I Would Like to Talk About Return Marshall Field's to State Street in Chicago

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Macy’s 2021 Annual Shareholders Meeting Questions: I would like to talk about return Marshall Field's to State Street in Chicago. Macy's is New York City and not Chicago. Marshall Field's was a civic prize and world-renowned store synonymous with Chicago. No visit to Chicago was complete without a trip to Marshall Field's. If there was ever a time to bring back as destination store, a place that made people want leave home, travel and shop, it is now and that store is Marshall Field's. For Macy's stockholders, there is no better use for the State Street store than to run it as Marshall Field's in name and quality. Regardless of politics, pretty much everyone agrees that Marshall Field's should return to State Street. Even friends and relatives from New York City miss coming to Chicago for the authentic and unique Marshall Field's experience. As Macy's, Water Tower Place is now gone and State Street continues to shrink. Tourists won't come for a watered-down version of an iconic store, but they will come back in droves for Marshall Field's. Department stores that are run like Field's--like London's Selfridges--still draw customers from around the world. Loyalty to Marshall Field's is STILL unparalleled. No doubt there will be fewer stores in the future, but bringing back Marshall Field's as a one-of-a-kind, world-class experience to State Street would maximize and strengthen Macy's stockholder value and strengthen its balance sheet and reputation. Everybody still wants Marshall Field's at State Street. World-wide, Field's remains Chicago's best-known retail experience. In a post-COVID world, restoring Marshall Field's is the best way to bring back both local and tourist shoppers. Restoring Field's would be the highest and best use of this iconic asset and would make Macy's, Inc. the envy of every other retailer and Wall Street. Answer: As it relates to our State Street location, we have no plans to change names. We completed the development, in which we partnered with Brookfield, retaining the fantastic retail environment of the store while bringing more vibrancy to the area through the mixed use development on the upper floors. During this development work, we maintained and protected the many wonderful features of the building including the Tiffany ceiling and Burnham Fountain. Our work of cleaning and repair of the building exterior, which we obtained additional funds for last year, is complete on the State Street side with the façade work to be completed by the end of 2021. We will also continue with the great traditions at State Street including the Great Tree in the Walnut Room. We’re committed to Macy’s State Street and appreciate your support. .

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Marshall Field's Department Store
Marshall Field’s Department Store – A Chicago Landmark Long before Nordstrom’s developed their “easy return” policy, Marshall Field’s was famous for their unconditional returns. The upscale department store of the gilded age is also credited with the retail dictums “Give the Lady What She Wants” and “The Customer Is Always Right.” On October 8, 1871, when the great Chicago fire broke out, company officials and employees worked round the clock to remove as much merchandise as possible, eventually working by the light of the approaching fire. When the city waterworks burned, any hope of saving the store was lost. So much merchandise had been saved, however, that the store was able to reopen temporarily in a horse car barn. I include the history because If you don’t understand how Marshall Field’s has been essential to Chicago for over a century, you can’t appreciate the disappointment people felt when it was purchased by Macy’s in 2005 and the name was changed. Chicagoans mourned the loss of a grand tradition. When I was a child, it was a huge treat to travel downtown to see their Christmas windows, and the tradition of the three story (45 ft) Christmas tree still prevails. As a child, you would nearly fall over trying to view the decorations at the very top. If we were “very good” (translation – when mom was exhausted) we might get to eat in the cafeteria, then naturally, rush to chocolate kitchen on the seventh floor to watch workers box Frango mints, while we inhaled the rich aroma of chocolate.
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[OWNER of PROPERTY Contact: Joseph A
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