Macy’s Says Bold New Chapter Strategy Is Driving Sales Growth at Investor Conference

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Wed, September 16, 2026 at 3:02 PM GMT+3 6 min read

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Macy's said its "A Bold New Chapter" strategy is driving results, with Reimagine stores posting sales growth in nine of the past 10 quarters, five consecutive quarters of Macy's banner growth and a 10-point improvement in store customer-satisfaction scores.
The Reimagine program now covers about 60% of Macy's stores and 75% of its store business, while Bloomingdale's remains a major growth engine after delivering double-digit growth in each of the final two quarters of 2025.
Macy's raised its full-year EPS outlook to $2.15–$2.35 from $1.90–$2.10, but executives expect a choppy consumer environment and moderating price growth as tariff-related inflation effects fade.

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Macy's (NYSE:M) executives told investors at the Goldman Sachs Global Consumer and Retail Conference that the company's "A Bold New Chapter" strategy is producing sales growth, improved customer-service metrics and progress across its Macy's, Bloomingdale's and Bluemercury banners.

Chairman and Chief Executive Officer Tony Spring said the company is about two and a half years into the strategy, which was designed to improve store productivity, close underperforming locations, strengthen luxury banners and modernize operations. He said Macy's has posted growth in its Reimagine stores in nine of the last 10 quarters, has recorded five consecutive quarters of growth at the Macy's banner, and has exceeded its guidance in six quarters.

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"The A Bold New Chapter is working," Spring said, adding that Macy's store net promoter scores have increased by 10 points since the initiative began.

Reimagine Stores Expand Across the Fleet

The Reimagine program began with 50 stores before expanding to additional cohorts of 75 and then 200 stores. Spring said the program combines improvements in merchandising, product presentation, fitting rooms, staffing, store density and price-point assortment.

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Macy's has added associates in departments including handbags, shoes and fitting rooms, while seeking to offer "more variety, less redundancy" in its merchandise assortment, Spring said. About 60% of Macy's store base and 75% of Macy's store business are now included in the Reimagine program.

Chief Operating Officer and Chief Financial Officer Tom Edwards said the investments are capital-light, focused primarily on employees, customer experience, events and marketing. The company has seen sales gains following the initial investments and profitability improvements thereafter, he said.

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Edwards added that Macy's is testing and advancing additional store pilots this year as preparation for further Reimagine expansion in 2027.

Bloomingdale's Remains a Growth Engine

Spring described Bloomingdale's as a key growth driver, citing double-digit growth in each of the final two quarters of 2025 and growth of more than 9% in the preceding period. He attributed its performance to its strategy, merchandising, leadership, execution and positioning with an advanced contemporary-to-luxury customer.

While disruption among competitors has helped support the banner's growth, Spring said Bloomingdale's has been able to capitalize because of its brand assortment, culture and execution. He said growth has been broad-based across apparel, accessories, men's, home, digital, physical retail, off-price, full-price, marketplace, licensed and owned businesses.

The retailer recently launched its Hotel Bloomingdale's fall campaign in partnership with The Ritz-Carlton, featuring exclusive merchandise. Spring said the company sees additional opportunities through new Bloomingdale's locations, Bloomingdale's The Outlet stores and expanded digital and physical distribution.

Edwards said Bloomingdale's represents a percentage of the overall company in the high teens and is "nicely profitable," though the company does not disclose banner-level profitability.

Consumer Trends, Pricing and Inventory

Spring said Macy's customers remain resilient but selective amid macroeconomic uncertainty. He characterized the outlook as likely to remain "choppy," citing potential inflation, interest-rate, oil-price, geopolitical and weather-related variables.

The company is entering the fall season with inventory up 2.5% in the second quarter, in line with sales growth, Edwards said. Spring pointed to fashion trends including leather, suede, structured handbags, animal prints and boots as potential drivers of demand.

Spring also said Macy's is seeing softness in plus-size merchandise while other apparel areas remain healthy, which he associated with early effects from GLP-1 use. The impact has appeared more prominently at Bloomingdale's and in higher-ticket categories, he said.

Average unit retail, or AUR, has increased as Macy's improves its brand assortment and customer experience, executives said. Spring expects the pace of AUR growth to moderate in the second half as the company laps tariff-related price inflation. Macy's continues to maintain a range of "best, better, good" price points across its department-store assortment, he said.

Guidance, Margins and Investments

Edwards said Macy's raised both its full-year sales and earnings outlook following its second-quarter results. The company's earnings-per-share outlook increased to a range of $2.15 to $2.35 from its initial range of $1.90 to $2.10, he said.

Underlying gross margin improved by about 10 basis points in the second quarter, driven by assortment changes and other initiatives, Edwards said. He expects continued support from the base business in the second half, with supply-chain savings contributing more in the fourth quarter than the third quarter.

The company is reinvesting tariff refunds into brand marketing, pilots for future Reimagine stores, selected value and pricing actions, and other strategic initiatives. Spring said Macy's has targeted price investments in areas where tariff effects and consumer sensitivity were greatest, including furniture and fine jewelry.

Executives also highlighted artificial intelligence as a tool to support sales, customer experience and organizational effectiveness. Edwards said an AI conversational assistant was rolled out first online at Macy's, then in stores and at Bloomingdale's, and that customers using it are more engaged and spend more. The company is also using AI to improve inventory-allocation decisions, while evaluating investments based on expected returns.

Looking ahead, Spring said Macy's remains committed to a go-forward Macy's store base of roughly 350 locations. The company has closed about 85 stores during the first two years of its strategy, while continuing to invest in omnichannel capabilities, faster delivery and store experiences.

About Macy's (NYSE:M)

Macy's, Inc is an American omnichannel retailer that sells a broad range of merchandise through department stores, specialty stores and digital platforms. Its product offerings include apparel, accessories, beauty products, home furnishings, jewelry, furniture and other consumer goods.

The company operates through several well-known retail banners, including Macy's, Bloomingdale's and Bluemercury. Macy's serves customers primarily in the United States through its stores and e-commerce websites, while Bloomingdale's offers fashion, accessories, beauty and home merchandise through department stores, outlets and digital channels.

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