Macy’s Credit Rating & NNN Cap Rate Analysis (2026)

Macy’s Business Overview & NNN Investment Profile

Macy’s, Inc. describes itself as one of the nation’s largest retailers, with 665 locations across the Macy’s, Bloomingdale’s and Bluemercury banners at January 31, 2026 (Form 10-K). The New York City-based company is executing a major strategic transformation: its “Bold New Chapter” plan, announced February 27, 2024, includes closing approximately 150 underproductive Macy’s locations through 2026 while prioritizing investment in approximately 350 “go-forward” Macy’s locations and expanding the Bloomingdale’s and Bluemercury brands. Macy’s also owns much of its real estate: at January 31, 2026, it owned 243 of its 665 locations outright and owned the building on leased land at 79 more, and it reported no mortgages on its owned properties (Form 10-K).

Macy’s Credit Rating Analysis

Macy’s BB+/Ba1 ratings come as the company carries out its Bold New Chapter strategy, and its debt has been downgraded before: its Form 10-K states that a downgrade in the ratings assigned to its debt “has and may continue to negatively impact” its access to the debt capital markets and increase its cost of borrowing. The company says it is closing unproductive Macy’s stores to focus resources and investments on its go-forward business (Form 10-K).

Source: S&P Global Ratings BB+, Stable, as of January 31, 2026; Moody’s Ba1, Stable, as of January 31, 2026; Fitch Ratings BBB-, Stable, as of January 31, 2026. Ratings checked October 8, 2026.

Macy’s has also sold real estate, recording gains of $48 million in fiscal 2025 and $144 million in fiscal 2024, mainly from monetizing non-go-forward store locations (Form 10-K).

Macy’s NNN Lease Structure: The Complexity

Macy’s real estate structures vary. Of its 665 locations at January 31, 2026, the company owned 243, leased 340, owned the building on leased land at 79 and partly owned and partly leased 3, and shopping center agreements obligate it to operate certain stores for periods of up to 15 years (Form 10-K). For any Macy’s lease, including one created in a sale-leaseback, confirm the tenant entity, any Macy’s, Inc. guaranty and the lease term. Investors must carefully distinguish between a genuine NNN lease, a ground lease, and an anchor co-tenancy structure when evaluating any Macy’s property.

Macy’s NNN Cap Rate & Pricing Trends

Live asking cap rates for Macy’s and comparable tenants:

Active listings InvestmentGrade.com tracks with an asking cap rate (stated in the listing, or computed from its stated income and price when no rate is stated), listings last observed October 16, 2026. Asking cap rates are not closed-sale cap rates. The middle half is the range from the 25th to the 75th percentile of listings. The 10-year Treasury yield is 5.24% as of October 1, 2026 (FRED series DGS10). Ratings are the agency ratings in our ratings database for the entity shown, which may be a parent company; the rating type (for example issuer, senior unsecured debt, long-term debt or revenue bond ratings) varies by company and is shown on each tenant page. A rating applies to a lease only if the rated entity signs or guarantees it, so confirm the tenant and any guarantor in the lease. n/a means no verified rating is on file. Not shown because fewer than 3 active listings with a published cap rate were observed: Macy's, Dillard's, Nordstrom.

The BB+/Ba1 ratings and the closure program may affect pricing. The live table shows a Macy’s median only when at least three of its active listings have a published asking cap rate; compare any offer with the tenants it shows.

Macy’s NNN Investment: Pros & Cons

Comparable NNN Tenants