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Macy's May Shrink Or Leave Water Tower Location, Crain's Reports

CHICAGO (CBS)-- Macy's is looking to shrink its Water Tower Store or leave the space altogether, Crain's reported.

The chain has faced several recent challenges, from changing retail trends to COVID-19 and security issues these last few months.

It could be a major blow to Water Tower Place. Macy's occupies 170,000 square feet on eight levels.

The Macy's State Street store suffered extensive damage in recent looting. The store was also severely damaged back in May.

Macy's has not responded to CBS 2's request for a comment.

Mayor Lori Lightfoot said the city is aware Macys has been struggling in this new economy as business trends shift. She said this is a decision made before COVID-19 impacted businesses.

EMERGENCY COMPONENT - LOCAL

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