How a yacht meeting and a holiday shift built a retail empire

Cultures · Published 9 October 2026 Swipe more like this →

In short: Macy's, Inc. began as a 1929 alliance of regional department stores, eventually swallowing its rivals to become a singular national brand. From influencing the date of Thanksgiving to surviving bankruptcy and corporate takeovers, the company transformed from a federation of local shops into a unified retail giant with a complex history.

The corporate lineage of Macy's, Inc. traces back to 1851 with F&R Lazarus & Company. In 1929, Fred Lazarus Jr., Walter N. Rothschild, and Edward Filene met on a yacht to form Federated Department Stores. This holding company grew by acquiring regional chains like Bloomingdale's, which joined in 1930. The company’s influence extended beyond retail; in the 1930s, Fred Lazarus Jr. convinced President Franklin D. Roosevelt to move Thanksgiving to the fourth Thursday of November to lengthen the Christmas shopping season, a change later codified by Congress in 1941.

The late 20th century brought turbulence and massive consolidation. In 1988, after a hostile takeover battle, Robert Campeau acquired Federated for $6.6 billion, then the largest merger in corporate history outside the oil sector. Following bankruptcy in 1990, the company emerged as a public entity. In 1994, Federated acquired its former rival, Macy's. By 2005, Federated purchased the May Department Stores Company for $11 billion, leading to a nationwide rebranding. In 2007, the company officially renamed itself Macy's, Inc., shifting its identity from a federation of diverse stores to a brand-driven organization.

The company has faced significant restructuring in the 21st century. In 2009, it eliminated 7,000 jobs and integrated its regional divisions into a single organization. While it once operated from Cincinnati, Ohio, since 2020, its headquarters have been located at Macy's Herald Square in New York City. The company continues to navigate a changing retail landscape, including the launch of a digital marketplace in 2022 and ongoing store closures, such as the 150 locations slated to close by 2026. Despite its national scale, the transition to the Macy's nameplate was not always welcomed; customers in cities like Chicago and Pittsburgh resisted the loss of historic local brands like Marshall Field's and Kaufmann's.

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