Core Insights - Macy's Style Crew program has shown significant growth, with a 30% to 40% conversion growth among top creators, a 315% increase in revenue, and a 327% rise in traffic year-over-year in 2025 [2] - The program aims to enhance community engagement rather than focusing solely on sales, reflecting a broader strategy in affiliate marketing [2][11] Group 1: Program Overview - The Style Crew program, initially launched in 2017, has expanded to include over 600 influencers and is projected to grow to 1,000 members [5] - Enhancements to the program include the launch of creator storefronts on macys.com, offering 12% commission rates and access to exclusive events [3][5] - The program is designed to connect with Macy's target audience across popular platforms and reinforce the brand's identity beyond major events [4] Group 2: Marketing Strategy - Macy's is experimenting with direct mail campaigns featuring Style Crew picks, indicating a desire for affiliate content beyond digital channels [6] - The brand has tested in-store experiences by bringing creators' storefronts to life in select cities, targeting shoppers aged 30-45 [7][8] - The company aims to leverage in-person marketing opportunities in 2026, connecting the Style Crew with major events like the Macy's Thanksgiving Day Parade [12] Group 3: Industry Context - The affiliate marketing space is expected to see double-digit growth, reaching $13.2 billion in U.S. marketing spend this year [3] - Other brands, such as Sephora and Lowe's, have launched their own affiliate programs, highlighting a competitive landscape [9] - The line between affiliate marketing and influencer marketing is increasingly blurred, as creators blend storytelling with sales [10]

Core Viewpoint - Macy's is closing multiple facilities in Connecticut and laying off over 1,000 workers to simplify operations and modernize its supply chain [1][2]. Group 1: Facility Closures - Macy's will close facilities in South Windsor and Cheshire, with closures beginning in March [1]. - The company is shutting down the South Windsor Distribution Center and the Cheshire Fulfillment Center, impacting approximately 993 jobs [4][7]. - The closures are part of a broader strategy, as Macy's plans to close 14 stores across 12 states [3]. Group 2: Layoff Details - Over 1,000 workers will be laid off, with the majority from the Cheshire location, including 485 fulfillment associates, 193 power equipment operators, and 72 inventory control and quality assurance workers [1]. - The layoffs will occur in phases, with specific dates for different positions ranging from March 14, 2026, to August 29, 2026 [7][8]. - A small number of workers will remain employed until April 2027 for decommissioning and equipment removal [8]. Group 3: Employee Support - Macy's plans to provide laid-off employees with information about transfer opportunities to other nearby Macy's locations [2].

Core Insights - Target Corporation (TGT) and Macy's, Inc. (M) are both undergoing transformations in a changing consumer landscape, with Target having a market cap of approximately $51 billion and Macy's at around $6 billion [1][2] Group 1: Target Corporation (TGT) - Target is focusing on design-led merchandising and trend-forward owned brands to enhance its style-and-value positioning [4] - The company is experiencing digital momentum, with services like same-day delivery and pickup contributing to growth [4] - Capital expenditures are projected to increase by 25% to $5 billion in fiscal 2026 to support store remodels and upgraded fulfillment [5] - Advanced analytics are being utilized to improve demand forecasting and inventory management, resulting in a 150 basis point improvement in on-shelf availability year-over-year [6] - Despite operational improvements, Target faces challenges with muted demand recovery and declining sales projections for the fiscal fourth quarter [7] Group 2: Macy's, Inc. (M) - Macy's is advancing its omni-channel transformation through the Bold New Chapter initiative, enhancing both in-store and digital shopping experiences [8] - The company is benefiting from luxury segments, particularly through Bloomingdale's and Bluemercury, which contribute to higher-margin growth [9][10] - Operational modernization, including a new automated distribution center, is enhancing efficiency and delivery capabilities [12] - Macy's has reaffirmed its fiscal 2025 sales guidance, projecting net sales between $21.48 billion and $21.63 billion, with adjusted EPS expected to be between $2.00 and $2.20 [13] - The company is recognized for its strong cash generation and ongoing share repurchases, providing financial flexibility for its long-term strategy [13] Group 3: Comparative Analysis - Over the past year, Target's stock has decreased by 16.7%, while Macy's stock has increased by 55.4% [17] - Target's forward price-to-sales (P/S) multiple is 0.47, below its three-year median of 0.56, whereas Macy's P/S multiple is 0.27, above its median of 0.20 [19] - Macy's is viewed as a stronger investment candidate due to its disciplined store optimization and improving earnings visibility, while Target is facing near-term earnings pressure [20][21]

Core Insights - Macy's Inc. is implementing a disciplined store rationalization program to enhance returns and long-term profitability through its Bold New Chapter strategy, focusing on high-performing locations and markets [1][5] Sales Performance - In the third quarter of fiscal 2025, total net sales saw a modest decline year over year, attributed entirely to store closures, with 64 non-go-forward stores closed last year, impacting approximately $160 million in sales from the prior year [2][11] - Excluding the impact of store closures, Macy's sales grew by about 2.9%, indicating the strength of the remaining portfolio [2] Comparable Store Sales - Comparable sales for go-forward locations increased by approximately 2.3% during the quarter, outperforming the overall Macy's brand [3][11] - The Reimagine 125 stores achieved a stronger comparable sales growth of roughly 2.7%, demonstrating the effectiveness of focused investments in higher-quality locations [3] Expense Management - Store rationalization has led to a reduction in SG&A expenses by about $40 million year over year, contributing to an improvement in SG&A leverage by nearly 90 basis points [4][11] - The company continues to reinvest in its go-forward business while maintaining cost discipline [4] Strategic Focus - Macy's store rationalization strategy reflects a transition to a leaner, return-driven operating model, enhancing capital efficiency and positioning the business for sustainable long-term growth [5] Valuation and Estimates - Macy's shares have increased by 78.1% over the past six months, outperforming the industry growth of 57.8% [10] - The company is currently trading at a forward 12-month price-to-sales ratio of 0.27X, below the industry average of 0.52X [12] - The Zacks Consensus Estimate for Macy's fiscal 2025 earnings indicates a year-over-year decline of 16.7%, while fiscal 2026 estimates suggest a slight increase of 1.7% [13]

Core Insights - Saks Global's bankruptcy presents an opportunity for competitors to capture market share, with an estimated $700 million available for those who can capitalize on the situation [1][5]. Store Closures - Saks Global operates 70 department stores across its brands, including Neiman Marcus and Bergdorf Goodman, and is expected to close at least 20 stores, primarily affecting the Saks chain [2][3]. - The decision on which stores will close will be made by a federal bankruptcy judge, but preliminary assessments indicate potential cuts in locations where both Saks and Neiman Marcus operate [2][3]. Market Share Impact - The potential market share opening due to Saks Global's closures could range from $500 million to $1 billion, with a midpoint estimate of $700 million based on the closure of 20% of stores and their reduced productivity [5]. - Saks Global's estimated fiscal 2025 sales are approximately $6.5 billion, leading to an 11% share displacement as a result of the closures [5]. Competitor Analysis - Competitors such as Nordstrom, Bloomingdale's, and Macy's are positioned to benefit significantly, with Nordstrom having a 25% overlap with Saks Global and Bloomingdale's at 22% [6]. - Macy's could gain approximately $300 million, while Nordstrom might see an incremental increase of around $170 million in sales due to the market shift [6]. - LuxExperience is projected to capture about $60 million in additional sales, while Revolve could gain between $45 million to $50 million [7].

Group 1 - Macy's, Inc. is recognized as one of the best performing affordable stocks under $40, with a Buy rating reiterated by Benchmark Co. and a Hold rating maintained by Evercore ISI, which raised the price target from $14 to $21 [1][2] - The company's fiscal Q3 2026 earnings report revealed a slight revenue decline of 0.61% year-over-year to $4.71 billion, but it exceeded estimates by $154.53 million, with an EPS of $0.09 surpassing estimates by $0.22 [2] - Management indicated that net sales exceeded guidance, and the third quarter sales were the strongest in 13 quarters, attributed to the company's new strategic initiatives [2] Group 2 - Evercore ISI described the quarter as robust but expressed disappointment regarding Macy's fourth quarter same-store sales target, expecting a decline of -2.5% to flat growth [3] - The firm believes Macy's needs to achieve at least 2% to 3% same-store sales growth as it implements its Reimagine 125 initiatives in 2026 and beyond [3] - Macy's operates as an omnichannel retail store managing three brands: Macy's, Bloomingdale's, and Bluemercury, offering a variety of merchandise including accessories, apparel, consumer goods, and home furnishings [4]

Core Viewpoint - President Trump's unexpected request for credit card companies to set a cap on interest rates at 10% could significantly impact the profitability of the financial sector, leading to a decline in financial stocks and raising concerns among bank executives during earnings calls [1][4]. Financial Sector Impact - The proposed interest rate cap is half of the current average rate on outstanding balances, potentially erasing billions in profits for credit card issuers [1]. - Major banks such as Capital One (COF.US), JPMorgan Chase (JPM.US), and American Express (AXP.US) experienced significant stock declines following the announcement [1]. - Analysts from KBW indicated that if the policy is implemented, it would severely weaken the profitability of credit card issuers and could trigger economic repercussions [4]. Legislative Developments - Trump has called for Congressional support for the Credit Card Competition Act, which targets the nearly $200 billion in swipe fees charged by banks and payment companies, negatively affecting stocks of Visa (V.US) and Mastercard (MA.US) [4]. - Some analysts doubt the feasibility of the interest rate cap, suggesting that the probability of it being enacted is less than 20% due to the lack of legislative support [4]. Broader Economic Effects - Bank executives have warned that the interest rate cap could lead to a significant economic slowdown and push consumers towards unregulated lending sources [5]. - The proposed changes are expected to have ripple effects beyond the financial sector, impacting industries such as airlines and retail, which rely on partnerships with credit card companies for substantial revenue [7]. - Airlines like Delta (DAL.US) and United Airlines (UAL.US) saw stock declines, as did retailers like Macy's (M.US) and Kohl's (KSS.US), due to concerns over the potential impact of the proposed legislation [7].

Core Insights - Macy's is laying off 993 employees due to the closure of its fulfillment center in Cheshire, Connecticut, as per a Worker Adjustment and Retraining Notification Act notice dated January 13 [1] - The layoffs will occur in phases based on employees' shifts and classifications, with specific termination dates outlined for different operational roles [2][3] - The company is undergoing these changes as part of its "Bold New Chapter" plan, aiming for $235 million in cost savings this year [6] Layoff Details - The fulfillment center in Cheshire has two locations, and job eliminations will be phased as follows: - Night operations and talent acquisition: March 14, 2026 - Weekend part-time operations: April 4, 2026 - Day part-time operations: April 4, 2026 - Weekend full-time operations: August 1, 2026 - Day full-time operations: August 29, 2026 - Maintenance and asset protection roles will remain until April 16, 2027, for decommissioning [3][4] Additional Context - Macy's did not specify the reason for the closure, which is part of a broader trend as another WARN filing indicated the shutdown of a distribution center in South Windsor affecting 57 employees [5] - The company is also planning to close a fulfillment center in Oklahoma in the spring [5]

来源：环球市场播报 梅西百货（M）周四早盘上涨0.9%。前分析师称，受尼曼·马库斯（Neiman Marcus）交易带来的巨额债 务和供应商压力驱动的萨克斯全球公司（Saks Global）申请第十一章破产保护，扰乱了竞争对手的库存 和整合，梅西百货（M）可能因此获得市场份额。 ...

Core Viewpoint - Macy's is closing over a dozen additional stores in 2026 as part of its strategy to enhance profitability by shutting down underperforming locations, aiming to close approximately 150 stores by the end of 2026 [1][3]. Group 1: Store Closures and Strategy - Macy's plans to close around 14 stores in the first fiscal quarter of 2026 as part of its "Bold New Chapter" turnaround strategy [1]. - The company is continuously reviewing its portfolio, focusing on closing underproductive stores and streamlining operations [2]. - The turnaround strategy includes the closure of about 150 stores by the end of 2026 to achieve sustainable and profitable sales [3]. Group 2: Sales Performance and Investments - Despite the closures, Macy's is investing in its 125 "Reimagine" stores, which have shown an increase in sales, indicating a positive impact from enhanced merchandising and customer experience [5][7]. - Sales at the "Reimagine" stores rose by 2.7% year over year in the third quarter, demonstrating the effectiveness of the company's investments in staffing, store design, and customer experience [7]. - Macy's reported its highest sales level in over three years in December, marking significant progress in its turnaround efforts [8]. Group 3: Overall Brand Performance - In the latest report covering a three-month period ending November 1, sales at the stores Macy's plans to keep open increased for the second consecutive quarter, while overall sales across the Macy's brand, including all stores and its website, grew at the fastest pace in 13 quarters [10].