Saw this on SSP, wanted to confirm it but the Economist's website is hella slow. -------- By any other name Chicago will lose an institutionÂor at least its nameÂnext autumn, when all Marshall Field's department stores will be called Macy's. Federated Department Stores announced the decision on September 20th, about a month after the Minneapolis-based firm bought May Company, owner of Field's, for $11 billion. Federated announced other changes as well: FieldÂ's will lose not only its name, but many employees and even its target market. Federated plans to cut up to 6,200 jobs from MayÂ's corporate offices next year, and downgrade inventory at Field's, dropping higher-quality products so that Fields can compete with Wal-Mart and other inexpensive superstores. Field's has 62 shops across the country (mostly in the Midwest), but is rooted in Chicago, where its flagship store was built 126 years ago. The renaming touched a nerve in Chicago, with local newspapers filled with letters and editorials bemoaning the chain's demise. It hardly helps that Macy's is an iconic New York brand, inflaming the inferiority complex of Chicago as a Â"Second CityÂ".> |
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