Macy’s Flagship Store On 34th Street is getting a $400 million makeover. The four-year renovation project will be completed in 2015 and will add 100,000 square feet of retail space to the store, bringing the total retail space in the store to 1.2 million square feet.
The renovation project will also redo the store’s 111-year-old façade and add 47,000 square feet of new marble, the New York Times reported. “To continue to grow the brand, we needed to elevate the store experience,” Terry Lundgren, the store’s CEO, told the newspaper. “That meant adding new brands and creating a luxury component that we didn’t have before.”
Macy’s, which also owns Bloomingdale’s, had a tough second quarter, according to the Times, with its reported earnings of $281 million falling well short of analysts’ expectations for the first time in more than six years. [NYT] – Hiten Samtani