Westside : NEW STORE
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The Culver City Redevelopment Agency agreed this week to lend or grant roughly $1 million to Federated Department Stores to help renovate the Broadway store in the Fox Hills Mall to make it a Macy’s.
The redevelopment agency is hoping to encourage Federated, which bought Broadway Stores Inc. last summer, to renovate the Broadway store to generate higher sales tax revenue for the city. The Broadway is one of the Fox Hills Mall’s biggest retail attractions, but competition from other malls has siphoned tax revenue from the mall, said Miriam Mack, Culver City’s redevelopment administrator.
Sales tax receipts fell from $1.6 million in 1990 to $1.4 million in 1994. Redevelopment officials hope that a new Macy’s would attract more customers. . . .
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