Macy's $100M 3-year Brooklyn project

Macy's (NYSE:M) is embarking on a three-year, $100 million renovation of a store in downtown Brooklyn in a rare store expansion for a retailer closing locations and developing new small formats.

The building is being turned into "a modern fashion epicenter," with giant video screens and light boxes used to display old images of Brooklyn, according to the Wall Street Journal.

The store was originally built in 1873 and was sorely in need of a makeover. And while Macy's considered selling the structure in 2014, the plan is to now establish a premier location for underserved customers and new shoppers in the newly gentrified Brooklyn.

It's a demographic Macy's needs to win over: millennials. Efforts thus far have included mobile marketing, the One Below department at the Herald Square flagship in New York City and the development of the off-price format Backstage.

For more:
- see this Wall Street Journal article (tiered subscription)