Macy's: a short bio

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Macy's: a short bio

Macy's is an American department store chain, founded in 1858 by Rowland Hussey Macy. In 1994 it became a division of the Dayton based Federated Department Stores, of which it became affiliated with Bloomingdale's department store chain; of 2007 the parent company was renamed Macy's, Inc. As of 2015, Macy's is the top U.S. department store chain by price sales. As of February 2019, 584 full-line stores with the Macy's nameplate is in operation in the U.S., Puerto Rico and Guam. The flagship store is located in Manhattan Borough, at Herald Square in New York City. The company had 130,000 employees as of 2017, and posted annual revenues of $24.8 billion. Macy's hosts the annual Macy's Thanksgiving Day Parade in New York City since 1924 and sponsors the area's annual Fourth of July fireworks display since 1976. The Herald Square of Macy is one of the biggest department stores in the country. The flagship store in New York City occupies almost a whole block, includes around 1.1 million square feet of retail space, offers additional office and storage services, and acts as the location for the Thanksgiving Day parade. The value for Herald Square was valued at around $3 billion. Rowland Hussey Macy opened four dry-goods department stores from 1843 to 1855. Another was Macy's first store in downtown Haverhill, Massachusetts; it opened in 1851 to support the workers of the milling industry in the city. They all collapsed but he learned from his errors. Macy moved to New York City in 1858 to establish a flagship store on Sixth Avenue, between 13th and 14th Avenues, named "R. H. Macy & Co." Place was just north of where at the time there were other dry goods shops. The company's first day of service on October 28, 1858, sales totaled $11.08, equivalent to $347.23 of 2020. The Macy's logo featured a star from the start, which came from a tattoo that Macy got as a youth while working on an Emily Morgan, a whaling ship from Nantucket. In the 1960s Macy's opened a store at Queens Boulevard in Elmhurst, Queens Borough, New York City. This resulted in a round department store on 90 per cent of the property, with a small private house at the corner being a Queens resident refusing to sell their land to Macy despite the corporation's $200,000 offer. Mary Sendek, who owned the tiny house, was the only one who declined the corporation's offer and lived at Queens Boulevard's home until her death. Macy's no longer owns this building directly, but now houses the Queens Place Store, which instead moves the entire store to the nearby Queens Centre. On January 8, 2020, Macy's announced it would close 29 underperforming stores. At the end of January 2020, Macy's began searching for a luxury fashion shop focused on "apothecary," which would concentrate on beauty and wellness products, which will feature a cafe which restaurant in the wealthy neighbourhood of Southlake, Texas. On February 4, 2020, Macy's announced it will close down a total of 125 stores over the next three years including the stores that had been disclosed earlier in January. These supermarkets have an annual profits of about $1.4bn in exchange for the gain of $23.2bn to $23.9bn by concentrating on being leaner, more nimble and more competitive retail chain. By 2022 Macy's will start closing down department stores and eliminating jobs. It also expected to launch 4-5 "Shop by Macy's" locations by the end of 2020, small scale sites about 15,000 sq ft, and 7 freestanding Macy's Backstage sites. Macy's revealed in March 2020 that it would shutter all stores, including Bloomingdales, temporarily until March 31 to further support the introduction of COVID-19.

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