Federated to Exchange Stores with Belk

Wilmington Morning Star and Business Wire

WILMINGTON, N.C. -- Macy's at Mayfaire will become a Belk store

The Macy's in Mayfaire Town Center, a former Hecht's location, will become a Belk next year under a swap deal between the two stores' parent companies, Belk announced Thursday.

Under the agreement, the Mayfaire store will open as a Belk in spring 2007, according to the announcement. In exchange, Belk will turn over a Parisian store in Collierville, Tenn., to Federated Department Stores Inc., the parent of Macy's.

All store associates in good standing at the Mayfaire store will be employed at the Belk, according to the statement.

Belk already operates stores at Independence Mall and Landfall Center.

Charlotte, N.C.-based Belk Inc. is the country's largest privately owned department store company, with 279 Belk stores and 36 Parisian stores in 18 states, mainly in the Southeast.