Confirming rumors that the retailer had a major facelift planned for the aging 34th Street location, Macy's CEO Terry J. Lundgren outlined the revamps and expansions in store for both Macy's and Bloomingdales in an annual meeting last Friday, WWD reports.
Lundgren confirmed that the flagship -- which has already endured two fires in the past year or so -- would be undergoing a renovation, but that the plans hand't been completely finalized. As he pointed out, "You don't just [renovate] one part wihtout ripple effects." Macy's CFO, Karen Hoguet, also confirmed that, while the cost of the project was yet to be determined, they did know that the facelift would be "spectacular" and "long term."
Lundgren also confirmed what many have long suspected, that a huge amount of the retailer's recent profit (which improved markedly in Q1) was due to in-store exclusives and new partnerships -- 40 percent, according to Lundgren -- which bodes well for the department store's partnerships with Madonna and Sean John.
On the horizon for the holidays at Macy's: Holiday gift shops on the main floor of outposts from coast-to-coast, giving the other holiday markets in the city like Bryant Park and Union Square some stiff competition.