What a difference a few years can make. Macy's (NYSE: M), a one-time poster boy for the retail apocalypse, saw its share price not only grow across 2025 (by over 30%) but also convincingly outperform the broader market as the bellwether S&P 500 index increased at a 16% clip. That was the first year since 2022 that the stock has achieved either feat.
Macy's was something of a cautionary tale for much of this decade. What went right for the famous retailer in 2025 to turn investor sentiment around so dramatically? Let's explore.
For a time in 2024, it appeared as if Macy's would be sold. Two strategic investors, Arkhouse Management and Brigade Capital Management, teamed up and began accumulating Macy's shares in late 2023. Drawn by Macy's considerable real estate holdings, the pair subsequently made increasingly pricey bids to buy the company. All were effectively rejected.
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