MINNEAPOLIS - An iconic store that's occupied the corner of 7th Street and Nicollet Avenue for decades could be going dark.
According to Twin Cities Business, the city of Minneapolis has been told the downtown Macy's is closing.
The story, which was published Thursday afternoon, states the Cincinnati-based retailer informed the city and key downtown stakeholders that it intends to close the downtown location in 2017. A specific date was not given.
Macy's representatives would not comment about the status of the downtown store.
Twin Cities Business reports that Macy's plans to publicly announce the closure after the holiday season "with a planned end of operations in the first half of the year."
The report states that particular Macy's location, which opened in 1902, has not been profitable for some time, perhaps not even for the entire decade that Macy's has operated the store.
The flagship store opened in the early 1900s as The Dayton Company before being rebranded as Marshall Field's in 2001. The store was turned into Macy's in 2006.
The company announced recently they would close 100 stores but didn't specify which locations.
Minneapolis Downtown Council says it cannot comment on the report. Governor Dayton's Office says it won't be releasing a statement on Thursday.
Meet Minneapolis offered the following statement Thursday night:
"Meet Minneapolis is saddened to hear that Macy’s is closing its downtown Minneapolis store, which has been a part of our community since 1902, so none of us can remember a time when there was not a store on the corner of 7th and Nicollet. Dayton’s, then Marshall Field’s and now Macy’s has been a draw for bringing visitors to Minneapolis for shopping, dining and wonderful traditions like the Spring Flower Show and holiday displays on the 8th Floor. The store and the community events will be missed by many. Our hope is that the iconic building will be used by another organization that will draw visitors to the city in the future."
"This could have an impact of close to a million dollars in terms of tax revenue," said David Vang, a finance professor at the University of St. Thomas.
He said the closure will create an adjustment period in the short term, but believes the corner lot will bounce back. He said many cities do within three to five years.
"The challenge is going to be replacing and it's going to have to be another large department store or a lot of smaller businesses," said Vang.