Macy’s 2021 Annual Shareholders Meeting

Questions:

I would like to talk about return Marshall Field's to in . Macy's is 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 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 --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.