Industry News | March 30, 2004

Cosi to Team Up with Macy's

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Quick-casual concept Cosi and Federated Department Stores, owner of the Macy's brand, have announced a deal to open 10 restaurants this summer and fall at Macy's stores, including locations in Seattle, Atlanta, Miami and Memphis, all of which are new markets for Cosi.

"Federated's collaboration with Cosi is another step in our reinvent process, focusing on meeting our customers' evolving expectations," said Tom Cole, Federated vice chair. "Our customers want to 'rest and refresh' when shopping, without having to leave our store. We chose to partner with Cosi because we are convinced that its distinctive, high-quality food and comfortable, relaxed environment will have national appeal to sophisticated Macy's shoppers."

Kevin Armstrong, Cosi's president and chief executive officer, said, "Partnering with Federated is a strong endorsement both of the Cosi brand and of our organization's success to date in positioning Cosi for growth. Federated is a pre-eminent retailer, and Macy's is one of the most prestigious brands in American business. We are very pleased to be selected as a food and beverage partner."

Armstrong also noted that Macy's established national footprint provides Cosi a means of entering attractive new markets with immediate brand exposure to large volumes of target customers.

Cosi's plans to open restaurants in the Macy's locations are subject to obtaining financing. It is in discussions to finance construction with debt.