By 1870, when sales broke $1 million, a stable clientele could purchase not only dry goods, but items like men's hosiery and ties, linens and towels, fancy imported goods, costume jewelry, silver, and clocks. The new store benefited from the founder's advertising and promotion skills as well as his product line instincts. This was unusual in a day when most stores routinely sold on credit. No Macy's inventory was purchased on credit, and no Macy's credit account was issued until well into the 1950s. Macy instituted a cash-only policy not only for customers but for himself as well. Although Macy's store was situated far north of the traditional retail market, the store on Sixth Avenue near Fourteenth Street sold a healthy $85,000 worth of merchandise within one year. His previous four attempts with similar stores had failed resoundingly, culminating, with the demise of his shop of Haverhill, Massachusetts, in his bankruptcy.
Macy made his fifth attempt at opening a retail store in Manhattan in 1858.
The company also maintains two direct-to-customer retail operations: a mail-order catalog business called Macy's By Mail, and an e-commerce web site,. Macy's stores target the middle-to-higher-priced market, offering women's, men's, and children's clothing and accessories housewares home furnishings and furniture. The groups, in turn, operate approximately 187 stores located in 21 states.
and operates through two department store groups: Macy's East and Macy's West. Macy & Co., Inc.-better known as Macy's-is a subsidiary of Federated Department Stores, Inc.
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