Once known more for Miracle on 34th Street than retail, Macy’s gained national prominence through aggressive expansion from 1994 to 2007, replacing beloved local brands like Marshall Field’s.
From 2008 onward, it began closing stores, and by 2024, it planned to shutter 150 underperforming locations. Despite retail decline, Macy’s is leaning on its valuable real estate—worth an estimated $10.5 billion—including its $3B Herald Square flagship. A rejected $6.9B takeover bid in 2024 underscored investor interest in these assets, as Macy’s shifts focus from stores to strategic property use.
