Aiming to bolster its position in California, the Macy's West/Bullock's division of Federated Department Stores Inc. said Tuesday that it will spend $550 million to remodel or convert many of its stores in the state.
The plan calls for remodeling as many as 15 Bullock's and Macy's stores in California over the next five years. The company has not yet identified the stores to be remodeled.
Federated, which acquired R.H. Macy & Co. last year, operates 44 stores in the state--19 Bullock's in Southern California and 25 Macy's in northern areas.
The plan also includes a timetable for the previously announced conversion of five I. Magnin stores to Bullock's and Macy's specialty stores. The company earlier decided to close the 12-store I. Magnin chain.
The first conversion will be completed when the I. Magnin in Palos Verdes reopens Friday as a Bullock's women's specialty store. The stores in Woodland Hills and Palm Desert will reopen as a Bullock's men's specialty stores in June. The I. Magnin stores in Walnut Creek and Stanford will reopen in June as Macy's specialty stores.
The company also announced that it expects the earthquake-damaged Bullock's Northridge store--closed since Jan. 17, 1994--to be reopened in mid-August. The company said it is adding some new merchandise departments to the building as part of the restoration.
In addition, the company announced a store opening and a closing as part of its strategic plan. The retailer plans to open a new Macy's furniture store in Fresno this fall. The company also said it will end its presence in Arizona with the closure of the Scottsdale Bullock's store on May 31.
Besides California, the Macy's West/Bullock's division operates stores in Texas, Nevada and Minnesota. In all, the division operates 53 department stores and seven home stores.