Reconstrucción de Macy's: ¿el gigante de la venta al por menor está listo para un crecimiento sostenible en 2026?

The retail landscape is littered with cautionary tales of once-dominant brands failing to adapt to shifting consumer habits and digital disruption. Yet, Macy's (M) is defying the odds. With a 47.56% year-to-date stock return as of November 26, 2025, and a 3.2% same-store sales surge in Q3 2025-the strongest in 13 quarters-the company is showing signs of a hard-earned turnaround. But is this momentum sustainable? Let's dissect the strategic moves, macroeconomic tailwinds, and risks that could determine whether Macy's can cement its revival in 2026.

Strategic Reinvention: From Store Closures to Luxury Leverage

Macy's "Bold New Chapter" strategy, launched in February 2024, has been a masterclass in ruthless efficiency. By shuttering 64 underperforming stores as of November 2025, the company has reallocated $600–700 million in savings to modernize its remaining 350 locations according to Q3 2025 results. These "Reimagine 125" stores, featuring enhanced service, curated product assortments, and tech-driven experiences, delivered 2.3% same-store sales growth on an owned basis in Q3 2025. The results are clear: streamlining the footprint is paying off.

But the real magic lies in Macy's pivot toward high-income consumers. Its luxury banners-Bloomingdale's and Bluemercury-are outperforming the core business. Bloomingdale's, for instance, noted a staggering 9% same-store sales growth in Q3 2025, a testament to its appeal in a K-shaped economy where affluent shoppers continue to splurge on luxury goods. Meanwhile, Bluemercury, the prestige beauty division, has delivered 1.1% comparable sales growth in Q3 2025, extending its 16-quarter winning streak. These brands are not just growth drivers-they're proof that Macy's is successfully repositioning itself as a curator of aspirational retail, not just a discount department store.

Macro Tailwinds: A K-Shaped Economy and Digital Resilience

The broader economic backdrop is working in Macy's favor. In a K-shaped recovery, where high-income households continue to spend while lower-income consumers tighten belts, luxury and beauty segments are thriving. Bloomingdale's 9% growth and Bluemercury's 1.1% increase align perfectly with this dynamic. Moreover, Macy's digital commerce arm is gaining traction, with e-commerce now accounting for a growing share of sales. This hybrid model-blending physical store revitalization with digital convenience-positions the company to weather both economic cycles and shifting consumer preferences.

Risks on the Horizon: Tariffs, Tariffs, and Tariffs

No turnaround story is without its shadows. Macy's has acknowledged ongoing tariff pressures as a headwind, particularly for its imported goods. While the company has managed to stabilize gross margins, rising costs could erode profit margins if tariffs persist. Additionally, the holiday season-a critical revenue driver-remains a wildcard. Despite raising full-year 2025 guidance, Macy's has issued a cautious outlook for the holidays, citing macroeconomic uncertainty. Investors must weigh these risks against the company's progress.

The Verdict: Buy the Momentum, But Stay Vigilant

Macy's has made remarkable strides in 2025. Its stock's 47.56% YTD return reflects investor confidence in CEO Tony Spring's strategy, which has transformed the company from a cautionary tale to a case study in retail reinvention. The combination of store closures, luxury brand leverage, and digital investments has created a leaner, more agile Macy's. However, the road ahead isn't without potholes. Tariff risks and economic volatility remain, and the company's long-term success will depend on its ability to sustain same-store sales growth beyond 2025.

For investors, the question isn't whether Macy's has turned a corner-it has. The question is whether you're ready to bet on its next chapter. With a P/E ratio of 13.13 and a dividend yield of 3.06%, the stock offers both growth and income potential. If you're bullish on the U.S. consumer's appetite for luxury and beauty, and confident in Macy's ability to navigate macroeconomic headwinds, now may be the time to act.