We already broke the news that J.C. Penney's first-ever NYC store held a soft opening to the public in its Herald Square location (that's Macy's territory!). But you didn't think the 107-year-old retail chain would 't forgo the opportunity to hold a high-profile grand opening ceremony, did you?

Today, J.C. Penney CEO Myron Ullman III kicked off the festivities with the good news that the company was donating $100,000 to the Mayor's Fund to Advance New York City (a non-profit that supports arts, education, parks and health in areas around the city).

Mayor Bloomberg then took the stage, first joking about how his age didn't qualify him for the kids shopping spree with Kimora Lee Simmons, and then how he understandably wasn't invited to sing, but the least he could do was give some opening remarks.

The local politician said he was excited about the about the opening, "The decision to come is a vote of confidence of this city's future." He applauded J.C. Penney's charitable mindset, calling it, "the store that keeps on giving."

After a brief fashion show, Simmons made a grand entrance (would you expect anything less?) to take kids from the Children's Aid Society on a back-to-school shopping spree.

Wearing a royal blue and orange colorblock top that tied at the back with a slim black pencil skirt, Simmons posed for the cameras before leading the shopping spree. The model-turned-designer's has a collection for teens with the retailer, aptly called "Fabulosity."

Michele Bohbot, designer for Bisou Bisou, was also on-hand and stopped to chat with us, "Yes, I'm very excited for the opening." On designer collaborations with the retailer, Bohbot declares, "I was the first one!"

The day's festivities don't end there: Celebrity stylist Jorge Ramon will emcee fashion shows held on the hour and the band Sleepy Rebels is slated to perform this evening.

Watch for prizes and special events in the next week, including tomorrow (Aug.1) when Miss Universe and Telemundo novela stars Catherine Siachoque and Miguel Varoni will greet fans. Plus, "American Idol" winner David Cook will sign autographs at the store on Wednesday, Aug. 5.

With more than 30 in-store events, check out the store's specially designed site for details.