Macy's Wants to Redevelop Chicago Flagship Store
Macy's is reportedly considering redevelopment options for its Chicago flagship store at 111 N State. (Meanwhile, some Chicagoans are still calling it Marshall Field's.)
Macy's says there are no definite plans in place for the State Street store, and three other flagship stores in Manhattan, Minneapolis and San Francisco. But a disappointing Q3 earnings report has the Cincinnati-based company considering other areas of generating revenue. One activist investor, Starboard Value, has pressured Macy's for months to sell its real estate assets, which are valued at $21B.
One thing is for certain: there's plenty of space at the location to redevelop. Macy's uses the lower level through the eighth floor for retail. The ninth floor is a private events space, and the top four floors house Macy's storage and office space. The Daniel Burnham-designed building is the Loop's largest retail property. [Trib]
