US department store Macy's today (28 October) celebrates 150 years in business and is throwing a New York City Birthday Gala featuring a host of fashion celebrities.

The retailer will also temporarily rename 34th Street in New York City - the address of its Herald Square flagship and largest store - as RH Macy Way to honour its founder.

Macy's is expecting guests including Jessica Simpson, Sean "Diddy" Combs, Eva Mendes, Martha Stewart and Tommy Hilfiger to attend its gala, a statement said.

The event will end with a fireworks finale off the roof of the retailer's NYC landmark store and the neighbouring Empire State Building will be lit red as part of the celebration, it said.

"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 chairman, president and chief executive officer.

Started by Nantucket-born RH Macy as a fancy dry goods store on 14th Street and Sixth Avenue, Macy's now has more than 800 stores across the US.