There's a big sale happening at Macy's flagship right now, but it's not the kind that will save you any extra money on a new outfit. After closing 68 stores across the nation earlier this year, the retail chain is looking for new sources of revenue, so it's putting the top seven floors of the historic Marshall Field and Company Building on the market. According to the Chicago Tribune, 700,000 square feet of prime Loop real estate is being shopped to "potential buyers or joint venture partners," which could result in as much as $130 million for Macy's.
In the face of falling sales and the continued rise of online shopping, Macy's representatives have frequently mentioned the possibility of redeveloping its flagship stores over the past few years. Macy's spokeswoman Andrea Schwartz told the Tribune that the company is "still working on a plan for a downsized Macy's State Street store," while noting that the retailer intends to "keep the tradition of the Walnut Room."
Opened in 1907 in what was then Marshall Field's, the Walnut Room was the first restaurant to be opened in a department store. When Macy's acquired the building, it kept the restaurant intact and continued the tradition of erecting a Great Tree in the space during the holiday season.
While it's still unclear what changes Macy's is planning for its State Street store, the iconic building it calls home is about to get some new tenants who won't have to go far to grab a tie or some new luggage.
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