165 Years of Macy’s Success

Image: Macy's NYC Flagship Store

Market Valuation:  $6 Billion 
 
Ironbound Buy-Side Valuation:  $10 Billion
 
Ironbound Assessment:  Manhattan NY based Macy’s Inc., founded in 1858, is an American omnichannel higher-end retailer with almost 800 locations.  Our upside valuation is $17 Billion, equivalent to either 4-times the operating income or the fiscal 2021 value of all assets.  We like Macy’s and believe the secret behind the company’s 165 years of success is rooted in their team culture, which levels-up colleagues with education and career growth.  Furthermore, there is a strong emphasis in the 10K SEC filings on workplace values of acceptance, respect, integrity, and giving back.  Looking ahead, Macy’s is making a major post-Covid Polaris growth strategy – designed to better attract Millennials.  The Polaris strategy involves modernizing existing technologies to combine the instore and digital experiences with more branded products that better appeal to the new and younger demographic.