Holiday shoppers in Downtown Brooklyn may have unknowingly made their potentially final purchases at the iconic Macy’s Fulton Street location. Early in December, the New York-based department store chain finalized the sale of its Fulton Mall building to United American Land, a real estate firm known for its portfolio of historic New York properties, including several in Brooklyn’s bustling retail district. This sale coincides with Macy’s announcement of plans to shutter an additional 150 stores nationwide by 2026, signaling a significant shift in the retail landscape.
While Macy’s will initially lease back the expansive four-story, 440,000 square-foot property from United American Land, the long-term operation of the Fulton Street store remains ambiguous. The real estate firm has expressed interest in transforming Fulton Mall into a family-friendly entertainment hub, hinting at possibilities like Universal or Lego-themed attractions. This vision casts a shadow over the future of Macy’s at this location.
The sale comes as Macy’s grapples with financial headwinds. CEO Tony Spring revealed during a recent earnings call that the company anticipates commencing the closure of 65 stores shortly after the holiday season. This earnings report itself was delayed due to an internal investigation uncovering a significant accounting discrepancy. A Securities and Exchange Commission (SEC) filing detailed how a single employee deliberately concealed up to $151 million in expenses related to small package deliveries by making false accounting entries and manipulating supporting documentation. Macy’s maintains that this was an isolated incident, and the employee is no longer with the company.
The Macy’s store at 442 Fulton St. holds the distinction of being the last standing major department store on a street that was once lined with them. For many Brooklyn residents, the potential loss of this store is more than just a retail closure; it represents the erosion of a cherished community landmark.
“I feel they’re making the most huge mistake ever. It feels terrible,” commented Angeline Davis, a long-time Macy’s shopper of decades, as she exited the store laden with Christmas gifts. “It’s a staple of our neighborhood.”
Junior Stevenson, another shopper carrying holiday purchases, echoed this sentiment. “I started shopping here with my mom when I was a child,” he recalled. “It’s a Brooklyn institution. We’re going to miss it.”
Customers awaiting entry to A&S on Fulton St. in 1915, reflecting the store's historical significance in Brooklyn's retail landscape.
Before becoming a Macy’s in 1995, the store was a beloved local department store known as Abraham and Straus (A&S). Brooklyn Borough Historian Ron Schweiger explained that A&S rose to prominence after the Brooklyn Bridge’s opening in 1893. “It was the most important of all the department stores along Fulton Street. It was the anchor of the community,” Schweiger stated.
Schweiger reminisced about the era of grand department stores on Fulton Street, lamenting the potential disappearance of the last one. “I remember every one of those old department stores and now the very last one may disappear,” he said. “I have fond memories of being in Abraham and Strauss with my mother. Even with my wife, when we got married in 1969, we used to go shopping down there. You’d go there for wedding rings.”
While a Macy’s spokesperson acknowledged that decisions regarding the Fulton Mall location are still pending, they stopped short of guaranteeing the store’s continued operation. The future of Macy’s Fulton Street, a store deeply woven into the fabric of Brooklyn’s retail and social history, hangs in the balance.
