Pros
Employee discount available at Macy's and Bloomingdale's, sample sales every season, respected training program, able to open lots of doors elsewhere in the industry. Depending on your division, team, and merchant counterparts, you could have a great job working with great people who are helping you to grow, yet allowing you to maintain a good work/life balance.
Cons
On the flip side, you could work with very confrontational people who aren't willing to take the time to train you in the business, who make you a scapegoat for everything, and who take credit for things you did. I worked with a great team and a horrible team. General advice: avoid inventory management. Everyone currently in inventory management is trying to get out or just barely started. Most of these openings are filled from people outside the company because very very few people are willing to apply from within. Part of this is due to the boring troubleshooting/execution aspect of inventory management. Another part is having to deal with merchant counterparts who are terrible to partner with. Also, Macy's has a well-deserved reputation for being the lowest-paying company in the industry.