Want to live above Macy's?

CHICAGO (WLS) -- Big changes could be in store for the flagship Macy's on State Street in Chicago's Loop.

Holiday windows are a big attraction for the 12-story historic building, but how about penthouse condos? The retail giant is considering redeveloping its top floors, 9-12, which are either wide open or under-used, the company said. Residential use a possibility.

"State Street is evolving into more of a residential neighborhood. There are 600 units of housing right across the street. We're getting a new movie theater," Michael Edwards, Chicago Loop Alliance, said.

Macy's announced it is just beginning to explore the possibilities, and released a statement, "We have no pre-determination at this point, except for the fact that this is a successful Macy's Store that will remain at that location."

"If there is a night time pass for night shopping, I'd get into a little trouble," Gail Steingold, Macy's shopper, said.

Another possibility is selling that space to another retailer -- basically creating a store within a store -- or converting it into office space.

Several major retailers have already moved into store redevelopment to find other sources of revenue as online shopping grows in popularity.

Brigid Sweeney of Crain's Chicago Business said the 157-year-old department store is facing pressure from investors to sell some real estate.

"The idea is that these big bricks-and-mortar retailers, no matter now decently they are doing, they're not doing great enough to warrant all that space," Sweeney said.

The State Street space is considered prime real estate.