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Macy's Considers Redeveloping Flagship State Street Store

The company said in a release it has “begun a process to explore joint ventures or other deal structures with third parties to redevelop” flagship spaces

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    Macy’s announced Wednesday that it is considering redeveloping its flagship State Street store in Chicago, among others.

    The company said in a release it has “begun a process to explore joint ventures or other deal structures with third parties to redevelop” flagship spaces in Chicago, Manhattan, San Francisco and Minneapolis.

    The redevelopment would be done in “a manner that maintains a robust Macy’s retail store presence while also bringing alternative use into those buildings,” Macy’s said.

    The announcement came as Macy’s revealed its third-quarter financial results.

    “We are disappointed that the pace of sales did not improve in the third quarter, as we had expected,” Terry J. Lundgren, chairman and chief executive officer of Macy’s, Inc., said in a statement. “Spending by domestic customers remained tepid, especially in key apparel and accessory categories. Simultaneously, the slowdown in buying by international visitors continued to significantly impact Macy’s and Bloomingdale’s stores in tourist centers, which are some of our company’s largest-volume and most profitable locations.”

    The company announced in September it planned to close 35 to 40 locations in early 2016, or as much as 5 percent of its namesake department stores.  

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