May 11, 2021 Macy's plans include improvements in the neighborhood near the store. Photo credit: FXCollaborative SPONSOR Macy’s, Inc. today announced its vision for renewing its commitment to its flagship Herald Square store, including $235 million of private investment in the surrounding neighborhood. Macy’s plan would upgrade Herald Square’s transit infrastructure and public realm into a modern, pedestrian-friendly urban space with upgraded subway access, improved transit connections and ADA-accessible elevators. To achieve these upgrades, Macy’s will leverage its underlying Herald Square real estate to build a commercial office tower above its iconic flagship store. Macy’s is excited about the opportunity to work with the community to improve the neighborhood and generate additional economic activity in the city. The renewal plan is expected to generate $269 million annually in new tax revenues for New York City, support 16,290 annual jobs and spark $4.29 billion in annual economic output.