The store on State Street in Chicago has been a symbol of business for over 100 years. Until nine years ago the building in the Loop housed a Marshall Field’s sign before switching to its new owner, Cincinnati-based giant retail chain, Macy’s. Now this grandfather of retail, and the inventor of the department store, says it is considering different ways to redevelop four of its flagship locations, including the one that takes up an entire block at 111 North State Street.
“We are just beginning an exploration to see what else we can do with the underutilized space in the building beyond the store,” Macy’s spokeswoman Andrea Schwartz said. “We have no pre-determinations at this point, except for the fact that this is a successful Macy’s store that will remain at this location.”
The announcement was made simultaneously with posting their disappointing third quarter data. The company would like to explore more creative ways to generate more income, with the possibility of monetizing its real estate.
Macy’s spokesman said that the redevelopment of the four flagship stores would be done in a way that “maintains a robust Macy’s retail store presence while also bringing alternative use into those buildings.” This could include joint venture projects “or other deal structures with third parties.”