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Macy's employees wrap gifts in 1948.
- As one of the oldest and largest department stores in the nation, Macy's is an icon of American retail. It set precedents and paved the way for several of its peers.
- Despite its dominance, Macy's hasn't been impervious to the wrath of the retail apocalypse. In recent years, the department store has struggled to overcome slumping sales and continues to shutter stores around the US.
- Here's the story of Macy's rise to iconic American retailer and the factors that caused its recent stumbles.
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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. Today Macy's operates 680 stores under both its namesake brand and Bloomingdale's - which Macy's also owns, along with the e-commerce site Bluemercury - as well as 190 specialty stores across 43 states; Washington, DC; Guam; and Puerto Rico.
Despite its dominance not just in retail but also in popular culture, Macy's hasn't been impervious to the retail apocalypse, which has contributed to dwindling foot traffic and slumping sales as consumer preferences shift. Last week, Macy's announced a major business overhaul that will involve the closure of 125 stores and layoffs for 2,000 employees.
With enduring traditions like the Macy's Thanksgiving Day Parade and the Fourth of July firework show, it's hard to picture a future without the company. While the fate of the retailer remains unknown, we took a look at Macy's meteoric rise and its recent fall.