Atlanta, GA Building on a nearly decade-long relationship, Macy's, Inc. and Citi Retail Services are today announcing the early renewal and long-term extension of their credit card services agreement. This new agreement, to run through March 2025, with substantially similar financial terms, will further solidify the strong relationship between one of the nation's premier omnichannel retailers and the preferred provider of retail credit products and analytical solutions.
"Both organizations see this early renewal as a way of further strengthening and enhancing this already great partnership which began in 2005," said Citi Retail Services' CEO Bill Johnson.
As part of this agreement, Macy's will leverage Citi's credit card systems. "This move will provide enhanced efficiency and effectiveness while facilitating advanced analytics to support sales growth for the iconic Macy's and Bloomingdale's brands for years to come," Johnson added.
"We are pleased to continue this very important partnership with Citi," said Karen Hoguet, chief financial officer of Macy's Inc. "Our proprietary and co-branded card programs provide many valuable benefits to cardholders and strengthen the loyalty and engagement of the customers who shop Macy's and Bloomingdale's stores, websites and mobile apps."
The original agreement had been set to expire in 2016. The new agreement is effective immediately.
Citi Retail Services, a unit of Citi, has worked for nearly three decades with leading companies to help them grow their businesses. Retail Services, which has renewed four contracts with existing partners and added two new relationships in the last 18 months, is a top provider of private label and co-branded card products to U.S. retailers and their customers. It also delivers retail industry expertise and insights, including transaction data analytics and fully integrated marketing and loyalty programs, to help retailers expand and deepen customer relationships. The business services nearly 90 million accounts for a number of iconic brands, including Best Buy, ExxonMobil, Macy's, Sears, Shell and The Home Depot.
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
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