MACY'S

Macy's: translation

This industry giant was founded as a dry goods store in downtown Haverhill, Massachusetts, in 1851 by Rowland Hussey Macy. In 1858, Macy moved to New York City, where he set up a new store called R.H. Macy and Company on 14th Street and Sixth Avenue. He moved again to 18th Street and Broadway, an area which was known as the "Ladies Mile" during the nineteenth century, an elite shopping area similar to what Madison Avenue is today. In 1896, Isidor Straus and his brother, Nathan, bought the store and, in 1902, moved it to its present location in Herald Square (34th Street and Broadway). Over the years, the store expanded and eventually encompassed the entire block. Although other stores in Russia and Tokyo claim to be larger, Macy's flagship store in Herald Square advertises itself as the world's largestdepartment store.In 1922, Macy's went public and experienced growth during the 1920s and 1930s, opening branch stores and acquiring other stores throughout the country. In 1986, Ed Finkelstein, Macy's chairman and CEO, attempted a leveraged buy-out of Macy's and a takeover bid for theFederated Department Stores,Inc. Both efforts failed. Later, Canada's Campeau Corporation succeeded in buying the company.

In 1992, Macy's filed for bankruptcy and, in 1994, Federated succeeded in merging with Macy's and shutting down I. Magnin department store in the process. Federated continued to gain a dominant position in theretailsector during the 1990s by acquiring stores and changing them to the Macy's nameplate. By 2005, Macy's had approximately 400 stores when Federated Department Stores, Inc., made an $11 billion bid for theMay Companyand succeeded, creating the largest department store chain in the world with more than 1,000 stores. The famous Macy's Thanksgiving Day Parade was first held in Haverhill in 1854 and has been a holiday tradition in New York City for more than 75 years.