After John Wanamaker's death in 1922 the business carried on under Wanamaker family ownership. Rodman Wanamaker, John's son, enhanced the reputation of the stores as artistic centers and temples of the beautiful, offering imported luxuries from around the world. He died shortly before the Great Depression, and after his death in 1928, the stores (managed for the family by a trust) continued to thrive for a time. The men's clothing and accessories department was expanded into its own separate store on the lower floors of the Lincoln-Liberty Building, two doors down on Chestnut Street, in 1932. This building, which also had a private apartment for the Wanamaker family on its top floor, was sold to Philadelphia National Bank in 1952; the initials on the building's crown now read "PNB" even though the bank no longer exists (PNB was acquired by CoreStates, which was then acquired by First Union, which in turn was acquired by Wachovia Corporation, which was acquired by Wells Fargo & Co.). Over time, Wanamaker's lost business to other retail chains, including Bloomingdale's and Macy's, in the Philadelphia market. The Wanamaker Family Trust finally sold John Wanamaker and Company, with its underpatronized stores, to Los Angeles, California-based Carter Hawley Hale Stores for $60 million (USD) cash in 1978. Carter Hawley Hale poured another $80 million (USD) into renovating the stores, but to no avail—customers had gone elsewhere in the intervening decades and did not come back.
Finally, in 1986, the now 15-store chain was sold to Woodward & Lothrop, owned by Detroit shopping-mall magnate A. Alfred Taubman. Taubman reorganized the business with a shortened corporate name (Wanamaker's Inc.), and poured millions more into store renovations and public relations campaigns. This too was no help, as Taubman's retail interests were heavily in debt and the stores' combined sales were a disappointment. Believing that the Wanamaker Building space was more valuable than portions of the historic Wanamaker store, the Philadelphia flagship store was reduced to its first five stories, the Juniper Street side became the lobby of an office building for the upper stories, and the former basement Budget Store became a parking garage. The Crystal Tea Room restaurant was closed and eventually leased to the Marriott Corporation for use as a ballroom. Personal effects of Mr. Wanamaker from his until-then preserved office on the eighth floor, and the store archives, were donated to the Historical Society of Pennsylvania. Beloved huge Easter paintings of the trial and Passion of the Christ by Mihály Munkácsy that had been personal favorites of Mr. Wanamaker and were displayed every year in the Grand Court during Lent were unceremoniously sold at auction. Woodward & Lothrop collapsed in bankruptcy, filing for Chapter 11 on January 17, 1994, and with it the Wanamaker stores, which were sold to May Department Stores Company on June 21, 1995. Wanamaker's Inc. was formally dissolved, and operations were consolidated with May's Hecht's division in Arlington, Virginia. After a century and a third the Wanamaker's name was removed from all stores and replaced with Hecht's. In 1997, May acquired Wanamaker's historic rival Strawbridge & Clothier and re-branded all Philadelphia-area Hecht's locations with the Strawbridge's name. The Center City Hecht's (temporarily named Strawbridge's) was closed for a lengthy renovation and refurbishment that saw the former Wanamaker retail space reduced in size again to three floors, and the former selling floors on the upper floors further subdivided into commercial office space. This was to prepare the way, in 1997, for New York-based Lord & Taylor, another division of May Department Stores, to open in the former Wanamaker's flagship in Center City Philadelphia. In August 2006 the store was converted to Macy's, operated by the Macy's East Division of Federated Department Stores Inc., (now Macy's Inc.), which acquired May in late 2005.
The store was not immune to the major change in retailing away from regional chains to national chains. The uniformity of brand offerings and the cost savings available to national chains all worked against the viability of the store as an independent personality, although customers generally had a major say in determining store offerings and the magnificence of its commercial space did tend to cause it to be stocked with better offerings. Other retailers had also learned to offer goods with much smaller staff rosters. The ability of retailers to "go national" in opposition to regional tastes is still an experiment-in-progress with mixed results.
The Wanamaker's flagship store, with its famous organ and eagle from the St. Louis World's Fair, was designated a National Historic Landmark in 1978. Retailers continue to reap significant monetary returns from the elegance of this unparalleled retail space. In 1992 a nonprofit group, the Friends of the Wanamaker Organ, was founded to promote the preservation, restoration and presentation of the famous pipe organ.
As a retail site, the Philadelphia flagship store has proved quite profitable for later tenants Lord & Taylor and now Macy's. With a long tradition of parades and fireworks displays, Macy's has taken a prominent civic role in fostering historic Wanamaker traditions, especially the Wanamaker Organ and the Holiday Pageant of Lights Christmas Show. In 2008 Macy's celebrated its 150th birthday in the Philadelphia flagship store with a concert featuring the Wanamaker Organ and the Philadelphia Orchestra that attracted a capacity audience.
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