Macy’s has announced it will be closing its store in downtown Saint Paul. This store closing appears to be a part of a larger downsizing pattern the retailer has exhibited in the past several years. On Thursday, Cincinnati-based Macy's said it would also close stores in Pasadena, Calif.; Belmont, Mass.; Honolulu, and Houston, as well as a Bloomingdale's in Las Vegas.
Macy’s management planned to close its downtown location in 2001, but was persuaded to stay after the city proposed a lucrative 10-year agreement. The agreement included a forgivable $6.3 million loan, deal that expires this year and allows the retailer to close without paying anything back.
Although a loss of this major retailer downtown seems to some a loss for the city, many view this as a positive change. Saint Paul Mayor Chris Coleman is optimistic, pointing out that the city is in much better position to lose Macy’s now than it was 10 years ago. Many point out that the empty space will be a new opportunity for business and community development.
The department store has been a part of Saint Paul history since it opened, as Dayton’s, in 1963. "We're definitely losing some history," said Matt Kramer, President and CEO of the St. Paul Area Chamber of Commerce.
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