Business & Tech
Macy's Sells Iconic Downtown Minneapolis Store For $59 Million
The original downtown location opened as a Dayton's store in 1902 and was expanded several times until 1945.
MINNEAPOLIS, MN — Macy’s announced Wednesday the completion of the sale of its downtown Minneapolis property located at 700 Nicollet Mall. The property was acquired by 601W Companies for $59 million in cash.
601W Companies is planning a major mixed-use redevelopment for the historic building.
On Jan. 4, 2017, the company announced it had signed an agreement to sell the downtown store building. Today’s announcement is the finalization of that agreement.
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A final clearance sale in the store began on Jan. 9, 2017 and is expected to run until late March.
The company anticipates that the store will close in spring 2017.
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Going forward, Macy’s workforce in the Twin Cities area will include approximately 1,500 people, according to a news release. This includes 90 Macy’s associates working in various district offices on the upper floors of the downtown Minneapolis building who will be relocated to space in other Macy’s stores in the Twin Cities area.
"As a part of our overall real estate strategy, Macy’s has been investigating the best possible use for this property, especially given the large amount of unproductive and unused space on the upper floors," Jeff Kantor, Macy’s chief stores officer, said in a statement.
"601W Companies has an exciting vision to redevelop the building into creative office space on the upper floors and to pursue retail opportunities on the street and skywalk levels," Kantor added. "We believe this will be an outstanding addition to the downtown Minneapolis community in the heart of the city."
The original location opened as a Dayton’s store in 1902 and was expanded several times until 1945. The store was renamed as Marshall Field’s in 2001. Marshall Field’s was acquired by The May Department Stores Company in 2004 which, in turn, was acquired by Macy’s, Inc. in 2005. The Marshall Field’s nameplate was changed to Macy’s in September 2006.
The current downtown Minneapolis store workforce includes 280 employees.
Image via Google Streetview
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