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Press release from Business Wire

Macy's to Open New Las Vegas Store at Summerlin, Expand Fashion Show Mall Presence with Men's Store

Wednesday, September 19, 2012

Macy's to Open New Las Vegas Store at Summerlin, Expand Fashion Show Mall Presence with Men's Store17:07 EDT Wednesday, September 19, 2012 CINCINNATI (Business Wire) -- Macy's, Inc. (NYSE:M) today announced two store projects to enhance its presence in the Las Vegas market: Macy's will build a two-level, 180,000-square-foot store in the highly anticipated Shops at Summerlin, a new shopping venue in west Las Vegas being developed by The Howard Hughes Corporation. This will be Macy's first new full-line store to be built in the Las Vegas market since 1996, and will include fashions for women, men, children and home. Macy's store is expected to open in fall 2014, with construction beginning in fall 2013. Macy's will be an anchor of the 1.5 million-square-foot development – which will feature over 125 stores and restaurants, creating a vibrant, walkable urban core for the west Las Vegas community. The complex will be located along the Western Beltway (I-215) with access from Charleston Boulevard and Sahara Avenue. An estimated 160 Macy's associates will serve customers at the Shops at Summerlin. Macy's will expand its presence in the highly successful Fashion Show Mall on South Las Vegas Boulevard with a new two-level, 105,000-square-foot Macy's Men's Store to open in spring 2013. Today, Macy's operates a full-line store with 201,000 square feet in this mall. After an expanded men's department is moved to the new store across the mall corridor, the current main store will be significantly remodeled by fall 2013 primarily to increase selling space for women's accessories, including handbags, shoes, fashion jewelry and fine jewelry. The new Macy's Men's Store will be located in a former Robinson's-May location that currently is vacant. Macy's will occupy about half the space, with construction expected to begin in October 2012. The remainder of the vacant space will be returned to the mall owner, General Growth Properties (GGP). GGP will add approximately 68,000 square feet of leasable small shop space in the Macy's wing. New tenants are anticipated to open for business in this wing in 2013 and 2014. The current Macy's Fashion Show Mall workforce of 495 associates is expected to expand to 560 associates by the end of 2013. With these two new locations, Macy's presence in the Las Vegas market will expand to a total of seven stores. “These two new stores will serve distinctly different customers in the large and diverse Las Vegas marketplace. Our two stores at Fashion Show Mall will primarily serve the 37 million tourists who visit the Las Vegas Strip each year. Meanwhile, Macy's Summerlin will be positioned to focus on the city's resident population,” said Peter Sachse, Macy's chief stores officer. “In each case, we will be tailoring our merchandise assortments of well-known brands to local customer needs, with an emphasis on the distinctive fashion, value and magical shopping experience for which Macy's is known.” Macy's, Inc., with corporate offices in Cincinnati and New York, is one of the nation's premier retailers, with fiscal 2011 sales of $26.4 billion. The company operates about 840 department stores in 45 states, the District of Columbia, Guam and Puerto Rico under the names of Macy's and Bloomingdale's, as well as the macys.com and bloomingdales.com websites. The company also operates 11 Bloomingdale's Outlet stores. 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, changes in expected synergies, cost savings and non-recurring charges, competitive pressures from specialty stores, general merchandise stores, manufacturers' outlets, off-price and discount stores, new and established forms of home shopping (including the Internet, mail-order catalogs and television) 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). Macy?s, Inc.Media - Jim Sluzewski, 513-579-7764orInvestor - Matt Stautberg, 513-579-7780