The company produces the annual Macy's Thanksgiving Day Parade, a noted parade which has been held in New York City annually since 1924. The company also sponsors the city's annual Fourth of July fireworks display, beginning in 1976. Despite being advertised as the biggest store in the world, it is not the biggest store in the world anymore. Currently the biggest store in the world, according to the Guinness Book of World Records, it is a department store in South Korea called Shinsegae Centum and with an area of 509,810 square meters, almost twice that of Macy's. The chain competes with Belk, The Bon-Ton Stores, Dillard's, Nordstrom, Neiman Marcus and Saks Fifth Avenue.