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Macy’s Real Estate Plans: Six Steps Back, Nine Steps Forward

January 9, 2013
Macy’s Inc.’s real estate plans for 2013 include six store closures, nine openings and the consolidation of two stores in one market.

Once all of these changes have been implemented, Macy’s will operate 798 stores in 45 states, the District of Columbia, Puerto Rico and Guam. Bloomingdale’s will have a total of 37 full-line and home stores, as well as 13 Bloomingdale’s Outlet stores.

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"We remain committed to operating a successful and growing stores business as part of our company’s Omnichannel strategy for serving customers wherever, whenever and however they prefer to shop,” said Karen M. Hoguet, chief financial officer of Macy’s Inc. “This leads us to open new stores where we see the opportunity to fill gaps in important markets, as well as to make the tough decision to selectively close underperforming stores that no longer meet our performance requirements or where leases are not being renewed.”

The company will close the following six stores in early spring 2013.
· Fashion Show Home Store (Bloomingdale’s), Las Vegas, NV (99,000 square feet; opened in 2002; 35 associates).
· Paseo Colorado (Macy’s), Pasadena, CA (158,000 square feet; opened in 1980; 116 associates);
· (Macy’s)Belmont, MA (75,000 square feet; opened in 1978; 101 associates);
· (Macy’s)Downtown Honolulu, HI (80,000 square feet; opened in 1850; 91 associates);
· (Macy’s)Downtown St. Paul, MN (362,000 square feet; opened in 1963; 153 associates);
· (Macy’s)Downtown Houston, TX (791,000 square feet; opened in 1947; 138 associates).

Planned Macy’s Openings
· Mall of Victor Valley, Victorville, CA (103,000 square feet; to open spring 2013; 140 associates);
· Gurnee Mills, Gurnee, IL (140,000 square feet; to open in fall 2013; 200 associates);
· Mall at Bay Plaza, The Bronx, NY (160,000 square feet; to open in fall 2014; 225 associates);
· University Town Center, Sarasota, FL (160,000 square feet; to open in fall 2014; 175 associates);
· Shops at Summerlin, Las Vegas, NV (180,000 square feet; to open in fall 2014; 160 associates).

An all-new Macy’s store is being built in Westfield South Shore in Bay Shore, NY (200,000 square feet; to open in fall 2013) to replace an older store in the same shopping center.

Macy’s is also expanding its presence in Fashion Show in Las Vegas with a new Macy’s Men’s Store (105,000 square feet; to open in spring 2013) and a significantly remodeled main store. The current Macy’s Fashion Show workforce of 495 associates is expected to expand to 560 associates by the end of 2013.

A new Bloomingdale’s store is being built in Glendale Galleria in Glendale, CA (120,000 square feet; to open in fall 2013; 175 associates).

In addition, an all-new Bloomingdale’s is being built in Stanford Shopping Center in Palo Alto, CA (120,000 square feet; to open in spring 2014) to replace an older store in the same shopping center.

A new Bloomingdale’s Outlet store will open in fall 2013 in Fashion Outlets Chicago now being built in Rosemont, IL. It will be about 25,000 square feet and employ 55 associates. This new location will bring to 13 the total number of Bloomingdale’s Outlets, a new concept launched in fall 2010. Four were opened in 2010, with another three added in 2011 and five added in 2012.

Macy’s also intends to consolidate its two separate stores in Ridgedale Center in Minnetonka, MN, into one expanded location beginning in early 2014. The current 202,000-square-foot Macy’s main store will be expanded and upgraded by 84,000 square feet, with construction beginning in June 2013. When this project is completed in early 2014, the men’s and home businesses currently in a separate 129,000-square-foot building will move into the main Macy’s store.

The smaller building at Ridgedale Center will be closed and acquired by General Growth Properties for redevelopment.

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