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4-Traders Homepage  >  Equities  >  Nyse  >  Macy's Inc    M

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Macy's, Inc. : Monumental Makeover in Store for Famous Flagship as Construction of the World's Largest Shoe Floor Begins March 12

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03/12/2012 | 09:05am CET

Floor to feature first-ever Coffee, Champagne and Chocolate Bar

Macy's Herald Square Reinvents Itself with Remodel First Phase to Bring Redesigned Store Levels and Entrances by Fall 2012

Macy's Herald Square (NYSE:M), New York City's most iconic department store, is undergoing a monumental makeover with the ground-breaking for the World's Largest Shoe Floor beginning today. With the first phase of a four-year renovation project of the famous flagship now underway, 300,000 pairs of shoes will step into a brand-new 63,000 square foot space (retail and stock) in the Broadway building, making the shoe floor on 2 the "must-shop" destination of the fall 2012 season. Taking the shopping experience to a new level, the second floor space will feature brand-new luxury shoe shops, a designer shoe salon, and curated shoe closets inspired by New York City's trendiest neighborhoods. While shopping for shoes, customers can indulge their senses with the best champagne from around the world at the store's new, stylish coffee, champagne and chocolate bar within the space.

Macy's Herald Square to debut the World's Largest Shoe Floor in fall 2012 with over 300,000 pairs of ...

Macy's Herald Square to debut the World's Largest Shoe Floor in fall 2012 with over 300,000 pairs of shoes moving into a brand new 63,000 square-foot space. (Photo: Business Wire)

With the construction of the shoe floor, Macy's Herald Square enters the first phase of a renovation project that will continue through November 2012 bringing dramatic changes to the Main Floor, Mezzanine and Second Levels, and all Broadway entrances. Announced in November 2011, the renovation will be one of the biggest retail remodels ever with the Manhattan flagship ultimately undergoing a total top-to-bottom transformation. The multi-year, multi-million dollar ($400 million) renovation project will reconfigure the legendary landmark through architectural and technological enhancements adding an extra 100,000 square feet of selling space. Increasing its retail space to 1.2 million square feet, the store will bring in new departments, dining destinations and multi-level shops offering the world's leading luxury brands, as well as establishing the World's Largest Shoe Floor for a unique shopping experience found only at the World's Largest Store.

Main Floor construction is scheduled to begin the following week (week of March 19) with the Main Broadway entrance to the store expected to close on March 19. Both 34th and 35th Street entrances will also close in the coming weeks and will re-open to the public before the holiday season. An exciting and visually spectacular shopping environment will be created when the Main Floor unveils a "street of shops" that will frame the world-famous Broadway entrance by early fall. During construction the store will remain open to service customers.

Macy's Herald Square District Vice President, Patti Lee notes that, "Macy's Herald Square is one of the most visited and shopped department stores in New York City with 20 million visitors each year. Our customers have started to see their favorite departments move to new locations so that we can begin the actual construction of the extensive renovation project. We'll work to minimize the disruption to our customers by adding a team of information ambassadors at our entrances to help them navigate the store." She adds, "We ask for our customers' patience during the renovation process as we create a more dynamic shopping experience for them with the introduction of new brands, shops and restaurants."

For construction to begin, the planning and physical moves of high-traffic departments have been months in the making. Main Floor departments such as Fragrances, Handbags, Watches and Menswear will be relocated to new locations. To make way for the World's Largest Shoe Floor, the second floor, which currently houses the store's Impulse department, will relocate collections and shops to Floors 3, 4, and 5. Fashion favorites including Bar III, Denim & Supply, INC International Concepts, Rachel Rachel Roy, Tommy Hilfiger, among others will all move to 3, while active wear and contemporary denim will set up shop on Floors 4 and 5.

Women's Shoes, currently located on two separate floors (4 and 5) in the Seventh Avenue building and totaling approximately 54,000 square feet, will be housed in one architecturally grand space that will increase by 9,000 square feet following the renovation. The new second floor space will feature 39,000 square feet of continuous selling space and approximately 24,000 square feet devoted solely to stockrooms housing the season's best fall footwear. Setting the stage for the ultimate shoe shopping experience, the shoe floor on 2 will continue to feature an incomparable selection of Macy's most popular designer brands, while offering shoe shops from Calvin Klein, Coach and Michael Kors, among others. Luxury brands will also move into the brand new space to offer an unparalleled assortment for customers.

About Macy's

Macy's, the largest retail brand of Macy's, Inc., delivers fashion and affordable luxury to customers at more than 800 locations in 45 states, the District of Columbia, Puerto Rico and Guam. Macy's stores and macys.com offer distinctive assortments including the most desired family of exclusive and fashion brands for him, her and home. Macy's is known for such epic events as Macy's 4th of July Fireworks® and the Macy's Thanksgiving Day Parade®, as well as spectacular fashion shows, culinary events, flower shows and celebrity appearances.

For Macy's media materials, images and contacts, please visit our online pressroom at www.macys.com/pressroom.

Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=50199705&lang=en

Media:
Macy's
Elina Kazan, 646-429-7448
elina.kazan@macys.com
or
Deanna Williams, 646-429-7458
deanna.williams@macys.com


© Business Wire 2012
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Financials ($)
Sales 2017 26 001 M
EBIT 2017 1 962 M
Net income 2017 916 M
Debt 2017 6 276 M
Yield 2017 3,50%
P/E ratio 2017 16,73
P/E ratio 2018 12,02
EV / Sales 2017 0,75x
EV / Sales 2018 0,77x
Capitalization 13 199 M
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Average target price 43,0 $
Spread / Average Target -0,42%
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Terry J. Lundgren Chairman & Chief Executive Officer
Jeffrey Gennette President & Director
Karen M. Hoguet Chief Financial Officer
Sara L. Levinson Independent Non-Employee Director
Craig E. Weatherup Independent Non-Employee Director
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