Last month, anonymous sources and speculation from a Cincinnati business journal suggested that the downtown Minneapolis Macy's was one of the 100 shops set to close in 2017. Yesterday afternoon that prediction was confirmed by Macy's Inc.
“We are closing locations that are unproductive or are no longer robust shopping destinations due to changes in the local retail shopping landscape, as well as monetizing locations with highly valued real estate,” says CEO Terry Lundgren.
The highly valued real estate on Nicollet Mall has been purchased by a New York real-estate investment firm. It is believed that the building, which has housed a department store for over 100 years (it opened in 1902 as a Dayton's), will become office space with street-level retail.
The department store currently has around 280 employees.
“The repurposing and reimagining of the iconic old Dayton’s building, which helped define downtown Minneapolis in the 20th century, is a huge opportunity for downtown Minneapolis in the 21st century," says Minneapolis Mayor Betsy Hodges via statement. "While we will all miss Macy’s — I’ve happily spent a lot of money there — and my thoughts are particularly with Macy’s workers today, I am also excited for this next step.”
With every closing comes good deals for consumers; discounts and clearance sales are expected to start on Monday, January 9. The store is set to close in late March.
No other Minnesota Macy's are scheduled to close at this time.