McRae's

Last updated
McRae's
Type Department store
Industry Retail
Founded1902 (1902) (Jackson, Mississippi)
DefunctMarch 8, 2006 (2006-03-08)
FateAcquired by Proffits
Headquarters Jackson, Mississippi
ProductsClothing, footwear, bedding, furniture, jewelry, beauty products, housewares
Parent Saks Incorporated (1998–2005)
Belk (2006)
A McRae's Department Store at the Dogwood Festival Market in Flowood, Mississippi Mc Raes Dogwood.jpg
A McRae's Department Store at the Dogwood Festival Market in Flowood, Mississippi

McRae's was a mid-range regional department store chain founded and based in Jackson, Mississippi, with locations in Mississippi, Alabama, Louisiana, and Florida. The nameplate was in existence for more than a century.

Contents

History

Samuel P. McRae founded the store in Jackson, Mississippi in 1902 as a dry goods store. It remained a family-owned business through the ensuing decades, while continuing to grow. Sales increased from only $1 million in 1955 to $10 million in 1970. The first location outside Mississippi opened in University Mall (now University Town Plaza) in Pensacola, Florida in 1974. [1] In 1987, McRae's acquired 13 stores in Alabama from Pizitz. With strengths in home furnishings, men's apparel, and cosmetics, the chain was considered one of the most successful family-owned businesses in the country. [2]

McRae's was acquired by Tennessee-based Proffitt's in 1994 in a transaction that The New York Times called "a case of a little fish swallowing a bigger one." [3] McRae's had 28 stores with combined annual sales of $419 million and Proffitt's had 25 stores with annual sales of only $201 million. After the sale, McRae's stores retained their name and were operated as a separate subsidiary. [3]

Proffitt's merged with Saks Holdings, owner of Saks Fifth Avenue, in 1998. The merged company changed its name to Saks Incorporated. [4] Proffitt's and McRae's became part of Saks Incorporated's Southern Department Store Group.

Foley's acquired one McRae's in Louisiana at The Mall at Cortana, ran by Mike Herndon. As Saks sought repositioning as a more luxury retail-oriented operation, its mid-range chains became targets for sale. McRae's and Proffitt's were among the first to be sold. Charlotte-based Belk, the nation's largest privately owned department store chain, bought Proffitt's/McRae's in a deal that closed in July 2005. [5] [6]

On March 8, 2006, most McRae's stores were downgraded into Belk stores, with three stores excluded. Locations in Tuscaloosa and Gadsden, Alabama were retained by Saks to convert to its Parisian chain, though both stores eventually would be among the Parisian locations also sold to Belk. In addition, the Mall of Louisiana store in Baton Rouge became a Dillard's location. [7]

Related Research Articles

<span class="mw-page-title-main">Parisian (department store)</span> U.S. department store chain

Parisian Inc. was an American chain of upmarket department stores founded and headquartered in Birmingham, Alabama. Competing mainly through the 1980s against Nordstrom, Neiman Marcus, and Gus Mayer, Parisian underwent a series of restructurings and mergers during its 130-year history, and was taken over by Proffitt’s, Inc. in 1996. In September 2006, Belk purchased Parisian from Saks for $285 million with twenty-four locations later becoming Belk by September 2007. Parisian was quickly sold once more in October 2006 to The Bon-Ton with stores operating in Michigan, Indiana, and Ohio. Parisian operated individually under its own separate division until 2013 when the exclusive rights to operate Parisian had expired, marking the end of this upmarket department store.

<span class="mw-page-title-main">Metrocenter Mall (Jackson, Mississippi)</span> Shopping mall in Mississippi, United States

Metrocenter Mall is a defunct shopping mall located in West Jackson, Mississippi, United States. The largest enclosed shopping mall in Mississippi, it contained 1,250,000 square feet of retail space on two levels, including four anchor spaces. Regional real estate developer Jim Wilson & Associates built the mall in Mississippi's capital city in 1978, as one of its portfolio of properties throughout the southeastern United States. The mall is located near the junction of Interstate 20 and Interstate 220/U.S. Highway 49, along South Jackson's U.S. Highway 80 corridor. After years of ownership by Cannon Management and Jackson Metrocenter Limited, a decade-long decline at the mall led to a foreclosure in November 2012, and subsequent sale to Metrocenter Mall, LLC. Though the mall itself is closed, some portions of the mall are used as City of Jackson offices, including the former Belk anchor store. There are 2 other vacant anchor stores that were once Sears and Dillard's.

<span class="mw-page-title-main">Saks, Inc.</span> American defunct holding company

Saks, Inc. was an American holding company founded in 1919. Before acquisition by the Canadian-founded Hudson's Bay Company in 2013, it held ownership of department store chains including New York City-based Saks Fifth Avenue (1998–2013) and Tennessee-based Proffitt's (1919–2005). It acquired several mid-range department store chains in the 1990s, however, refocused on upscale retailing and divested of them in the mid-2000s.

<span class="mw-page-title-main">Riverchase Galleria</span> Shopping mall in Hoover, Alabama

Riverchase Galleria, locally known as The Galleria, is a large, super–regional shopping mall and mixed use development in Hoover, Alabama, in the Greater Birmingham metropolitan area. It is ranked 43rd on the list of largest shopping malls in the United States. It is the largest enclosed shopping center in Alabama.

<span class="mw-page-title-main">Phipps Plaza</span> Shopping mall

Phipps Plaza is a shopping mall in the Buckhead district of Atlanta, Georgia. It is located at the intersection of Peachtree Road and Lenox Road, adjacent to the Phipps Tower office building. The mall is currently owned and managed by Simon Property Group, and is considered a sister mall to the adjacent, Simon-owned Lenox Square. The mall features Nordstrom and Saks Fifth Avenue.

<span class="mw-page-title-main">Dillard's</span> American department store chain

Dillard's, Inc. is an upscale American department store chain with approximately 282 stores in 29 states and headquartered in Little Rock, Arkansas. Currently, the largest number of stores are located in Texas with 57 and Florida with 42. The company also has stores in 27 more states; however, it is absent from the Northeast, most of the Upper Midwest, the Northwest, and most of California, aside from three stores.

Foley's was a regional chain of department stores owned by Federated Department Stores, later owned by May Department Stores (1988–2005) and headquartered in Downtown Houston, Texas. On August 30, 2005, the division was dissolved and operation of the stores was assumed by Federated's Macy's West and Macy's South divisions. Foley's operated stores in Arizona, New Mexico, Colorado, Oklahoma, Texas and Louisiana. On September 9, 2006 Foley's and all the regional May Co. stores names were phased out and rebranded as Macy's.

<span class="mw-page-title-main">Belk</span> American retail chain

Belk, Inc. is an American department store chain founded in 1888 by William Henry Belk in Monroe, North Carolina, with nearly 300 locations in 16 states. Belk stores and Belk.com offer apparel, shoes, accessories, cosmetics, home furnishings, and a wedding registry.

<span class="mw-page-title-main">Proffitt's</span> American department store chain

Proffitt's was a department store chain based in Alcoa, Tennessee. The chain was founded in 1919 by David W. Proffitt and James Ellis. In 2006, the Proffitt's and McRae's stores were converted into Belk after Belk had acquired the two chains in July 2005 from Saks, Inc. At the time of their demise they operated 47 Proffitts & McRae's stores.

The Boston Store is a digitally native retailer. It was established in 1897 in Milwaukee, Wisconsin as a department store.

<span class="mw-page-title-main">Hamilton Place (shopping mall)</span> Shopping mall in Tennessee, United States

Hamilton Place is an enclosed, two-story shopping mall in Chattanooga, Tennessee, United States, just off I-75. It was the largest shopping mall in the state of Tennessee from 1987 to 1998.

Castner Knott was a Nashville, Tennessee-based regional department store chain which operated stores in Alabama, Kentucky, and Tennessee. The chain was in business for a century from 1898 to 1998, in its later years as a division of Mercantile Stores Company.

<span class="mw-page-title-main">Madison Square Mall</span> Former shopping mall in Huntsville, Alabama

Madison Square Mall was a shopping mall in Huntsville, Alabama, United States. The largest in the city, it encompassed over 929,993 sq ft (86,399.2 m2). It was also the oldest extant enclosed shopping mall in the city until its closure in 2017. The mall was located on the corner of University Drive and Research Park Boulevard (SR-255).

<span class="mw-page-title-main">Mall of Louisiana</span> Shopping mall in Baton Rouge, Louisiana

The Mall of Louisiana is a mid-scale shopping mall in Baton Rouge, Louisiana, between I-10 and Bluebonnet Blvd. It is the largest mall in Louisiana and contains the third largest indoor carousel in the world. It is the only regional mall in Baton Rouge. The anchor stores are 2 Dillard's stores, Main Event Entertainment, JCPenney, and Macy's.

<span class="mw-page-title-main">Northpark Mall (Mississippi)</span> Shopping mall in Mississippi, United States

Northpark is a two-level enclosed shopping mall located on County Line Road in Ridgeland, Mississippi, United States. It is managed and co-owned by Pacific Retail Capital Partners. Mississippi’s premier indoor shopping destination, Northpark is home to more than 120 in-demand stores and specialty shops. A community hub and destination, Northpark recently completed a multi-million dollar redevelopment fusing Southern charm with modern reinvention.

<span class="mw-page-title-main">The Avenues (shopping mall)</span> Shopping mall in Jacksonville, Florida

The Avenues is a two-level regional shopping mall located on the southside of Jacksonville, Florida, and opened in 1990 on the Interstate 95 corridor, and is off exit 339 at the intersection of U.S. 1 and Southside Boulevard. The mall, managed by Simon Property Group, which manages 25% of it, has a parking deck on the northwestern side. Its anchor stores are Belk, Dillard's, Forever 21, and JCPenney. Other stores located at the mall include Aldo, H&M, LOFT, BoxLunch, Build-A-Bear Workshop, MAC, LUSH Fresh Handmade Cosmetics, Pandora, and Le Macaron French Pastries.

<span class="mw-page-title-main">West Oaks Mall (Orlando)</span> Shopping mall in Ocoee, Florida

West Oaks Mall is a local mall located in Ocoee, Florida near Orlando. It is anchored by Dillard's Clearance Center, J. C. Penney, a SunPass Customer Service Center, and a Bed Bath & Beyond Call Center, and has 115 store spaces, a food court, and a 14-screen AMC theater.

<span class="mw-page-title-main">The Shoppes at Bel Air</span> Shopping mall in Alabama, United States

The Shoppes at Bel Air, formerly Bel Air Mall, is a super-regional shopping mall, located in Mobile, Alabama, United States. The mall has a gross leasable area of 1,345,000 sq ft (125,000 m2). It is the oldest continuously operating enclosed super-regional mall in Alabama and serves as one of the primary retail venues for the west Mobile shopping district located at the vicinity of Airport Boulevard and Interstate 65. Currently, Belk, Dillard's, JCPenney, Surge Entertainment Center by Drew Brees, and Target serve as the mall's anchor stores; the mall also features more than 130 stores and restaurants.

<span class="mw-page-title-main">Cortana Mall</span> Shopping mall in Louisiana, United States

Cortana Mall was an enclosed shopping mall in Baton Rouge, Louisiana, and was at the intersection of Airline Highway and Florida Blvd. It was last owned by Moonbeam Equities of Las Vegas, Nevada. It opened in 1976 and was demolished in 2021.

<span class="mw-page-title-main">Seminole Towne Center</span> Shopping mall in Florida, United States

Seminole Towne Center is a super-regional enclosed mall located in Sanford, Florida, 20 mi (32 km) north of Orlando at the intersection of I-4 and SR 417. It has 1,136,579 square feet (105,591.6 m2) of gross leasable space. Current anchors are JCPenney, Dillard's, Dick's Sporting Goods, & Elev8 Fun, With 2 vacant anchors which are the former Macy's & Burlington

References

  1. CSA Super Markets. Lebhar-Friedman. January 1, 1973.
  2. Proffitt's, Inc. corporate history
  3. 1 2 Stephanie Strom, "Proffitt's Department Stores To Buy McRae's Retail Chain", The New York Times, March 4, 1994.
  4. Wally Northway, "Saks operations center committed to Jackson", The Mississippi Business Journal, July 2, 2007.
  5. "Belk buys Proffitt's, McRae's from Saks", Nashville Business Journal, April 29, 2005.
  6. "Saks Incorporated Completes Sale of Proffitt's/McRae's to Belk, Inc.; Company Discusses Use of Transaction Proceeds and Success of Tender Offers and Consent Solicitations", Business Wire, July 2, 2005.
  7. "Dillard's, Inc. Purchases McRae's Store at The Mall of Louisiana from Belk", Business Wire, August 18, 2005.