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Weakened performance in recent years has encouraged rumours of further mergers or potential takeovers.
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The group acquired innovative concept retailer Story - now Story at Macy's - in 2018. By the end of fiscal 2021, the group retained around 510 stores under the Macy's name and 55 Bloomingdale's (including a small number of off-price outlets), as well as 160 speciality outposts of beauty and spa retailer Bluemercury, acquired in 2015. Revenues for year ended Jan 2022 were almost $24.5bn with net income of $1.4bn. There was a strong rebound in 2021, though topline is still below past levels. Yet another serious blow was the forced closure of all stores for much of 2020 as a result of the Covid pandemic, causing a 30% slump in sales and a net loss of $3.9bn, including the cost of closing several of its less productive stores, mainly those in low-tier shopping malls. However, the shift in consumer shopping habits finally caught up with Macy's in 2016, as performance stalled dramatically in the wake of fierce competition from Amazon and other online retailers as well as the likes of Walmart and Target. Consolidation came just in time to protect the enlarged group from some of the fallout from the economic downturn of the following two years. The process was completed when Federated Department Stores changed its own corporate name to Macy's Inc in 2007. Echoing mergers elsewhere in the US retail industry, it doubled in size in 2005 as a result of the acquisition of mid-market competitor May Department Stores, all of whose local stores converted to the Macy's and Bloomingdale's brands, which had previously operated only in New York.
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Originally known as Federated Department Stores, the group has gradually consolidated a huge portfolio of regional retail chains to concentrate on just those two store brands. The Thanksgiving parade has been running since 1926 and the 4th of July celebration since 1976. Macy's is famous not only in the US but around the globe for its long-established sponsorship of the celebrated Thanksgiving Day Parade in New York, as well as a spectacular 4th of July fireworks display. Macy's Inc is one of America's biggest and best-known upscale retailers, owner of the renowned fashion and home furnishing stores Macy's and Bloomingdale's.