Macy's to Open Two New Stores in the Chicago and Milwaukee Markets
CINCINNATI--(BUSINESS WIRE)-- Macy's, Inc. (NYSE:M) today announced it will open two new Macy's stores - one each in the Chicago and Milwaukee markets. Both are in shopping centers being redeveloped by Simon Property Group.
-- A one-level, 140,000-square foot Macy's in Gurnee Mills in Gurnee, IL, will open in spring 2013. A former Circuit City store in this center will be razed, with a new Macy's built in its place as part of an updating and upgrading of Gurnee Mills. -- A two-level, 150,000-square-foot Macy's in Southridge Mall in Greendale, WI, will open in spring 2012. This is a former's Younker's location that has been sub-divided in recent years for various specialty retailers. The building will undergo a significant remodeling before re-opening as Macy's as part of a renovated Southridge Mall.
Both Macy's stores will offer a full range of apparel and accessories for women, men and children, as well as housewares, home textiles and luggage. The Gurnee Mills and Southridge stores are expected to employ approximately 200 and 160 associates, respectively.
"Chicago and Milwaukee are both very important Macy's markets where we believe we have untapped potential for growth. With new stores in Gurnee Mills and Southridge, we can serve a larger number of customers with the localized assortments, distinctive fashion, obvious value and exciting shopping experience for which Macy's is known," said Ron Klein, Macy's chief stores officer. "We look forward to getting to know the communities and customers served by these two well-positioned shopping centers."
Macy's, Inc., with corporate offices in Cincinnati and New York, is one of the nation's premier retailers, with fiscal 2010 sales of $25 billion. The company operates about 850 department stores in 45 states, the District of Columbia, Guam and Puerto Rico under the names of Macy's and Bloomingdale's, as well as the macys.com and bloomingdales.com websites. The company also operates four Bloomingdale's Outlet stores.
All statements in this press release that are not statements of historical fact are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are based upon the current beliefs and expectations of Macy's management and are subject to significant risks and uncertainties. Actual results could differ materially from those expressed in or implied by the forward-looking statements contained in this release because of a variety of factors, including conditions to, or changes in the timing of, proposed transactions, prevailing interest rates, changes in expected synergies, cost savings and non-recurring charges, competitive pressures from specialty stores, general merchandise stores, manufacturers' outlets, off-price and discount stores, new and established forms of home shopping (including the Internet, mail-order catalogs and television) and general consumer spending levels, including the impact of the availability and level of consumer debt, the effect of weather and other factors identified in documents filed by the company with the Securities and Exchange Commission.
(NOTE: Additional information on Macy's, Inc., including past news releases, is available at www.macysinc.com/pressroom).
Source: Macy's, Inc.
Released May 23, 2011