This billboard in Herald Square is arguably one of the most famous signs in the world, at least during the parade on Thanksgiving. In 1963, Macy’s entered into an agreement with the owner of the billboard that the sign could not be used to “. . . advertise or refer directly or indirectly to any establishment selling at retail or directly to any consumer [other than Macy’s] . . .” The restriction is supposed to last forever. Macy’s has been renewing its agreement to advertise on the sign every ten years. The most recent term ended this past August without renewal, as the sign’s owner seems to have a new advertiser – Amazon – who does sell directly to consumers. The text of Macy’s complaint alleging breach of the covenant is here: Macys Complaint