It's official: The downtown Minneapolis Macy's store will close this year.
Rumors had been swirling for a while, but the department store hadn't said anything until Wednesday. Buried deep within a long news release explaining business decisions the retailer is making, Macy's briefly mentions it has agreed to sell the space to 601W Companies. The store will close in March, the Star Tribune reports.
Apparently, the New York-based company plans on turning the upper floors into "creative office space," while leaving the street and skywalk levels open to retailers.
The property is more than 1 million square feet, and Macy's has about 280 associates.
More stores closing
Macy’s announced back in August that it will close 100 of its 728 stores around the country, but did not say which ones.
Now we know most of the stores that will be impacted. Macy's added a list of dozens of stores that will close by the end of the year. The Minneapolis one is the only store on the list in Minnesota. There are another 10 locations in the state.
Another part of the company's new business plan is to reduce costs. That includes reducing management positions and cutting down on non-payroll costs, among other things.
Opened in 1902
The site at 7th Street and Nicollet was purchased by George Dayton (the great grandfather of Gov. Mark Dayton) in the 1890s and he convinced Goodfellows Dry Goods to move into the building he constructed there in 1902.
The Minnesota Historical Society says the following year, Dayton bought out the store’s owners and put his own name on the building.
That was the start of what became the Dayton-Hudson Corporation, which eventually spun off its discount arm, Target.