Macy's to Build New Store in Salt Lake City Market

CINCINNATI--(BUSINESS WIRE)--

Macy's, Inc. M today announced it will build a new Macy's store at Fashion Place in Murray, UT, one of the Salt Lake City area's premier shopping, dining and entertainment destinations. Construction will begin in early 2016 after the former Dillard's building is razed, with an opening planned for spring 2017.

The new Macy's will be a 160,000-square-foot, two-level store with a full range of apparel and accessories for women, men and children, as well as home merchandise. A much smaller Macy's (of 26,000 square feet) closed in 2014 as part of a major redevelopment of Fashion Place, which is owned by General Growth Properties, Inc.

Macy's currently operates six stores in Utah, including four locations in the Salt Lake City market. The new Macy's store is expected to employ approximately 150 associates.

"Fashion Place is an outstanding shopping destination in one of America's fastest-growing regions, and we look forward to returning with a larger and more modern store that will offer the best of Macy's," said Jeff Kantor, Macy's chief stores officer. "Our approach will be to serve customers with a tailored merchandise assortment and shopping experience that meets the particular needs and preferences of our Utah customers."

Macy's, Inc., with corporate offices in Cincinnati and New York, is one of the nation's premier retailers, with fiscal 2014 sales of $28.105 billion. The company operates about 885 stores in 45 states, the District of Columbia, Guam and Puerto Rico under the names of Macy's, Bloomingdale's, Bloomingdale's Outlet and Bluemercury, as well as the macys.com, bloomingdales.com and bluemercury.com websites. Bloomingdale's in Dubai is operated by Al Tayer Group LLC under a license agreement.

All statements in this press release that are not statements of historical fact are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are based upon the current beliefs and expectations of Macy's management and are subject to significant risks and uncertainties. Actual results could differ materially from those expressed in or implied by the forward-looking statements contained in this release because of a variety of factors, including conditions to, or changes in the timing of, proposed transactions, prevailing interest rates and non-recurring charges, competitive pressures from specialty stores, general merchandise stores, off-price and discount stores, manufacturers' outlets, the Internet, mail-order catalogs and television shopping and general consumer spending levels, including the impact of the availability and level of consumer debt, the effect of weather and other factors identified in documents filed by the company with the Securities and Exchange Commission.

(NOTE: Additional information on Macy's, Inc., including past news releases, is available at www.macysinc.com/pressroom).

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