Macy’s, the American department store retailer, is 150 years old today.

Among the scheduled celebrations, Macy's has renamed 34th Street in New York City, the address of its Herald Square flagship, to R.H. Macy Way to honor the brand's founder. The temporary signs will be on view through November 15.

The retailer is also hosting a star-studded fashion industry gala at Gotham Hall this evening, with guests such as Jessica Simpson, Sean "Diddy" Combs, Eva Mendes, Martha Stewart, Tommy Hilfiger, Clinton Kelly, Kenneth Cole, Todd English, Tyler Florence and Ming Tsai expected to show.

The event will culminate with the unveiling of a special birthday cake designed by Duff from Ace of Cakes, followed by a fireworks finale off the roof of the retailer's famous NYC landmark store. The Empire State Building will also be lit red in honor of the milestone.

"It's amazing to consider that Macy's was doing business before many great brands like General Electric, Coca Cola, and Ford Motor Company were even born," said Terry J. Lundgren, Macy's, Inc. Chairman, President and CEO.

"Macy's is responsible for American mainstays like the in-store Santa Claus and the Idaho baked potato as well as popularizing the one-price-system and bringing ready-to-wear to the masses. By turning 150, Macy's joins the ranks of a very exclusive club of iconic brands. The longevity of the Macy's brand, its place in American culture, and its legacy of serving customers for five generations are extraordinary."

Started by Nantucket-born R.H. Macy as a fancy dry goods store on 14th Street and Sixth Avenue, Macy’s operates more than 800 stores across the country. The company has since paved roads in both fashion and retail, including introducing the one-price system and pioneering the concept of private brands for fashion goods, and is the first retailer to promote a woman to an executive position.