Macy's 2012 Annual Report Download - page 14

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Item 2. Properties.
The properties of the Company consist primarily of stores and related facilities, including a logistics network. The
Company also owns or leases other properties, including corporate office space in Cincinnati and New York and other facilities
at which centralized operational support functions are conducted. As of February 2, 2013, the operations of the Company
included 841 stores in 45 states, the District of Columbia, Puerto Rico and Guam, comprising a total of approximately
150,600,000 square feet. Of such stores, 462 were owned, 269 were leased and 110 stores were operated under arrangements
where the Company owned the building and leased the land. Substantially all owned properties are held free and clear of
mortgages. Pursuant to various shopping center agreements, the Company is obligated to operate certain stores for periods of
up to 20 years. Some of these agreements require that the stores be operated under a particular name. Most leases require the
Company to pay real estate taxes, maintenance and other costs; some also require additional payments based on percentages of
sales and some contain purchase options. Certain of the Company’s real estate leases have terms that extend for a significant
number of years and provide for rental rates that increase or decrease over time.
Additional information about the Company’s stores as of February 2, 2013 is as follows:
Geographic Region Total Stores Owned Stores Leased Stores
Stores
Subject to
a Ground
Lease
Mid-Atlantic.............................................................................................. 105 55 33 17
Midwest..................................................................................................... 94 56 27 11
North ......................................................................................................... 82 64 14 4
Northeast................................................................................................... 106 55 42 9
Northwest.................................................................................................. 128 39 71 18
South Central............................................................................................. 103 76 18 9
Southeast................................................................................................... 110 72 18 20
Southwest.................................................................................................. 113 45 46 22
841 462 269 110
The eight geographic regions detailed in the foregoing table are based on the Company’s Macy’s-branded operational
structure. The Company’s retail stores are located at urban or suburban sites, principally in densely populated areas across the
United States. Store count activity was as follows:
2012 2011 2010
Store count at beginning of fiscal year .......................................................... 842 850 850
Stores opened and other expansions .............................................................. 7 4 7
Stores closed .................................................................................................. (8)(12)(7)
Store count at end of fiscal year..................................................................... 841 842 850