Macy’s will invest $400 million in a remodel of its flagship store at Herald Square in New York.
The anticipated four-year project will include additional selling space for expanded assortments and upgraded presentations in key merchandise categories, the company said, including shoes, handbags, cosmetics and fashion brands.
Work will begin early next spring and continue in phases through the fall of 2012. The majority of every floor, virtually every department and the exterior of the building will be improved over the life of the project. The store will remain open and operating during construction, with the location of some departments shifting temporarily as work progresses.
“The excitement, size and scale of this remodel reinforces our conviction that Macy’s Herald Square is and will remain a retail store in a class by itself. It is our company’s most productive store, and experience shows that improvements in this location consistently result in higher customer traffic and sales volume. Our upcoming top-to-bottom remodel represents an investment in the future growth of our business,” said Terry J. Lundgren, Macy’s, Inc. chairman, president and CEO.