Federated Department Stores Inc. (Cincinnati) has agreed with Belk Inc. (Charlotte, N.C.) to exchange its Macy's store in Wilmington, N.C., for a Parisian store in Collierville, Tenn.
The 140,000-square-foot Macy's, which is a former Hecht's location the retailer obtained with its acquisition of The May Department Stores Co. (St. Louis), is located in the Mayfaire Town Center. The 130,000-square-foot Parisian store is in the Avenue Carriage Crossing. Both stores are expected to begin clearance sales shortly after Christmas, close in late February and reopen in spring 2007 under their new nameplates — Collierville as Macy's and Wilmington as Belk.
“Collierville represents an important fifth location for Macy's in the Memphis area, and our store will be located in an outstanding retail development,” said Edwin Holman, chairman and ceo of the Macy's South division of Federated. “While Macy's has been warmly received by customers in Wilmington, we have a unique opportunity to build our presence in Memphis, which means giving up this onelocation. While this is a difficult decision, it will strengthen our long-term growth.”