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After much discussion and speculation of a recession induced delay, Macy's has officially confirmed that the iconic Herald Square flagship will undergo a massive renovation. Buzz on the street is that the planned full-on "top-to-bottom" renovation include the infrastructure, all the selling floors and the facade and entrances. The vision for the main entrance is a transparent front to showcase all the hustle and bustle inside. The Herald Square location comprises a mind-blowing million square feet of selling space, so the renovations are expected to take multiple years to complete. Macy's executives will not indulge us with the price tag of the makeover, but WWD estimates it to run into the hundreds of millions. So far, no official word on the fate of the combustible vintage escalators though.
· Macy's Outlines Revamp of Flagship [WWD, subscription req'd]
· Macy's Contemplates a Facelift for Its 108th Birthday [Racked]