In busy Herald Square, the intersection of Broadway and Sixth Avenue at 34th Street, stands one of NYC's most famous icons of shopping - Macy's Department Store. Since 1902, Macy's Herald Square is one of the last turn-of-the-century department stores in existence. Always the innovator, Macy's is known for several firsts that revolutionized the retail industry. Macy's was the first retailer to promote a woman, Margaret Getchell, to an executive position, making business history. Macy's pioneered such revolutionary business practices as the one-price system, in which the same item was sold to every customer at one price, and quoting specific prices for goods in newspaper advertising. Known for its creative merchandising, Macy's was the first to introduce such products as the tea bag, the Idaho baked potato and colored bath towels. Macy's was also the first retailer to hold a New York City liquor license.