Macy's is a U.S. department store retailer operating three nameplates: Macy's, Bloomingdale's, and Bluemercury. The core Macy's banner serves a broad middle-to-higher income customer base with apparel, accessories, cosmetics, and home goods across full-line stores, smaller format locations, and an off-price concept called Macy's Backstage. Bloomingdale's is an upscale department store targeting affluent customers, with full-line stores, a smaller format called Bloomies, and outlet locations. Bluemercury is a luxury beauty and spa retailer focused on skincare and fragrance. All three nameplates sell through stores and digital channels, with digital representing roughly one-third of total sales. Macy's core business model is buying merchandise from a global supplier base and selling it at a markup, with profitability driven by comparable sales growth, gross margin management, and SG&A leverage over a largely fixed cost base. Beyond merchandise, Macy's earns high-margin revenue from a credit card profit-sharing program and Macy's Media Network, a retail media business that sells advertising to brand partners. Together these contributed roughly $920M in FY25. Macy's is executing a multi-year turnaround called "Bold New Chapter," centered on reinvesting in a subset of go-forward Macy's stores, expanding Bloomingdale's and Bluemercury as luxury growth platforms, and modernizing operations through supply chain automation and AI deployment. The company is also closing roughly 150 underproductive stores and monetizing the associated real estate.