Macy’s needs another miracle on 34th Street

Jeff Gennette, the chairman and chief executive officer of Macy’s Inc., knows people are talking about his big bet on New York City. And that they might even think he’s out of his mind.

This month, Gennette said he’s still committed to building a multi-billion-dollar skyscraper atop the company’s Herald Square flagship—plans that city officials, developers and the retail industry thought the pandemic might force him to scrap. He also said Macy’s would invest $235 million in the area surrounding the store.

The projects, as Gennette envisions them, will convert a thoroughfare marked by unpleasant transit hubs and 99-cent pizza shops into a gleaming, pedestrian-friendly, urban oasis dedicated

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