In a significant move, Macy’s department store located at 422 Fulton Street in the heart of Brooklyn is set to close its doors. The store has already put up banners advertising a massive clearance sale, with all goods, and even the store fixtures, marked for sale.
Earlier this January, Macy’s confirmed plans to shut down 66 stores nationwide, including the flagship store on Fulton Street in Downtown Brooklyn that opened in 1995, and another store in Sheepshead Bay. The clearance sale at the Fulton Street flagship store is expected to continue for several weeks before its closure.
The building on Fulton Street was originally owned by the “Abraham & Strauss Department Store” (A&S), which opened in 1893 and was acquired by Macy’s in 1995.
Brooklyn’s official historian, Ron Schweiger, shared with NYC NewsService that after the Brooklyn Bridge opened in 1893, A&S quickly became a popular shopping destination. Schweiger mentioned, “It was the most important department store on Fulton Street and a pillar of this community. I remember every old department store, and now the last one might be disappearing.”
According to the New York Post, the 440,000 square foot building has been sold to a New York real estate investment firm for $23 million, equivalent to just $50 per square foot, significantly below the average price of $250 per square foot in the area.
However, the future of this building remains uncertain. An investor told the New York Post that the building could potentially be transformed into a “family-friendly entertainment destination,” with potential tenants including Netflix, Universal Studios, and the LEGO Group.
Macy’s, a well-known American department store chain, has faced difficulties in recent years due to competition from online retailers and discount stores like Walmart. As part of its “Bold New Chapter” strategy announced in February last year, Macy’s plans to close around 150 underperforming stores by the end of the fiscal year 2026, accounting for approximately 30% of its total store count.
According to official data, Macy’s currently operates over 500 stores, including 38 in the state of New York.