:70)(cid:1)(cid:80)(cid:71)(cid:1)(cid:66)(cid:68)(cid:82)(cid:86)(cid:74)(cid:84)(cid:74)(cid:85)(cid:74)(cid:80)(cid:79)(cid:15)
(cid:47)(cid:80)(cid:85)(cid:70)(cid:84)(cid:27)(cid:1)
(cid:9)(cid:18)(cid:10)(cid:1)(cid:1)(cid:51)(cid:70)(cid:81)(cid:83)(cid:70)(cid:84)(cid:70)(cid:79)(cid:85)(cid:84)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:90)(cid:70)(cid:66)(cid:83)(cid:14)(cid:85)(cid:80)(cid:14)(cid:90)(cid:70)(cid:66)(cid:83)(cid:1)(cid:81)(cid:70)(cid:83)(cid:68)(cid:70)(cid:79)(cid:85)(cid:66)(cid:72)(cid:70)(cid:1)(cid:68)(cid:73)(cid:66)(cid:79)(cid:72)(cid:70)(cid:1)(cid:74)(cid:79)(cid:1)(cid:79)(cid:70)(cid:85)(cid:1)(cid:84)(cid:66)(cid:77)(cid:70)(cid:84)(cid:1)(cid:71)(cid:83)(cid:80)(cid:78)(cid:1)(cid:35)(cid:77)(cid:80)(cid:80)(cid:78)(cid:74)(cid:79)(cid:72)(cid:69)(cid:66)(cid:77)(cid:70)(cid:8)(cid:84)(cid:1)
(cid:66)(cid:79)(cid:69)(cid:1)(cid:46)(cid:66)(cid:68)(cid:90)(cid:8)(cid:84)(cid:1)(cid:84)(cid:85)(cid:80)(cid:83)(cid:70)(cid:84)(cid:1)(cid:74)(cid:79)(cid:1)(cid:80)(cid:81)(cid:70)(cid:83)(cid:66)(cid:85)(cid:74)(cid:80)(cid:79)(cid:1)(cid:85)(cid:73)(cid:83)(cid:80)(cid:86)(cid:72)(cid:73)(cid:80)(cid:86)(cid:85)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:90)(cid:70)(cid:66)(cid:83)(cid:1)(cid:81)(cid:83)(cid:70)(cid:84)(cid:70)(cid:79)(cid:85)(cid:70)(cid:69)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:74)(cid:78)(cid:78)(cid:70)(cid:69)(cid:74)(cid:66)(cid:85)(cid:70)(cid:77)(cid:90)(cid:1)
(cid:81)(cid:83)(cid:70)(cid:68)(cid:70)(cid:69)(cid:74)(cid:79)(cid:72)(cid:1)(cid:90)(cid:70)(cid:66)(cid:83)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:66)(cid:77)(cid:77)(cid:1)(cid:42)(cid:79)(cid:85)(cid:70)(cid:83)(cid:79)(cid:70)(cid:85)(cid:1)(cid:84)(cid:66)(cid:77)(cid:70)(cid:84)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:78)(cid:66)(cid:74)(cid:77)(cid:1)(cid:80)(cid:83)(cid:69)(cid:70)(cid:83)(cid:1)(cid:84)(cid:66)(cid:77)(cid:70)(cid:84)(cid:1)(cid:71)(cid:83)(cid:80)(cid:78)(cid:1)(cid:68)(cid:80)(cid:79)(cid:85)(cid:74)(cid:79)(cid:86)(cid:74)(cid:79)(cid:72)(cid:1)(cid:67)(cid:86)(cid:84)(cid:74)(cid:79)(cid:70)(cid:84)(cid:84)(cid:70)(cid:84)(cid:15)
(cid:9)(cid:19)(cid:10)(cid:1)(cid:1)(cid:51)(cid:70)(cid:81)(cid:83)(cid:70)(cid:84)(cid:70)(cid:79)(cid:85)(cid:84)(cid:1)(cid:80)(cid:81)(cid:70)(cid:83)(cid:66)(cid:85)(cid:74)(cid:79)(cid:72)(cid:1)(cid:74)(cid:79)(cid:68)(cid:80)(cid:78)(cid:70)(cid:1)(cid:80)(cid:71)(cid:1)(cid:5)(cid:18)(cid:15)(cid:25)(cid:23)(cid:20)(cid:1)(cid:67)(cid:74)(cid:77)(cid:77)(cid:74)(cid:80)(cid:79)(cid:1)(cid:71)(cid:80)(cid:83)(cid:1)(cid:19)(cid:17)(cid:17)(cid:24)(cid:13)(cid:1)(cid:5)(cid:18)(cid:15)(cid:25)(cid:20)(cid:23)(cid:1)(cid:67)(cid:74)(cid:77)(cid:77)(cid:74)(cid:80)(cid:79)(cid:1)(cid:71)(cid:80)(cid:83)(cid:1)(cid:19)(cid:17)(cid:17)(cid:23)(cid:1)
(cid:66)(cid:79)(cid:69)(cid:1)(cid:5)(cid:19)(cid:15)(cid:21)(cid:19)(cid:21)(cid:1)(cid:67)(cid:74)(cid:77)(cid:77)(cid:74)(cid:80)(cid:79)(cid:1)(cid:71)(cid:80)(cid:83)(cid:1)(cid:19)(cid:17)(cid:17)(cid:22)(cid:1)(cid:66)(cid:69)(cid:75)(cid:86)(cid:84)(cid:85)(cid:70)(cid:69)(cid:1)(cid:85)(cid:80)(cid:1)(cid:70)(cid:89)(cid:68)(cid:77)(cid:86)(cid:69)(cid:70)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:70)(cid:237)(cid:70)(cid:68)(cid:85)(cid:84)(cid:1)(cid:80)(cid:71)(cid:1)(cid:74)(cid:79)(cid:87)(cid:70)(cid:79)(cid:85)(cid:80)(cid:83)(cid:90)(cid:1)(cid:87)(cid:66)(cid:77)(cid:86)(cid:66)(cid:85)(cid:74)(cid:80)(cid:79)(cid:1)
(cid:66)(cid:69)(cid:75)(cid:86)(cid:84)(cid:85)(cid:78)(cid:70)(cid:79)(cid:85)(cid:84)(cid:1)(cid:83)(cid:70)(cid:77)(cid:66)(cid:85)(cid:70)(cid:69)(cid:1)(cid:85)(cid:80)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:46)(cid:66)(cid:90)(cid:1)(cid:74)(cid:79)(cid:85)(cid:70)(cid:72)(cid:83)(cid:66)(cid:85)(cid:74)(cid:80)(cid:79)(cid:1)(cid:80)(cid:71)(cid:1)(cid:5)(cid:18)(cid:24)(cid:25)(cid:1)(cid:78)(cid:74)(cid:77)(cid:77)(cid:74)(cid:80)(cid:79)(cid:1)(cid:74)(cid:79)(cid:1)(cid:19)(cid:17)(cid:17)(cid:23)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:5)(cid:19)(cid:22)(cid:1)(cid:78)(cid:74)(cid:77)(cid:77)(cid:74)(cid:80)(cid:79)(cid:1)(cid:1)
(cid:74)(cid:79)(cid:1)(cid:19)(cid:17)(cid:17)(cid:22)(cid:13)(cid:1)(cid:46)(cid:66)(cid:90)(cid:1)(cid:74)(cid:79)(cid:85)(cid:70)(cid:72)(cid:83)(cid:66)(cid:85)(cid:74)(cid:80)(cid:79)(cid:1)(cid:68)(cid:80)(cid:84)(cid:85)(cid:84)(cid:1)(cid:80)(cid:71)(cid:1)(cid:5)(cid:19)(cid:18)(cid:26)(cid:1)(cid:78)(cid:74)(cid:77)(cid:77)(cid:74)(cid:80)(cid:79)(cid:1)(cid:74)(cid:79)(cid:1)(cid:19)(cid:17)(cid:17)(cid:24)(cid:13)(cid:1)(cid:5)(cid:21)(cid:22)(cid:17)(cid:1)(cid:78)(cid:74)(cid:77)(cid:77)(cid:74)(cid:80)(cid:79)(cid:1)(cid:74)(cid:79)(cid:1)(cid:19)(cid:17)(cid:17)(cid:23)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:1)
(cid:5)(cid:18)(cid:23)(cid:26)(cid:1)(cid:78)(cid:74)(cid:77)(cid:77)(cid:74)(cid:80)(cid:79)(cid:1)(cid:74)(cid:79)(cid:1)(cid:19)(cid:17)(cid:17)(cid:22)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:72)(cid:66)(cid:74)(cid:79)(cid:84)(cid:1)(cid:80)(cid:79)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:84)(cid:66)(cid:77)(cid:70)(cid:1)(cid:80)(cid:71)(cid:1)(cid:66)(cid:68)(cid:68)(cid:80)(cid:86)(cid:79)(cid:85)(cid:84)(cid:1)(cid:83)(cid:70)(cid:68)(cid:70)(cid:74)(cid:87)(cid:66)(cid:67)(cid:77)(cid:70)(cid:1)(cid:80)(cid:71)(cid:1)(cid:5)(cid:18)(cid:26)(cid:18)(cid:1)(cid:78)(cid:74)(cid:77)(cid:77)(cid:74)(cid:80)(cid:79)(cid:1)
(cid:74)(cid:79)(cid:1)(cid:19)(cid:17)(cid:17)(cid:23)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:5)(cid:21)(cid:25)(cid:17)(cid:1)(cid:78)(cid:74)(cid:77)(cid:77)(cid:74)(cid:80)(cid:79)(cid:1)(cid:74)(cid:79)(cid:1)(cid:19)(cid:17)(cid:17)(cid:22)(cid:15)
(cid:9)(cid:20)(cid:10)(cid:1)(cid:1)(cid:51)(cid:70)(cid:81)(cid:83)(cid:70)(cid:84)(cid:70)(cid:79)(cid:85)(cid:84)(cid:1)(cid:74)(cid:79)(cid:68)(cid:80)(cid:78)(cid:70)(cid:1)(cid:71)(cid:83)(cid:80)(cid:78)(cid:1)(cid:68)(cid:80)(cid:79)(cid:85)(cid:74)(cid:79)(cid:86)(cid:74)(cid:79)(cid:72)(cid:1)(cid:80)(cid:81)(cid:70)(cid:83)(cid:66)(cid:85)(cid:74)(cid:80)(cid:79)(cid:84)(cid:1)(cid:81)(cid:70)(cid:83)(cid:1)(cid:69)(cid:74)(cid:77)(cid:86)(cid:85)(cid:70)(cid:69)(cid:1)(cid:84)(cid:73)(cid:66)(cid:83)(cid:70)(cid:1)(cid:80)(cid:71)(cid:1)(cid:5)(cid:19)(cid:15)(cid:17)(cid:18)(cid:1)(cid:71)(cid:80)(cid:83)(cid:1)(cid:19)(cid:17)(cid:17)(cid:24)(cid:13)(cid:1)
(cid:5)(cid:18)(cid:15)(cid:25)(cid:17)(cid:1)(cid:71)(cid:80)(cid:83)(cid:1)(cid:19)(cid:17)(cid:17)(cid:23)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:5)(cid:20)(cid:15)(cid:18)(cid:23)(cid:1)(cid:71)(cid:80)(cid:83)(cid:1)(cid:19)(cid:17)(cid:17)(cid:22)(cid:1)(cid:66)(cid:69)(cid:75)(cid:86)(cid:84)(cid:85)(cid:70)(cid:69)(cid:1)(cid:85)(cid:80)(cid:1)(cid:70)(cid:89)(cid:68)(cid:77)(cid:86)(cid:69)(cid:70)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:69)(cid:74)(cid:77)(cid:86)(cid:85)(cid:70)(cid:69)(cid:1)(cid:70)(cid:66)(cid:83)(cid:79)(cid:74)(cid:79)(cid:72)(cid:84)(cid:1)(cid:81)(cid:70)(cid:83)(cid:1)
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Macy’s, Inc. is one of America’s premier national
Macy’s, Inc. is one of America’s premier national
retailers, operating 40 Bloomingdale’s stores
retailers, operating 40 Bloomingdale’s stores
and more than 810 Macy’s stores in 45 states,
and more than 810 Macy’s stores in 45 states,
the District of Columbia, Guam and Puerto Rico.
the District of Columbia, Guam and Puerto Rico.
The company also operates macys.com,
The company also operates macys.com,
bloomingdales.com and Bloomingdale’s By Mail.
bloomingdales.com and Bloomingdale’s By Mail.
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2
2
The Drive to
Differentiate
With so many choices today, shoppers are looking
for retailers that stand out from the crowd. That’s
why Macy’s and Bloomingdale’s are aggressively
driving to deliver a differentiated shopping
experience with unique merchandise, fashion
brands, interesting stores, engaging online sites,
excellent service and breakthrough marketing
and special events.
At every level of the business, Macy’s, Inc. is
pursuing ways to be more creative and distinctive
in meeting customer needs and in delivering
exceptional values. Our vision is to operate Macy’s
and Bloomingdale’s as dynamic national brands
while focusing on the customer offering in each
store location. This requires having talented
people in every position who are motivated to
innovate and lead us in new directions.
This Annual Report is a glimpse of the strategies
at work today at Macy’s, Inc. Our goal is to be a
retailer with the ability to see opportunity on the
horizon and have a clear path for capitalizing on
it. To do so, we are moving faster than ever before,
employing more technology and concentrating
our resources on those elements most important
to our core customers.
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“We will never rest
in our pursuit of delivering
the best brands,
the most-wanted items and
the freshest thinking at Macy’s
and Bloomingdale’s.”
dear Fellow shareholder:
Virtually every company in the retailing industry suffered in 2007 as the American
economy weakened and consumer confidence eroded. Macy’s, Inc. was no exception.
Even with the significant amount of energy and newness we infused into our business,
our financial results were softer than we had originally anticipated going into the year.
There were, however, some important positive outcomes – not the least of which is
that Macy’s, Inc. outperformed most of its primary competitors in the crucial fourth
quarter. This indicates to us that our strategic priorities are on track and gives us
confidence that we will continue to compete successfully when the economy
bounces back.
Importantly, the core strategy for Macy’s, Inc. has not changed. Our decisions are
guided by the company’s 4 Priorities – compelling and distinctive assortments,
simplified pricing, improving the shopping experience, and creative marketing
that builds our brands and drives traffic. These priorities have resulted in Macy’s
successful emergence as a national retailer, and they are more relevant than ever
moving forward.
Highlights of Progress in 2007
By any measure, 2007 was another year of milestone events and developments
for Macy’s, Inc. Among the highlights:
• Our shareholders approved a change in our corporate name to Macy’s, Inc.
from Federated Department Stores, Inc., effective June 1, 2007. In doing so, we
demonstrated that we are a consumer-driven company focused on the Macy’s
and Bloomingdale’s brands. Simultaneously, we adopted the single letter “M”
as our ticker symbol on the New York Stock Exchange.
• The Board of Directors authorized a $4 billion increase in the company’s stock
buyback program. In total, we repurchased approximately 85.3 million shares
of stock for $3.3 billion in 2007.
Terry j. lundgren
chairman, President & chief executive officer
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• We completed the highly successful process of divesting certain
assets acquired in our 2005 merger with The May Department
Stores Company. Including the sale of After Hours Formalwear and
several duplicate facilities in 2007, total merger-related asset sales
over the past two years reached $4.5 billion.
• Macy’s introduced exclusive brands that included the distinctive
new Martha Stewart Collection. This was the largest brand launch
in our company’s history, and helped improve results in our Home
Store business. Also in 2007, we announced that Macy’s will
become the exclusive department store retailer of Tommy Hilfiger
men’s and women’s sportswear, beginning in fall 2008.
• The company accelerated investment in developing our direct-to-
consumer businesses – including macys.com, bloomingdales.com,
Bloomingdale’s By Mail, macysweddingchannel.com and
bloomingdalesweddingchannel.com. An investment of about
$300 million in 2006-2008 is being used to scale-up these
fast-growing businesses through improvements in delivery
efficiency, online site functionality and customer service.
• We attracted customers with groundbreaking new marketing
campaigns, based on the brand platform of “The Magic of Macy’s.”
This included new television commercials featuring well-known
celebrities and fashion brands available only at Macy’s.
• We continued to invest in improving existing Macy’s and
Bloomingdale’s locations to support an enhanced shopping
experience and drive same-store sales growth. In 2007, about
100 stores experienced remodeling or “reinvent” activity, and we
began rolling out the most advanced POS registers and systems
to the sales floors nationwide.
• Bloomingdale’s expanded its national presence with new stores in
South Coast Plaza in southern California and in Chevy Chase, MD.
Bloomingdale’s today operates 40 locations, representing growth
in stores of more than 10 percent over the past two years.
• Macy’s, Inc. strengthened its Board of Directors with the election
of two exceptional business leaders – Stephen F. Bollenbach,
former co-chairman and CEO of Hilton Hotels Corporation,
and Deirdre P. Connelly, president of U.S. operations at Eli Lilly
and Company.
National Brands, Localized Focus
Improving future sales and earnings performance requires
innovation in engaging our customers more effectively in every
store, as well as reducing total costs. At Macy’s, we are reallocating
our resources in 2008 and beyond to place more emphasis and
talent at the local market level to differentiate stores, serve
customers and drive business.
The initiative is called “My Macy’s.” It was developed over the past
year based on customer research, as well as input from Macy’s store
managers, senior division executives, merchandise vendors and
industry experts. Its goal is to accelerate sales growth in existing
locations by ensuring that core customers surrounding each
Macy’s store find merchandise assortments, size ranges, marketing
programs and shopping experiences that are custom-tailored to
their needs.
To maximize the results from My Macy’s, the company is taking
action in certain markets that will:
• Concentrate more management talent in local markets,
effectively reducing the “span of control” over local stores;
• Create new positions in the field to work with division central
planning and buying executives in helping to understand and
act on the merchandise needs of local customers;
• Empower locally-based executives to make more and better
decisions.
In essence, we plan to drive sales growth by improving our
knowledge at the local level and then acting quickly on that
knowledge. These moves will benefit our customers as well as
our shareholders.
This new structure is being adopted in geographic markets that
had been part of the Macy’s North, Macy’s Midwest and Macy’s
Northwest divisions, which are being consolidated into Macy’s
East, Macy’s South and Macy’s West, respectively. Reallocating
central office expense from the three consolidated divisions
will allow us to invest in market localization while reducing the
company’s SG&A expense by approximately $100 million in 2009
($60 million in the partial year of 2008). In addition, we believe
these consolidations will speed up decision making and simplify
the process of working with our vendors.
A Passion for Product and People
Among the many promising initiatives, ideas and strategies at
work at Macy’s, Inc. today, two subjects stand out as paramount.
One is the ongoing pursuit of interesting and distinctive
merchandise for our stores. Ours is a fashion business. We bring
the newest styles to the American shopper and help customize
current trends to the needs of each customer. We will never rest in
our pursuit of delivering the best brands, the most-wanted items
and the freshest thinking at Macy’s and Bloomingdale’s. Therefore,
this Annual Report is dedicated to a discussion of differentiation
at Macy’s, Inc.
Equally important is the continuing need to ensure that we have
the right individuals – the very best available talent – in every
position across the company. The ability to attract, develop
and retain the smartest and most motivated people is essential
to our success. This has been an historic strength of Macy’s,
Inc. and its predecessor companies. We are underscoring our
efforts to cultivate talent that approaches our business with
renewed creativity and diverse perspectives so that Macy’s and
Bloomingdale’s can continue to prosper in the years ahead.
We deeply appreciate the hard work and dedication of our people
again in 2007.
With the right products and talented people in place, we believe
the future holds significant promise for our business and for our
opportunity to create and sustain shareholder value.
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Macy’s, celebrating its 150th birthday in 2008, is an iconic American
retailing brand with more than 810 stores operating coast to coast
and online at macys.com. By reflecting and enabling our customers’
lifestyles … by providing fashion and delivering affordable luxury …
by putting the customer first, Macy’s is distinguishing itself as something
truly special on the national retail landscape.
Celebrating the Magic of Macy’s
Clearly, Macy’s is distinctly different from other major retailers. Macy’s
embraces customers and provides an experience that transcends
ordinary shopping. Our heritage includes magical special events – the
Macy’s Thanksgiving Day Parade, Fourth of July Fireworks, flower shows,
fashion extravaganzas, celebrity appearances, cooking demonstrations
and holiday traditions ranging from the arrival of Santa Claus to tree
lightings and animated window displays.
But beyond these signature events, Macy’s delivers magical moments
every day with our merchandise, shopping environment and service.
You’ll see our newest looks in fashion magazines. Our associates take the
extra step to help a customer in need. Turn the corner in a store, and a
display will capture your attention and your imagination. 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 oohs, ahhs
and wows that we’ve been creating since 1858.
Growing Through Localization
Localization is a key component of Macy’s strategic formula for
continued growth and success. Through a process called “My Macy’s,”
we are investing resources in talent, technology and marketing that
will allow us to ensure that each and every Macy’s store is “just right”
for the customer who shops in that location. As we provide for more
local decision-making in every Macy’s community, we will be tailoring
our merchandise assortments, space allocations, service levels, visual
merchandising and special events store-by-store.
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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 operates 40 stores,
bloomingdales.com and Bloomingdale’s By Mail.
Focusing on an Upscale Niche
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, Jimmy Choo, Juicy Couture,
Louis Vuitton, 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 product
from rising young designers.
Supporting these fashion brands are exceptional customer amenities –
international visitors centers, personal shoppers, outstanding fitting
rooms and lounges – elegant events and personalized, attentive
service that strengthen customer relationships and build loyalty.
Growing Through New Stores
Bloomingdale’s has accelerated its growth in recent years with dazzling
new stores that have become instant shopping destinations and
overnight successes. Following openings in fall 2006 in downtown
San Francisco, San Diego’s Fashion Valley and Boston’s Chestnut Hill,
Bloomingdale’s debuted in 2007 in South Coast Plaza in Costa Mesa, CA,
and in Chevy Chase, MD. Bloomingdale’s has announced it will open its
first store in the Phoenix market in 2009. Each of these new locations
is an exciting store of sleek contemporary design to underscore the
emphasis on fashion. All will feature upscale brands that stand out
in the local market and attract customers who expect a shopping
experience that is beyond the ordinary.
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“Customers look to us
for fashion that is
new and different.”
Blair harrison
Buyer
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New and Unique Merchandise Defines Us
Product is king at Macy’s and Bloomingdale’s. Interesting and
unique assortments attract customers to our stores and keep
them coming back.
Macy’s is more focused than ever before on merchandise that is
either exclusive or in limited distribution. In fact, more than 35
percent of our sales are in brands that are exclusive to us or in
limited distribution.
Macy’s has become renowned for its assortments of
personality-driven brands such as Baby Phat, Calvin Klein,
Carlos Santana, Donald Trump, Emeril, Jessica Simpson,
Kenneth Cole, Marc Ecko, Michael Kors, Phat Farm, Sean John,
Ralph Lauren, Tahari and Usher.
In 2007, in the largest single brand launch in the history of
the company, the exclusive Martha Stewart Collection was
introduced in every Macy’s store. The new brand includes
unique products in housewares and food preparation, bed
and bath, tabletop, and seasonal cooking and decorating, all
inspired by Martha Stewart herself.
And in fall 2008, Macy’s will become the exclusive department
store retailer for Tommy Hilfiger sportswear for men and
women. Expanded Hilfiger assortments will be available on
macys.com and in more Macy’s stores, including through new and
upgraded Tommy Hilfiger shops.
by the end of 2008. And our own Frango chocolates continue to
extend to new items and flavors in stores nationwide.
Macy’s also brings customers moments of discovery in niche brands
and categories. The company is rolling out exclusive in-store shops
of fresh, handmade cosmetics, soaps and bath products from Lush.
Robotic machines, first piloted in 2005, will be selling iPods, iPod
accessories and other electronic products in about 400 Macy’s stores
Through our Rwanda Path to Peace project, macys.com
exclusively offers a collection of colorful baskets hand-made by
Rwandan widows who are survivors of that country’s civil war and
genocide. The baskets provide a lifeline of sustainable income
(“trade, not aid”) to these exceptional artisans while offering our
customers high-quality, unique baskets not available elsewhere.
Private Brands Continue to Grow
Macy’s and Bloomingdale’s own private brands continue to
deliver outstanding quality and value to customers. In 2007,
private brands and labels represented about 19 percent of
Macy’s sales.
Macy’s introduced new collections and items in highly successful
private brands such as I.N.C, Alfani, Tasso Elba, Greendog,
Hotel Collection, Charter Club and Style & Co. Also in 2007, the
company launched three new private brands. They included
Haven by Hotel Collection, eco-friendly products for bed and
bath, such as organic cotton sheets and towels; Epic Threads
fashion for tweens; and Field Gear rugged sportswear and
outdoor products for men.
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“The shopping experience
unique; our
Improving Existing Stores
Quite simply, Macy’s and Bloomingdale’s operate great stores – some of the best
fashion retailing locations in America. A core strategic priority of the company
today is to invest in improving the shopping experience in each location to
maximize results from existing stores.
As part of a new My Macy’s initiative in certain markets, we are empowering
locally based executives to make more decisions about space allocations, service
levels, special events and visual merchandising, which the company believes
will enhance execution. Across the country, we continue to improve stores
with Macy’s “reinvent” elements, such as easy-to-see wayfinding signage and
expanded fitting rooms with waiting areas.
Bloomingdale’s stores also are being refreshed to support the updated fashion
expectations of our customers. Department remodels in key stores provide an
upscale ambience for new brands and styles, while service standards are being
elevated through upgraded amenities such as personal shoppers, international
visitors centers, expanded fitting rooms and clienteling systems.
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has to be
customers expect it.”
dana johnson
sales Manager
Serving Up New Dining Experiences
In selected locations, restaurants and food service operations within our stores provide customers the
opportunity to rest and refresh during the course of their shopping.
Bloomingdale’s continues to add sit-down restaurant offerings in its new and existing stores across
the country, including the healthful Forty Carrots at the Manhattan flagship and progressive American
cuisine at the new Charlie Palmer at Bloomingdale’s in South Coast Plaza in southern California.
Macy’s also has been piloting new food concepts in selected stores, many of which were developed
by chefs from the Macy’s Culinary Council. In 2007, stores in Florida and California launched quick-
service concepts such as La Brea Bakery shops and newly developed Taste Bars, serving soups, salads,
sandwiches, fresh baked goods, coffee and gelato. Full-service restaurants were opened at Macy’s
during the year by several leading chefs, including Rick Bayless (Frontera Fresco at Macy’s Union Square
in San Francisco).
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Technology Plays an Ever-Greater Role
Technology is playing a larger and increasingly crucial role at Macy’s,
Inc. as we increase convenience for customers, speed transactions,
improve merchandising and operate more efficiently.
Our direct-to-consumer businesses, including macys.com and
bloomingdales.com, continue to be the fastest-growing part of
the company, with sales expected to top $1 billion in 2008. Our
Internet sites are more complete, faster and content-rich than
ever before. As a result, we are benefiting from the interaction
of our stores and online offerings, which provide customers a
seamless shopping experience.
These businesses are supported by two new 600,000-square-
foot distribution centers in Portland, TN, and Goodyear,
AZ, that are part of a $300 million investment in direct-to-
consumer technology and operations in the 2006-2008
period. With these new facilities in place, the company’s
selling sites can ship 98 percent of its online orders (up to
70,000 a day) within 24 hours. The nationwide distribution
center network supporting Macy’s and Bloomingdale’s stores
also has been upgraded and reconfigured to reduce the time
and costs required to bring fresh goods to the sales floor.
In the stores, Macy’s in 2007 began rolling out a network of
50,000 new registers and point-of-sale systems that will be
fully in place by the end of 2010. New “smart registers” are
allowing sales associates to handle complex tasks more
simply, while the supporting software will enable true
multi-channel retailing in the years ahead.
akash anand
director, Macy’s credit and customer services
.
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“We are running our
business more intelligently,
more efficiently and
in ways that are better
for our environment.”
Tailoring merchandise by store, part of the My Macy’s
localization strategy in every Macy’s division, is being enabled
by a series of new systems and technology being rolled out
after two years of development and testing. In part, these
systems will allow merchants to more accurately assort each
Macy’s store with items, brands, garment sizes and colors
preferred by customers who shop that specific location.
A Commitment to Sustainability
At 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 significant workforce, we have the opportunity
to make a meaningful difference in improving the
environment. And we will do so. But we must operate within
the bounds of good business decision-making so that the
actions we take are measurable, sustainable and enduring.
Our strategies for sustainability include aggressively reducing
wasteful behavior, decreasing our use of scarce resources and
pursuing environmentally friendly solutions whenever we
have the option to do so. Moreover, we are encouraging our
customers, suppliers, employees and communities to join us
in preserving the environment.
Results already are showing. Macy’s, Inc. has reduced its total
energy consumption by nearly 10 percent over the past five
years. We have begun to host solar panels on 28 Macy’s stores
in California. We increased our use of recycled paper by about
10-fold in 2007 alone. And our customer-oriented fundraising
programs in spring 2008 are benefiting organizations such
as the National Park Foundation and the National Resources
Defense Council.
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“We’re
creating
magic in
building
our brands.”
Successful Marketing Is in the Mix
With American consumers continually shifting their
preferences – and mass media more splintered than
ever – the company is refining its marketing and
pursuing a truly integrated approach.
National brand advertising includes network
and cable television, fashion magazines and an
increasing amount of digital and online media.
Complementing the brand marketing is a balanced
level of promotional advertising and direct marketing,
often including specific items and prices, which drives
traffic and sales.
Macy’s and Bloomingdale’s both excel at layering
on events and activities that touch the customer
directly. This includes the worldwide impact
of the Macy’s Thanksgiving Day Parade
(with 3.5 million live spectators and a TV
audience of 50 million), down to a local
store personal appearance, which may
attract hundreds of customers to see a
fashion show or a cooking presentation
by a celebrity chef.
In 2008, a host of new and interesting events are
planned to drive home the Magic of Macy’s and
celebrate the brand’s 150th birthday.
yujin heo
Manager, creative services
macys.com
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Creative Advertising Hits the Mark
Increasingly, creative advertising is helping Macy’s
and Bloomingdale’s to break through the din of
commercial messages to reach customers and set
our brands apart. These campaigns reinforce the
Magic of Macy’s and the upscale fashion authority of
Bloomingdale’s.
For example, during the national telecast of the
Emmy Awards in September 2007, Macy’s launched
a series of breakthrough brand ads featuring more
than a dozen design celebrities behind unique
merchandise sold in our stores and online – ranging
from Martha Stewart and Donald Trump to Usher,
Jessica Simpson, Tyler Florence, Sean Combs and
Kenneth Cole. They were hailed as among the most
memorable TV commercials produced in America in
2007. The campaign ads, which depict the celebrities
interacting inside Macy’s, are planned to continue in
2008 with some new faces and themes.
Recognizing that reaching its contemporary fashion
customer requires a more targeted approach,
Bloomingdale’s is focusing its marketing on dramatic,
direct and one-to-one approaches that highlight its
designer merchandise and emerging styles.
bloomingdale’s.comthe selection grows
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Diversity Reflects Our Marketplace
Community Leadership Makes a Difference
Diversity within our workforce, customer base and
community and vendor relationships helps Macy’s, Inc. stay
attuned to the multicultural marketplace we serve. On a day-
to-day basis, diversity manifests itself in the respectful way
we treat our customers, vendors, members of the community
and one another. Our philosophy is intended to help ensure
that appreciation for the unique characteristics and strengths
of every person is pervasive at all levels of the company. This
encourages creative thinking and innovation, which is at the
heart of our success.
Our workforce initiatives include talent acquisition and
succession management, diversity training through
workshops and computer-based training, and events
sponsored by diversity councils and affinity groups.
Additionally, Macy’s, Inc.’s Supplier Diversity Program seeks to
source goods and services – either for resale or in support of
business operations – from qualified minority- and women-
owned enterprises. In fiscal 2007, these purchases totaled
$604 million.
Macy’s, Inc. is proud of its track record as a caring corporate citizen
that leads and supports many worthwhile community initiatives.
The company believes that giving back to our communities is
the right thing to do and supports our business strategies. We
understand that stronger and healthier communities provide
better environments for our stores to do business and for our
employees and customers to live and work. Macy’s, Inc. supports
this commitment by encouraging charitable giving and employee
volunteerism at both the national and local levels.
Contributions from the company and its charitable foundations
totaled $35.7 million in fiscal 2007, including matching more than
$4 million in employee gifts to non-profit organizations across the
country. In addition, the company’s efforts resulted in an additional
$42.7 million in contributions from employees and customers
through United Way drives, our Thanks For Sharing holiday
campaign, Shop for a Cause charity shopping days, Passport and
Glamorama fashion events and other programs. The company’s
employees volunteered about 143,000 hours to the community in
2007 as part of the nationwide Partners in Time program.
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Diversity Reflects Our Marketplace
Community Leadership Makes a Difference
Diversity within our workforce, customer base and
Macy’s, Inc. is proud of its track record as a caring corporate citizen
community and vendor relationships helps Macy’s, Inc. stay
that leads and supports many worthwhile community initiatives.
attuned to the multicultural marketplace we serve. On a day-
to-day basis, diversity manifests itself in the respectful way
we treat our customers, vendors, members of the community
and one another. Our philosophy is intended to help ensure
that appreciation for the unique characteristics and strengths
of every person is pervasive at all levels of the company. This
encourages creative thinking and innovation, which is at the
heart of our success.
Our workforce initiatives include talent acquisition and
succession management, diversity training through
workshops and computer-based training, and events
sponsored by diversity councils and affinity groups.
The company believes that giving back to our communities is
the right thing to do and supports our business strategies. We
understand that stronger and healthier communities provide
better environments for our stores to do business and for our
employees and customers to live and work. Macy’s, Inc. supports
this commitment by encouraging charitable giving and employee
volunteerism at both the national and local levels.
Contributions from the company and its charitable foundations
totaled $35.7 million in fiscal 2007, including matching more than
$4 million in employee gifts to non-profit organizations across the
country. In addition, the company’s efforts resulted in an additional
$42.7 million in contributions from employees and customers
Additionally, Macy’s, Inc.’s Supplier Diversity Program seeks to
through United Way drives, our Thanks For Sharing holiday
source goods and services – either for resale or in support of
campaign, Shop for a Cause charity shopping days, Passport and
business operations – from qualified minority- and women-
Glamorama fashion events and other programs. The company’s
owned enterprises. In fiscal 2007, these purchases totaled
employees volunteered about 143,000 hours to the community in
$604 million.
2007 as part of the nationwide Partners in Time program.
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10%
MACY’S MERCHANDISING GROUP
Janet E. Grove
Chairman
Leonard Marcus
President
MACY’S CORPORATE MARKETING
Peter Sachse
President & Chief Marketing Officer
MACY’S CREDIT AND
CUSTOMER SERVICES
Michael J. Gatio
President
MACY’S LOGISTICS
Peter Longo
President
MACY’S SYSTEMS AND TECHNOLOGY
Larry A. Lewark
President & Chief Information Officer
Strategic
Assignments
MY MACY’S TRANSITION
Amy Hanson
Robert B. Harrison
SPECIAL PROJECTS
William P. McNamara
Robert L. Mettler
Board of
Directors
Stephen F. Bollenbach
Former Co-Chairman and
Chief Executive Officer
Hilton Hotels Corporation
Deirdre P. Connelly
President, U.S. Operations
Eli Lilly and Company
Meyer Feldberg
Dean Emeritus and
Professor of Leadership and Ethics
Columbia Business School
Columbia University
Sara Levinson
Former President
Women’s Group of Rodale, Inc.
Terry J. Lundgren
Chairman, President &
Chief Executive Officer
Macy’s, Inc.
Joseph Neubauer
Chairman & Chief Executive Officer
ARAMARK Holdings Corporation
Joseph A. Pichler
Former Chairman
The Kroger Co.
Joyce M. Roché
President & Chief Executive Officer
Girls Incorporated
Karl M. von der Heyden
Former Vice Chairman
PepsiCo, Inc.
Craig E. Weatherup
Former Chairman &
Chief Executive Officer
The Pepsi-Cola Company
Marna C. Whittington
Chief Operating Officer
Allianz Global Investors
President
Nicholas-Applegate
Capital Management
Corporate
Management
EXECUTIVE OFFICERS
Terry J. Lundgren
Chairman, President &
Chief Executive Officer
Thomas G. Cody
Corporate Vice Chair
Thomas L. Cole
Corporate Vice Chair
Janet E. Grove
Corporate Vice Chair
Susan D. Kronick
Corporate Vice Chair
Karen M. Hoguet
Executive Vice President &
Chief Financial Officer
SENIOR VICE PRESIDENTS
Dennis J. Broderick
General Counsel & Secretary
David W. Clark
Human Resources
VICE PRESIDENTS
Joel A. Belsky
Controller
William L. Hawthorne III
Diversity Strategies & Legal Affairs
Bradley R. Mays
Tax
Gary J. Nay
Real Estate
James A. Sluzewski
Corporate Communications
& External Affairs
Ann Munson Steines
Deputy General Counsel
& Assistant Secretary
Cynthia Ray Walker
Area Research
Felicia Williams
Internal Audit
Michael Zorn
Employee Relations
Division
Senior Executives
BLOOMINGDALE’S
Michael Gould
Chairman
Tony Spring
President
MACY’S CENTRAL
Edwin J. Holman
Chairman
Andrew P. Pickman
President
Michael G. Krauter
Vice Chairman & Director of Stores
MACY’S EAST
Ron Klein
Chairman
Mark S. Cosby
President
MACY’S FLORIDA
Julie Greiner
Chairman
J. David Scheiner
President
MACY’S WEST
Jeffrey Gennette
Chairman
Daniel H. Edelman
President
Rudolph J. Borneo
Vice Chairman & Director of Stores
MACY’S HOME STORE
Timothy M. Adams
Chairman
John T. Harper
President
Jeffrey A. Kantor
President – Furniture
MACYS.COM
Peter Sachse
Chairman
7 West Seventh Street • Cincinnati, OH 45202
151 West 34th Street • New York, NY 10001
www.macysinc.com
www.macys.com
www.bloomingdales.com