Just read in the Chicago Tribune that Marshall Field’s, owned by Federated Dept. Stores which is merged with the May Company, will be changing their name to Macy’s next year. Their research indicates that the Macy’s name is more valuable.
Probably no big deal in the grand scheme of things (I could never really afford to shop there anyway), just that when I moved to Chicago, Marshall Field’s was the “big city department store”. It had been there since 1852 – nine years before the Civil War, incidentally. It had history.
The CEO (or some lackey in corporate communications) showed great understanding for the store’s heritage and it’s place in Chicago:
“To better serve our customers in this highly competitive retailing environment, we must concentrate on our best national brands and reduce costs so we can deliver outstanding value to shoppers,” said Terry J. Lundgren, Federated’s chairman, president and chief executive officer. “We believe that continuing to build Macy’s and Bloomingdale’s aggressively across America will accelerate our comp store sales performance and increase profitability, thereby driving shareholder value.”
History doesn’t sell stock, so Marshall Field’s is gone.