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SENSOR TOWER · SEEMA SHAH · DECEMBER 2023
Macy’s Gets a Bid, Despite Struggle Against Competition
Macy's surprise buyout offer by a private investor group has surprised the retail industry. Despite Macy's weak sales and profit growth, investors may be interested in leveraging Macy's real estate portfolio. However, they should also consider Macy's underperforming operations amidst the evolving retail landscape, as shown by declining downloads and MAU growth for the Macy's app per Sensor Tower data.
Key Takeaways:
Per Sensor Tower estimates, department stores’ share of US downloads fell to 5% through YTD 2023 from 10% and 16% in 2022 and 2019 (pre-pandemic), respectively. Macy’s download growth fell 25% YoY in 3Q23, or an average drop of 17% YoY from 4Q22 to QTD 4Q23, while MAUs fell 6% YoY in 3Q23
Macy’s has pulled back on US ad spend through 2023 YTD, according to estimates from Pathmatics by Sensor Tower. Macy’s US ad spend spend declined -5% YoY and was the only brand to exhibit a material decline in spend across the studied cohort of fashion retailers
Kohl’s is the largest advertiser across the cohort, followed by Macy’s, as the two brands have the highest annual digital ad spend, averaging 25% and 23% of spend across the fashion retailer cohort since 2021, respectively
Shein and Temu are rapidly expanding as US consumers are prioritizing low-cost clothing options. PM by ST data shows that both brands spent nearly 4x more on US ad spend in 2023 than Macy’s
Chinese retailers’ ability to drive engagement has been a key driver of growth, with time spent on those apps averaging 29 min/wk compared to 12 min/wk for Macy’s and Kohl’s in QTD 4Q23. If users are more engaged with an app, they are often more likely to make a purchase
For more information, request the full report from reports@sensortower.com.
