Macy's store at Water Tower Place (Alex Garcia/Tribune file)

Macy’s is undertaking a multimillion-dollar renovation of its Water Tower Place store in a move to bring new life to the Magnificent Mile outpost.

The department store chain is concentrating its efforts on the first three floors, where it generates most of its business. Cosmetics, women’s accessories, shoes and intimate apparel account for 36 percent of total revenue at Macy’s Inc. nationwide, according to the company’s annual report filed this week.

The last time the eight-level, 227,000-square-foot store had a makeover was in 1996 when it was a Marshall Field’s. Get the full story »