MACY’S
Strategic management case study
Andrea Baril, Marie-Michele Lachance, Ashley
Cleary, Sylvia LaBrie
Overview
Company Overview
History of Macy’s
Growth
2009 Events and Issues
Existing Mission and Vision statement
New Mission and Vision Statement
SWOT Analysis
External Assessment
CPM
EFE
Positioning Map
Internal Assessment
Organizational chart
Financial ratios
IFE Matrix
Strategy Formulation
SWOT Matrix
Grand Strategy Matrix
BCG
Space Matrix Data
Space Matrix
IE Matrix
Matrix Analysis
QSPM Matrix
Strategic Plan for the Future
Objectives
Strategies
Implementation Issues
EPS/EBIT
Projected Financials
Evaluation
Balanced Scorecard
Key Future Ratios
History
Rowland Hussey Macy
Macy’s Thanksgiving Parade 1932
Growth
• 1859
Macy's first-year sales were approximately
$85,000 with an advertising budget of $2,800.
• 1902
Macy's moves to Herald Square in New York
City.
• 1923
May Company acquire a department store
company in Los Angeles, adding to its growing
regional coverage in Akron and Cleveland, OH,
and St. Louis.
• 1930
Bloomingdale's joins Federated. First-year sales
for Federated were $112 million.
• 1996
Bloomingdale's opens its first California stores
with four locations - three in the Los Angeles
area and one in Palo Alto.www.macys.com is
launched.
• 2005
Federated begins operating nationwide under two store
nameplates - Macy's and Bloomingdale's - as all regional
department store names are converted to the Macy's brand.
Macy's launches a new customer loyalty program, with
escalating benefits for its largest customers, as it issues new
credit cards for about 14 million accounts.
Federated acquires The May Department Stores Company.
The acquisition creates a stronger, more resourceful
company with more stores nationwide.
• 2008
Macy's began piloting a new localization initiative called
“My Macy's” in 20 local markets as it consolidated three
divisions - Macy's North into Macy's East, Macy's
Northwest into Macy's West, and Macy's Midwest into
Macy's South (creating a new Macy's Central division).
The company celebrated Macy's 150th birthday on October
28.
• 2010
Bloomingdale's opens in Dubai, the company's first
international presence.
Macy's ends the year with more than 1.2 million Facebook
friends.
2009
• Macy’s operates 850 Stores in 45 states.
• Laid off 7,000 employees, which is roughly
175,000 workers.
• Cut their dividends by more than half.
• Target customer is “older parents or working
older couples who are college educated and
earn more than $82,570”.
• Has been in business for 151 years
Existing Vision
Our vision is to operate Macy's and
Bloomingdale's as dynamic national
brands while focusing on the customer
offering in each store location.
Existing Mission
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.
New Mission and Vision
Proposed Vision
• Macy’s brings distinctive national brands to its
customers while still offering them an affordable
luxury.
Proposed Mission
• At Macy’s we focus on our customers needs by offering a wide
range of products from clothing to furniture. We expect our
employees to remain professional by following our code of
conduct, which in turn demonstrates our strong value as a
company. We see our firm as constantly innovating to expand our
online market worldwide which will help maintain our growth
and profitability to our shareholders. Our purpose as a company
is to contribute to charitable organizations and remain socially
responsible towards the communities we operate in.
SWOT
San Francisco, CA
Strengths
• Strong brand equity
• Strong advertising
• Economies of scale
• Ethical, socially responsible, and
sustainable company with strong value
• Structured Code of conduct for all the
company’s vendor
• Healthy portfolio
• Innovating company
• Bloomingdales a subsidiary of Macy’s
appeals to upscale customer to upscale
customers while Macy’s offers
“affordable luxury” items.
• Large piece of the market share
SWOT
Weaknesses
• Macy as a declining net profit
• Downturn in economy for in
store shopping
• Lack of diversification in the
merchandise
• Weak merchandise
departments such as
mattresses, furniture, and
handbags causing firm money
loss
• Macy’s most profitable brand
(Liz Claiborne) even
experiencing sale loss.
• Not being able to find the
middle ground between WalMart’s low prices, and
Bloomingdales high prices
while maintaining reputation.
• Macy’s has to overcome the
client’s perception of the
impersonality of national
brand
SWOT
Opportunities
Threats
•
•
•
•
•
•
•
•
Open new stores to boost revenues in the
medium term
There is a growth trough overseas
operation
There is a growth of sales in the online
retail spending
Many smaller stores are looking to be
bought out because of the recession
Merchandise such as apparel, cosmetics,
and children’s clothing are experiencing
fastest growth
Robotic machines to help sales such as
IPods and IPads
Opportunities to buy out smaller brands
because of its size
•
•
•
•
•
The economic recession in the United
States
The increase of the minimum wages in
the United States
Intense competition in the retail stores
such as Dillard’s, JC Penney, and Saks
Lower price competition
Numerous employee layoff
A change in customers has occurred over
the past year, but Macy’s has not changes
to satisfy customers.
External Audit
Arlington, VA
CPM
Macy's
Critical Success factors
1. Advertising
2. Financial Position
3. Store locations
4. Market Share
5. Price Competitiveness
6. Product Quality
7. Technology
8. Customer loyalty
9. Merchandise Variety
10. Customer Service
Totals
Dillard's
Nordstorm
Weights Rating Weighted Score Rating Weighted Score Rating Weighted Score
0.0 to 1.0 1 to 4
1 to 4
1 to 4
0
0
0
0.12
4
0.48
3
0.36
3
0.36
0.1
3
0.3
2
0.2
2
0.2
0.1
4
0.4
3
0.3
2
0.2
0.1
4
0.4
3
0.3
2
0.2
0.12
3
0.36
2
0.24
2
0.24
0.11
4
0.44
4
0.44
4
0.44
0.08
3
0.24
3
0.24
3
0.24
0.1
2
0.2
2
0.2
3
0.3
0.09
4
0.36
3
0.27
3
0.27
0.08
3
0.24
3
0.24
3
0.24
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
3.42
2.79
2.69
EFE
Key External Factors
Opportunities
Open new stores to boost revenues in the medium term
There is a growth through overseas operation
There is a growth of sales in the online retail spending
Many smaller stores are looking to be bought out
because of the recession
Merchandise such as apparel, cosmetics, and children's
clothing are experiencing fastest growth
Robotic machines to help sales such as Ipods and Ipads
Opportunities to buy out smaller brands because of its
size
Threats
The economic recession in the United States
The increase of the minimum wages in the United States
Intense competition in the retail stores such as Dillard's
JC Penney, and Saks
Lower price competition
Numerous employee layoff
A change in customers has occurred over the past year,
but May's has not changed to satisfy
Totals
Weights
0.0 to 1.0
Rating
1 to 4
Weighted Score
0.05
0.07
0.13
2
2
4
0.1
0.14
0.52
0.1
2
0.2
0.11
0.04
2
1
0.22
0.04
0.03
2
0.1
0.06
2
2
0.06
0
0.2
0.12
0.07
0.08
0.1
3
2
3
0.21
0.16
0.3
0.06
1
2
0.12
2.39
Positioning Map
Strong Online
Retail
JC Penny
Macy’s
Nordstorm
Dillard’s
Low cost
High cost
Weak Online
Retail
Internal Audit
Organizational Chart
CEO
Bloomingdales
Labor Relations
Communications & External
Administration
Directors
CFO
Human Ressources & Diversity
Property Development
Finance
Marketing
Merchandise Planning
Risk & Financial Services
TAX
Control
Merchandising
Private Brand
Stores
Macys.com
Merchandising & Private Brand
Macy's Florida Division
Stores
Stores
International Retail
Development
Legal & Secretary
Diversity & Legal
Assistant Secretary
My Macy’s
Financial Trends
Financial Trends
(IN MILLIONS)
Month
Sales
# of Stores
Februrary
March
April
1st Quarter
May
June
July
2nd Quarter
August
September
October
3rd Quarter
November
December
January
4th Quarter
Total
$1,577
1.931
1.691
$5.199
$1.744
2.044
1.376
$5.164
$1.542
2,042
1,693
$5.277
$2.174
4.422
1.253
$7.849
$23,489
847
848
848
848
848
848
851
852
854
854
854
850
% Change Comp-Store
Sales
(8.5)%
(9.2)%
(9.1)%
(9.0)%
(9.1)%
(8.9)%
(10.7)%
(9.5)%
(8.1)%
(2.3)%
(0.8)%
(3.6)%
(6.1)%
1.0%
3.4%
(0.8)%
(5.3)%
Remarks:


The 4th Quarter was the one where they made more sales.
They closed 4 stores during that period, which seemed to helped raised the percentage change
in company store sales.
IFE
Key Internal Factors
Weights
Rating
0.0 to 1.0
1, 2, 3 or 4
Internal Strengths
Weighted Score
3 or 4
Strong brand equity
0.09
4
0.36
Strong advertising
0.08
4
0.32
Economies of scale
0.06
4
0.24
Ethical, socially responsible, and sustainable company with strong value
0.07
4
0.28
Structured Code of conduct for all the company's vendor
0.08
4
0.32
Healthy portfolio
0.05
3
0.15
Innovating company
0.05
4
0.2
Bloomingdales a subsidiary of Macy's appeals to upscale customers while Macy's offers "affordable luxury" items.
0.03
4
0.12
Large piece of the market share
0.04
3
0.12
0
Internal Weaknesses
Macy's has a declining net profit
1 or 2
0.1
1
0.1
Downturn in economy for in store shopping
0.08
1
0.08
Lack of diversification in the merchandise
0.06
2
0.12
Weak merchandise departments such as mattresses, furniture, and handbags causing the firm's monetary loss
0.05
2
0.1
Macy's most profitable brand (Liz Claiborne) is even experiencing some sale loss
0.05
2
0.1
Macy's has not been able to find a middle ground between Wal-Mart's low prices, and Bloomingdales high prices while maintaining a reputation
0.07
1
0.07
Macy's has to overcome the client's perception of impersonality of national brand. (it is not true that one size fits all)
0.04
2
0.08
0
0
0
0
Totals
1
2.76
Strategic Formulation
SWOT Matrix
(S1,O1) Open stores in new locations not already
near. (O2,S1) Open stores internationally (O3, S8)
Combine different stores websites to each other so
they are easier to go between
(W2, O3) Develop online programs that offer
incentives when you shop online. (O5, W4) Cut out
the departments that are not performing to focus
on those that are growing
(S2, T6) Advertise to different groups to expand
(T4, W4) Cut out more high priced goods to
customer basis (S1, T3) Use the strong Macy's brand promote the lower priced goods in stores (W6, T4)
to target the same group of customers as other
Instead of carrying all high end brands, bring in
retail stores (S7, T1) Use company innovations to
more reasonably priced goods for all consumers
expand into worldwide markets to boost revenues
Grand Strategy Matrix
Rapid Market Growth
Quadrant I
Quadrant II
Strong
Competitive
Position
Weak
Competitive
Position
1.
2.
3.
Quadrant III
Slow Market Growth
Quadrant IV
Related Diversification
Unrelated
Diversification
Joint Ventures
Space Matrix Data
Financial Strength <FS>
Environmental Stability <ES>
Liquidity
Cash Flow
Inventory Turnover
Earnings per Share
Price earnings ratio
Technological Changes
Rate of inflation
Price range of competing products
Barriers of entry into market
Risk involved with business
4.0
4.0
3.0
1.0
2.0
Competitive Advantage <CA>
Industry Strength <IS>
Market Share
-1.0
Product Quality
-2.0
Customer Loyalty
-3.0
Product Lifecycle
-2.0
Control over suppliers and distributors -3.0
Profit Potential
4.0
Growth Potential
3.0
Financial Stability 2.0
Ease of entry into market 4.0
Productivity
3.0
-3.0
-4.0
-4.0
-1.0
-5.0
Y Coordinate = -.6
X Coordinate = .8
Space Matrix
IE Matrix
Hold and maintain market
penetration
And product development
The IFE Total Weighted scores
Strong 3.0
Average 2.0
to 4.0
to 2.99
High 3.0 to
4.0
The
EFE Medium 2.0
to 2.99
Total
Weighted
Scores
Low 1.0 to
1.99
MACY'S
Weak 1.0 to
1.99
Matrix Analysis Summary
Alternative Strategies
IE
SPACE
GRAND
Count
Forward Integration
x
x
2
Backward Integration
x
x
2
Horizontal Integration
x
x
2
x
x
3
x
x
2
x
x
3
x
2
Market Penetration
x
Market Development
Product Development
Related Diversification
x
Unrelated Diversification
1
Horizontal Diversification
1
Joint Venture
0
Retrenchment
0
Divesture
0
Liquidation
0
QSPM
Macy's
Key factors
External
Opportunities:
Open new stores to boost revenues in the medium term
There is a growth through overseas operation
There is a growth of sales in the online retail spending
Many smaller stores are looking to be bought out because of the recession
Merchandise such as apparel, cosmetics, and children's clothing are experiencing fastest growth
Robotic machines to help sales such as Ipods, and Ipads
Opportunities to buy out smaller brands because of its size
Threats:
The economic recession in the United States
The increase of the minimum wages in the United States
Intense competition in the retail stores such as Dillard's, JC Penney, and Saks
Lower price competition
Numerous employee layoff
A change in customers have occurred over the past year, but Macy's has not change to satisfy more customers
total should be 1.0
Open stores in
new locations, in
International expansionUnited States
Weight
AS
TAS
AS
TAS
1 to 4
1 to 4
0.05
0.07
0.13
0.1
0.11
0.04
0.03
4
4
4
1
1
4
1
0.2
0.28
0.52
0.1
0.11
0
0.03
2
1
4
2
2
0.2
0
0.26
0.1
0.44
0.08
0.06
0.1
0.06
0.07
0.08
0.1
0.06
4
1
3
3
1
2
0.4
0.06
0.21
0.24
0.1
0.12
1
1
3
3
1
2
0.1
0.06
0.21
0.24
0.1
0.12
Focus
marketing
successful
AS
1 to 4
3
4
2
2
1
3
3
3
on
TAS
0
0
0.39
0
0.44
0.08
0.06
0
0
0.1
0
0.21
0.24
0
0.18
1
Internal
Strengths
Strong brand equity
Strong advertising
Economies of scale
Ethical, socially responsible, and sustainable company with strong value
Structured Code of conduct for all the company's vendor
Healthy portfolio
Innovating company
Bloomingdales a subsidiary of Macy's appeals to upscale customers while Macy's offers "affordable luxury" items.
Large piece of the market share
1 to 4
1 to 4
0.09
0.08
0.06
0.07
0.08
0.05
0.05
0.03
0.04
4
4
4
3
3
3
4
2
3
Weaknesses
Macy's has a declining net profit
Downturn in economy for in store shopping
Lack of diversification in the merchandise
Weak merchandise departments such as mattresses, furniture, and handbags causing the firm's monetary loss
Macy's most profitable brand (Liz Claiborne) is even experiencing some sale loss
Macy's has not been able to find a middle ground between Wal-Mart's low prices, and Bloomingdales high prices while maintaining a reputation
Macy's has to overcome the client's perception of impersonality of national brand. (it is not true that one size fits all)
total should be 1.0
0.1
0.08
0.06
0.05
0.05
0.07
0.04
1
1
1
2
2
0
0.36
0.32
0.24
0.21
0.24
0.15
0.2
0.06
0.12
0
0
0.1
0
0.06
0.1
0.1
0
0
4.63
1 to 4
4
4
4
3
3
3
4
3
4
0.36
0.32
0.24
0.21
0.24
0.15
0.2
0.09
0.16
4
3
4
3
3
3
3
3
3
1
1
1
2
2
2
2
0.1
0.08
0.06
0.1
0.1
0.14
0.08
1
1
1
4
1
4.6
1
0
0.36
0.24
0.24
0.21
0.24
0.15
0.15
0.09
0.12
0
0
0.1
0.08
0.06
0.2
0.05
0
0.04
4.03
Recommendations
• Reconsider inventory- unsuccessful departments such as
furniture, mattresses, and handbags would be the first to cut
out.
• Focus on growth of the successful merchandise to meet
customers needs.
• Connect Macys.com with Bloomingdales.com to give
customers the accessibility to visit both sites easily.
• Advertise online shopping more intensely to help potential
growth.
Implementation
EPS/EBIT
Common Stock Financing
Recession
Normal
Boom
EBIT
Interest
$
$
Macy's EPS/EBIT
(In millions with 25% difference for sales)
Debt Financing
Recession
Normal
Boom
2,010.00 $ 2,680.00 $ 3,350.00 $
-
$
-
$
- $
2,010.00 $ 2,680.00 $
1.28 $
1.28 $
Combination(70% debt 30% stock)
Recession
Normal
Boom
3,350.00 $ 2,010.00 $ 2,680.00 $ 3,350.00
1.28 $
0.90 $
0.90 $
0.90
EBT
$
2,010.00 $ 2,680.00 $ 3,350.00 $
2,008.72 $ 2,678.72 $
Taxes
$
884.40 $ 1,179.20 $ 1,474.00 $
883.84 $ 1,178.64 $
EAT
$
1,125.60 $ 1,500.80 $ 1,876.00 $
1,124.88 $ 1,500.08 $
# of Shares
$
422.00 $
422.00 $
422.00 $
420.10 $
420.10 $
420.10 $
421.00 $
421.00 $
421.00
EPS
$
2.67 $
3.56 $
4.45 $
2.68 $
3.57 $
4.46 $
2.67 $
3.56 $
4.45
Tax Rate
0.44
3,348.72 $ 2,009.10 $ 2,679.10 $ 3,349.10
1,473.44 $
884.01 $ 1,178.81 $ 1,473.61
1,875.28 $ 1,125.10 $ 1,500.30 $ 1,875.50
16.76 stock price on 12/31/2009
need 1909308 stocks to sell
outstanding shares 420.1
$ 422,009,308.00
954,654.00
421,054,654.00
Projected Financials
• Assumptions
-Borrow 32 million over 8 years at 4% interest
-Cut out 60% of inventory
-Generate 600 million additional income.
Projected Income statement
Macy's Consolidated Statement of Operations
Operations
Net Sales
Cost of Sales
Inventory Valuation adjustments
Gross Margin
Selling, general and administrative expenses
Division consolidation costs and store closing related costs
Asset impairment charges
Goodwill impairment charges
May integration costs
Gains on asle of accounts receivable
Operating income (loss)
Interest expense
Interest income
Income (loss) from continuing operations before income taxes
Federal, state and local income tax benefit (expense)
Income (loss) from continuing operations
Discontinued operations, net of income taxes
Net income
2009
$ 23,489.00
$ (13,973.00)
$
$ 9,516.00
$ (8,062.00)
$ (276.00)
$ (115.00)
$
$
$
$ 1,063.00
$ (562.00)
$
6.00
$
507.00
$ (157.00)
$
350.00
$
$
350.00
Projected 2010
$ 24,089.00 $600 million growth
$ (14,329.90) % of sales
$
$ 9,759.10
$ (8,062.00)
$ (276.00)
$ (115.00)
$
$
$
$ 1,306.10
$ (562.00)
$
6.00
$
750.10
$ (157.00)
$
593.10
$
$
593.10
Projected Balance Sheet
Macy's Balance Sheet
in millions
ASSETS
2009
2010 projected Comments
Current assets
Cash and equivalents
Accounts and notes receivable
Merchandise inventories
Supplies and prepaid expense
Total current assets
$1,385.0
$360.0
$4,769.0
Increase in cash from decrease in
$1,567.0 inventory
$450.0 More accounts receivable
$1,907.6 Decrease by 60%
$226.0
$226.0
$6,740.0
$4,150.6
$719.0
$719.0
$3,743.0
$3,743.0
$501.0
$501.0
$4,963.0
$4,963.0
Other assets
Other intangible assets - net
Goodwill
Other assets
Total other assets
Property and equipment
Property and equipment, at cost
$10,442.0
$13,063.4 Property valuation increase
Total assets
$22,145.0
$22,177.0
Projected Balance Sheet
LIABILITIES AND SHAREHOLDERS’
EQUITY
Current liabilities
Short-term debt
Merchandise accounts payable
Account payable and accrued liabilities
Income taxes
Deferred income taxes
Total current liabilities
Long-term debt
Other long-term liabilities
Deferred income taxes
Shareholders’ equity
Common stock, 420.8 and 420.1
shares outstanding
Additional paid-in capital
Accumulated equity
Treasury stock
Accumulated other comprehensive
income
Total shareholders’ equity
Total liabilities and shareholders’
equity
$966.0
$1,282.0
$2,628.0
$28.0
$222.0
$5,126.0
$8,733.0
$2,521.0
$1,119.0
$966.0
$1,282.0
$2,628.0
$28.0
$222.0
$5,126.0
$8,765.0 $32 million loan
$2,521.0
$1,119.0
$5.0
$5,663.0
$2,008.0
($2,544.0)
$5.0
$5,663.0
$2,008.0
($2,544.0)
($486.0)
$4,646.0
($486.0)
$4,646.0
$22,145.0
$22,177.0
Evaluation
Balanced Scorecard
Area of Objectives
Customers
1. Improve Brand Identity
2. Respond to costumer demand
for change
Managers/Employees
1. Employee Satisfaction
2. Quality training
Measure of Target
Time Expectation
Primary Responsibility
Company Report
Costumer survey results
and Company report
Yearly
Marketing Department
Yearly
Marketing Department
Employee survey
Store inspection and web
costumer survey
Yearly
Human Resources
Yearly
Chief Operating Officer
Quarterly
Chief Operating Officer
Biannually
Human Resources
Community/ Social
Responsibility
1. Eco-Friendly company
2. Ethical Employees
New products made with
organic materials. Volume
of recyclable materials
improvement
Volunteerism
Charitable giving
Operations/Processes
1. Innovation
2. Store image
3. Worldwide expansion
Financial
1. Company Growth
2. Reduce Debt
Number of new
merchandise, products
Numbers of Macy’s store
who have remodeled
Numbers of store opened
in different country
Increase Profit
Decrease of expenses
Biannually
Yearly
COO
Marketing Department
Product development team
Store Planning, Construction
and Design
Yearly
Chief Operating Officer
Quarterly
Quarterly
Chief Financial Officer
Chief Financial Officer
Projected Ratio
Liquidity ratios
Current
Quick
Leverage ratios
Debt to total assets
Debt to equity
Long-term debt to equity
Times-interest-earned ratio
Activity ratios
Fixed Assets Turnover
Total Assets Turnover
Inventory Turnover
Profitability ratios
Gross profit margin
Operating profit margin
Net profit margin
Return on assets
Return on equity
Price-earnings ratio
EPS
Growth ratios
Sales Growth %
Net Income Growth %
Earnings per share Growth %
Macy's
2009
Projected
2010
1.31
0.38
0.81
0.44
0.79
3.77
1.88
1.91
0.79
3.77
1.89
2.35
2.25
1.06
4.93
1.84
1.09
12.68
0.41
0.045
0.015
0.016
0.075
20.19
0.83
0.41
0.054
0.025
0.027
0.13
17.94
1.41
-5.97%
14.72%
14.73%
3%
41%
41.13%
M Update
Stock Price History
Macy’s Video
http://video.foxbusiness.com/v/1113195521001/keeping-themacys-brand-fresh-in-a-tough-economy/
Questions
Sources
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"Macy's Inc. History." Macy's Inc.. Sanger and Eby, Web. 7 Apr 2012.
<http://www.macysinc.com/AboutUs/History/default.asp&xgt;.
"Organizational Chart, Macy’s." The Official Board. March 6, 2012. Web. 7 Apr 2012.
<http://www.theofficialboard.com/org-chart/macy-s>.
"Macy’s." Company-Statements-Slogans. Web. 7 Apr 2012. <http://www.company-statements-slogans.info/list-ofcompanies-m/macys.htm>.
Hart, Carly. "Macy’s 2009 Reorganization Means 7,000 Layoffs." Yahoo Voices. Web. 7 Apr 2012.
<http://voices.yahoo.com/macys-2009-reorganization-means-7000-layoffs-2604039.html>.
"Macy." Yahoo Finance. April 5, 2012. Web. 7 Apr 2012. <"Macy." Yahoo Finance. April 5, 2012. Web. 7 Apr 2012.
http://finance.yahoo.com/echarts?s=M Interactive
"FDO: Munich Stock Chart- Macy’s." Bloomberg. April 5, 2012. Web. 7 Apr 2012.
<http://www.bloomberg.com/quote/FDO:GR/chart>.
"Financial Ratios for Macy’s." Barchart. April 5, 2012. Web. 7 Apr 2012. <http://www04.aws.barchart.com/profile.php?sym=M&view=ratios>.
"Social Responsibility." Macy’s Inc. 2012. Web. 7 Apr 2012. <http://www.macysinc.com/aboutus/sustainability/>.
“Maps." Macy’s Inc. 2012. Web. 7 Apr 2012. <http://www.macysinc.com/Macys/maps.asp&xgt;.
"Macy’s Fact Book 2011." Macy’s Inc. April 2, 2011. Web. 7 Apr 2012.
<http://www.macysinc.com/Investors/vote/2011_fact_book.pdf>.
David, Fred. Strategic Management Concepts and Cases. 13th ed.,. Upper Saddle River: Prentice Hall, 2007. Print.
Supman, Jacqueline. "Case Study: Macy’s Private Label." Merchandise Strategies. Web. 4 Apr. 2012.
<jacquelinesupman.com/downloads/jsupman