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Macy's: State St. Store 'Doing Badly'

The parent company of Macy's acknowledged Friday that its State Street department store, flagship of the former Marshall Field's chain, is 'doing badly.'

Since replacing the green Field's awnings across the upper Midwest with the Macy's name and red star in September, Federated Department Stores Inc. has been on a mission to win over Chicago-area shoppers, many of whom were attached to the hometown Field's brand and unfamiliar with Macy's.

Federated executives have suggested at times that they were struggling with the transition, but the company does not break out revenue figures for individual stores or chains under its very large corporate umbrella. This week the company said it was disappointed with sales at the roughly dozen regional department store chains the company converted to Macy's eight months ago.

At a press conference after its annual meeting here Friday, Federated's chief financial officer, Karen Hoguet, said former Field's stores are performing no worse or better than the roughly 400 regional department stores Federated acquired from St. Louis-based May Department Stores Co. in 2005 and converted to Macy's.

But there is an exception: the Chicago store on State Street.

The landmark store, long a tourist destination, is 'doing badly,' Hoguet said, without providing specific performance data..

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Elaine Misonzhnik

Senior associate editor Elaine Misonzhnik has been writing for National Real Estate Investor since June 2006 and has covered commercial real estate for more than 12 years. She first became...
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