A shopping landmark in downtown Minneapolis is closing.
Macy's Inc. said Wednesday it is selling the store, ending more than a century of department store retailing in the heart of Minnesota's largest city. The closing, planned for March, affects 280 employees.
The Star Tribune reports the property is being sold to a New York investment firm for more than $40 million. The property consists of three buildings totaling nearly 1 million square feet along Nicollet Mall.
Minneapolis City Council President Barb Johnson says Macy's representatives cited changing shopping habits and slumping sales for the store's closure.
For decades the property was the headquarters and flagship store of the Dayton Co., forerunner of Target Corp., founded by the father and uncles of Minnesota Gov. Mark Dayton.
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