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Macy’s to invest $400 million to renovate Herald Square flagship
New York City -- Macy’s announced it plans to spend about $400 million over the next four years to remodel and update its legendary store at Herald Square in Manhattan.
As part of the project, the store’s space will be expanded by 100,000-sq.-ft., giving it a total of 1.2 million sq. ft. of selling space. The additional space will result from opening up space currently used for stock and offices and extending the mezzanine level in the Broadway Building.
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Target CFO to retire
Minneapolis -- Target Corp. said Tuesday that its CFO and executive VP Doug Scovanner will retire from his posts effective March 31, 2012.
He will remain with the company for the next five months to assist with the transition, according to the retailer.
A successor has not yet been named.
Scovanner has served in his current role since 1999.