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PostMar 22, 2008#526

Moorlander wrote:A Macy's spokesman said the Railway Exchange Building is not currently on the market. "We have been looking for ways to better use the building, but we don't have anything planned at this time," said spokesman Jim Sluzewski. "There is a significant amount of unused and underutilized space."


Sounds like a good place for a regional headquarters.
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PostMar 24, 2008#527

Moorlander wrote:Real estate sources are speculating about whether Macy's will sell the 22-story Railway Exchange office building at 601 Olive St. in downtown St. Louis. In February, Macy's announced plans to close its Midwest headquarters, cutting 850 jobs in St. Louis within the next 60 days. The Macy's department store downtown is located on the bottom six floors of the Railway Exchange Building. The Macy's Midwest headquarters offices are located on upper floors.


Apparently the people at STLBJ don't copy press releases as well as I thought, since the downtown Macy's has seven floors of merchandise. :wink:



A Macy's spokesman said the Railway Exchange Building is not currently on the market. "We have been looking for ways to better use the building, but we don't have anything planned at this time," said spokesman Jim Sluzewski. "There is a significant amount of unused and underutilized space."



I just hope that if they do put the building on the market, there's still an interest in leasing back at least part of the existing selling space for a downtown store. I suppose we have every reason to believe Mercantile Exchange will go forward, but with a faltering economy and Macy's poor overall performance, I wonder how long they'll remain committed to downtown St. Louis since they're already stripping hundreds of jobs less than two years after they boasted about their commitment to the community.
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PostApr 28, 2008#528

I wonder how long they'll remain committed to downtown St. Louis


Asked. Answered.



From MayorSlay.com.


I recent met with Ed Holman, chairman of Macy’s South.


Here's a link to what Macy's said.



http://www.mayorslay.com/desk/display.asp?deskID=967
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PostApr 28, 2008#529

Hiring your proofreaders from us again, huh, PE? 8)
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PostApr 29, 2008#530

Hard to believe that building has probably gone from having upwards of 2000 with MMC, Famous and May Corp, to 800 with Macy's Midwest to maybe 75 with a Regional office of Macy's Central. There are a lot of merchants at all levels leaving St. Louis - some to go to Macy's in Atlanta or other smaller offices in Chicago, KC, Indy, Pittsburgh, etc. A lot of others leaving for retailers in Dallas, Columbus, Milwaukee and others. It's too bad - a good number of the young, new hires were living downtown in lofts, and many others in South City. Certainly the Brown Shoe changes will keep some people in the area, but a huge drain of human capital.
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PostApr 29, 2008#531

Many thanks to Publiceye for posting the link about the future of the downtown Macy's. :)



I assume Macy's brass remains confident in the future of MX as well. It's also encouraging to know Macy's will retain ownership of the Railway Exchange and attempt to market office space on the upper floors. BTW, I thought the article about Pyramid's holdings mentioned that they owned the Railway Exchange Building. Maybe the P-D printed a correction that I missed, but I thought that was a bit odd.



I just wish Macy's Inc. (Federated) would've given St. Louis a chance to retain the divisional headquarters. Atlanta's a great city in its own right, but I'm not (completely) biased when I say I believe St. Louis offers a higher quality of life. I find it ironic that the shots for the consolidated division will now be called mostly in Atlanta, since Federated closed both of its downtown stores there many years ago (Macy's and Rich's, before the latter chain was officially combined with the Macy's mothership). At least it looks like Macy's is here to stay, and the merchandise upgrades will be most welcome. Hopefully Spinnaker keeps MX on track, as I believe it's crucial to the long-term success of the downtown Macy's.
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PostApr 30, 2008#532

I heard Gene Kahn actually still has a house in Ladue. How in the F does that fat piece of s show his face in STL? In the 1990's May Co was the stronger of the two major department store companies, not the reverse.
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PostSep 04, 2008#533

From the St. Louis Business Journal.



"Macy’s Inc. has put the high-rise building that houses the downtown Macy’s department store on the sale block. The retailer said it has no plans to shutter the store when the building is sold. "
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PostSep 04, 2008#534

This was discussed in the Macy's thread. Possible residental?
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PostSep 05, 2008#535

Anyone know the occupancy rate for the Railway Exchange?
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PostSep 06, 2008#536

I figured this was going to happen sooner or later. For some time now, we've been told Macy's is committed to keeping the downtown store open...



...when its eponymous parent company (then Federated) purchased May Company...



...when Famous-Barr and all other May stores were converted to the Macy's nameplate...



...when former May Company headquarters became Macy's Midwest headquarters...



...when Macy's Midwest was dissolved leaving barely a trace of corporate jobs upstairs...



...and now that Macy's Inc. has announced plans to sell the building.



Maybe they really are committed to making a go of it in downtown, but why do I have an uneasy feeling about all of this? :(
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PostSep 06, 2008#537

^ I think you have every reason to be concerned. The truth is that Macy's has sent a clear message to St. Louis since its takeover of May- we don't care about keeping a major presence in St. Louis but make sure to shop at our stores. There is no sentimental attachment to the downtown St. Louis store within Macy's. If costs need to be cut and capital re-deployed, then it could well be cut.



That said, selling the surface parking lot along with the Railroad Exchange building is a good thing for St. Louis. If Macy's doesn't care about downtown, then it is in the city's best interest to get such major properties out of their hands and into the hands of owners who will work to at the least fill of the office space if not out-rightly rehab the building into residential or more modern office space (and seek development of new office space on the site of the aging garage and surface parking lot).



Additionally, while Macy's clearly could care less about keeping a local presence, with enough tax incentives I think Macy's could be persuaded keep the downtown store open. It would have to be a Schnucks or Left Bank Books type deal. That is probably the best the City can hope for right now: striking a deal that will allow the store to remain open while hoping that development downtown (particularly office development) picks back up.
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PostSep 08, 2008#538

I do not want to see office space in this building. I'm too young and I barely remember Dillard's. I never got to experience downtown shopping as it was. I don't want to see Macy's go. We shouldn't have to go to the County for a good pair of dress shoes, nice shirt, and a tie. When I'm shopping for a lady I want to check out the wares in person, downtown.



What if Macy's got it on the National Register? That would reduce rehab costs for them? And maybe it if looked a little better inside, then more City people might visit? I always got the feeling that they never really gave the location a full try. As if they would see how it worked, but never wholly invested in their inventory or the appearance of the building.
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PostSep 08, 2008#539

Living 5 blocks away from Macy's... I will gladly go to the burbs to shop for cloths. I dont like it, but I dislike the downtown Macy's even more. It just feels so old and dirty. If they cleaned that up to make it class A Macy's, I would not need to shop anywhere else.
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PostSep 08, 2008#540

zink wrote:Living 5 blocks away from Macy's... I will gladly go to the burbs to shop for cloths. I dont like it, but I dislike the downtown Macy's even more. It just feels so old and dirty. If they cleaned that up to make it class A Macy's, I would not need to shop anywhere else.


While we have the same issue with the Macy's, my wife and I shop there anyway when we need something we can't find elsewhere downtown (i.e. umbrellas). We want a cleaned up, class A Macy's, but the catch-22 is that it won't happen (or even stay open) if no one is shopping there. My hope is that if people in the downtown area do shop there they'll start tailoring their store to the type of people they see coming in.
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PostSep 08, 2008#541

DAM CATCH-22's!
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PostSep 08, 2008#542

is there a link to this story? i can not find anything.

nevermind, found subscriber only article.



Macy’s selling downtown building; store to stay open
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PostSep 08, 2008#543

Doug wrote:When I'm shopping for a lady I want to check out the wares in person, downtown.
They sell those? :shock:
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PostSep 08, 2008#544

Doug wrote:I do not want to see office space in this building. I'm too young and I barely remember Dillard's. I never got to experience downtown shopping as it was. I don't want to see Macy's go.


Forgive me if I'm repeating myself, as I just merged the new topic into this larger thread about Macy's, and I've made more than a few posts on this topic in the last three years. :lol:



Anyway...I'm just old enough to have vague memories of shopping at Famous-Barr and Stix Baer & Fuller before the latter was significantly downsized and converted to Dillard's- and before St. Louis Centre was built to join the two stores. Since Famous Barr (Macy's) managed to hang on through downtown's darkest days, it really makes me wish St. Louis Centre was never built. The buildings it replaced were hardly distinguished, but then we could have a clean slate development instead of a failed mall that may or may not be revived anytime soon.



As long as Macy's is willing to maintain its presence inside the Railway Exchange Building as they say they are, I have no problem with renovated office space and/or residential units above the store. It's been probably 20 years since I was in May Company offices above the store, but IIRC the floorplates and low ceilings don't lend themselves to developing top-notch office or living space. That said, I think it's still quite possible to convert the upper floors into attractive offices, apartments, and/or condominiums. Any critical mass upstairs can only help Macy's make the case for keeping the store open.


Doug wrote:What if Macy's got it on the National Register? That would reduce rehab costs for them? And maybe it if looked a little better inside, then more City people might visit? I always got the feeling that they never really gave the location a full try. As if they would see how it worked, but never wholly invested in their inventory or the appearance of the building.


I agree on all accounts. Clearly the building is worthy of inclusion on the National Register. Even though Macy's has made significant improvements to the store since 2006, I also have the feeling that they could go one step further. In other words, it wouldn't take much more money to make the store that much better. And we've heard several rumors about merchandise improvements, and while there have been some, I think there's still plenty of room for improvement to the merchandise mix.
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PostSep 08, 2008#545

If they sell the building... I wonder if the executives would take some of that money and invest in the Macys Store. Right, gotta spend money to make money?

- Knock down the walls on the upper floors where the offices are (2-6) and allow some natural light to come in through the windows.

- Maybe eliminate the top 2 floors(5-6) to fill the space of the expansion. One thing that i dont like about the store is the lighting. Seems very gloomy, and some floors seem to have very harsh lighting.
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PostSep 08, 2008#546

Ok, let's talk reality here. Not "whah whah whah - Macy's is screwing STL" ...



Macy's bought up May to go BIG. They did it and it was done. But then a little thing happened with the economy and the business environment in the past 16 months. Not only is that causing a pinch... Macy's has had some problems converting markets to the Macy's name and brand (i/e Marshall Fields). Macy's has been very successful doing so in STL however... which in itself is quite interesting (and strange) considering Famous and May were STL!



It just wasn't a good time - all said and done.



BUT, Downtown St. Louis HAS Macy's still. The store is doing well and holding it's own and I am sure Macy's also does not want a "Marshall Fields" backlash in STL as they have other places. Keeping the downtown store is / should be a priority to maintain St. Louis' business and acceptance. It also see's Downtown St. Louis' new market and opportunity. In addition, Downtown St. Louis' tourism and Macy's exposure. Have you ever seen the amount of tourist shopping at the Downtown Macy's? Conventions draw them it that place. In addition, Macy's was sure to recognize that Downtown's Christmas market was a huge success last year bringing people into that store for the holiday breakfasts, santa and the Chistmas windows.



I truly believe that Macy's will remain committed to the store. Most of their stores are not "owned" properties... in fact I would be willing to say that 90 percent are leased space. In addition, I would be willing to bet that a potential buyer for the Railway Exchange building would come with a Macy's retail "good" agreement. But why should Macy's keep this huge building? It does make sense for them to get out of maintaining a huge office building they do not utilize or need any longer. They are a retail company not an real estate one.
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PostSep 09, 2008#547

I agree. I don't think this really changes anything. Many retail companies do not like to own real estate. It is not their core business and they believe they can better allocate that capital elsewhere. The downtown Macy's will survive or fail on its own merits so I hope that people will shop there.



I kind of like the store. It has sort of a quirky charm. I once saw a pair of shorts there that had been put on clearance and the price tag said "$0.00".
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PostSep 09, 2008#548

Ok, let's talk reality here. Not "whah whah whah - Macy's is screwing STL" ...


You got it Mayguy.


Macy's bought up May to go BIG. They did it and it was done. But then a little thing happened with the economy and the business environment in the past 16 months. Not only is that causing a pinch... Macy's has had some problems converting markets to the Macy's name and brand (i/e Marshall Fields). Macy's has been very successful doing so in STL however... which in itself is quite interesting (and strange) considering Famous and May were STL!


After the merger St. Louis was left with the Macy's Midwest Division. The division included 80 stores in nine states from Kansas to New York, hardly the most geographical logical division, particularly given the number of Ohio stores the division included (with Cinci being the HQ for Federated) and the overlap with the old Macy's South and Macy's East divisions. Now I won't disagree that the economy played a roll in the move to realign the company's divisional structure. That said, if you didn't look at that divisional map drawn up in 2005 after the merger and see that the Midwest Division was gerrymandered to preserve the St. Louis regional offices as demanded by May in the deal, you are crazy.


I am sure Macy's also does not want a "Marshall Fields" backlash in STL as they have other places. Keeping the downtown store is / should be a priority to maintain St. Louis' business and acceptance.


Do you really believe that most in the region would care one way or the other if the downtown store remains open? Sure, those on this forum would be pissed, but I highly doubt that most of the regions 2.8 million residents would care at all. Frankly if the public didn't backlash at Macy's for eliminating or moving most jobs out of St. Louis, then I fail to see how the disposition of the downtown store will make any difference.


In addition, Downtown St. Louis' tourism and Macy's exposure. Have you ever seen the amount of tourist shopping at the Downtown Macy's? Conventions draw them it that place. In addition, Macy's was sure to recognize that Downtown's Christmas market was a huge success last year bringing people into that store for the holiday breakfasts, Santa and the Christmas windows.


This could be said for almost every major downtown in the US. Consider Atlanta. In 2003, Macy's shuttered the downtown Atlanta store. With a daytime population far in excess of downtown St. Louis in addition to larger numbers of tourists and conventions, if Macy's wasn't committed to keeping that store open, how can you argue that Macy's is committed to the downtown St. Louis store open? Even more interesting is that Atlanta remains a major location for Macys, home to the Central Division. Alas, the Division offices are out in Dunwoody, near the Perimeter Mall.



Here's a thought for you all with the Atlanta situation in mind: with so few Macy's non-retail jobs left in St. Louis, maybe the will just move the remaining local force out to the University Club building or (if GGP ever makes a go of it) into a new office building on the site of the Galleria?


Most of their stores are not "owned" properties... in fact I would be willing to say that 90 percent are leased space. In addition, I would be willing to bet that a potential buyer for the Railway Exchange building would come with a Macy's retail "good" agreement. But why should Macy's keep this huge building? It does make sense for them to get out of maintaining a huge office building they do not utilize or need any longer. They are a retail company not an real estate one.


Really? My understanding is the opposite, that most department stores own the building and land (hence why department stores remain a major obstacle when trying to redevelop any typical suburban mall into a more dense development). Go check out the St. Louis County GIS Parcel Map and note the separate parcels at major malls such as Jamestown, West County and the Galleria that are owned by Dillards, JC Pennys and Macys. Selling the land and building but keeping the store would be the exception, not the rule.
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PostSep 09, 2008#549

Why don't we simply annex the galleria, demolish it, re-paint St. Louis Centre, re-open it, increase the sales tax, then use that revenue for rehab of the Railway Exchange....



PROFIT!!!! :lol:
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PostSep 09, 2008#550

I don't understand why it couldn't be opened. Given the pics of the property on websites it doesn't really look that bad and for me, and some others, I believe, nostalgia for the 80's it gives a good vibe. I remember coming to St. Louis Centre in it's hay day and coming from

a small town-it was my first view of city life-and I liked it. It screamed big 80's, long before terror threats and the ubiquitous gloom and doom about security. The 80's should be there theme and run with it. Just start with retail on the floor that walks out of Famous(Macy's). Coventioneers and people will shop. But make it retail that people will utilize. Not all upscale boutique retailers that are all down Washington that no one patronizes. For instance, a CVS or Walgreens, a Gap (just because), and a chain restaurant. And go from there, but get the building open again-it needs life in it-and utilize people's fond memories of it. I've read enough of them on websites-this can be done!
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