<PAGE>   1
                                    FORM 10-Q


                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549


           [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934


                   For the quarterly period ended May 5, 2001

                          Commission file number 0-6319


                              JACOBSON STORES INC.
             (Exact name of registrant as specified in its charter)


            Michigan                                     38-0686330
(State or other jurisdiction of             (IRS Employer Identification Number)
 incorporation or organization)

                   3333 Sargent Road, Jackson, Michigan 49201
          (Address of principal executive offices, including zip code)

                                 (517) 764-6400
              (Registrant's telephone number, including area code)

                                 Not Applicable
              (Former name, former address and former fiscal year,
                          if changed since last report)


              Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.

                                 Yes [X] No [ ]

              Indicate the number of shares outstanding of each of the issuer's
classes of common stock, as of the latest practicable date.

                          Common Stock ($1 Par Value):
               5,788,209-2/3 Shares outstanding as of May 5, 2001



<PAGE>   2

               JACOBSON STORES INC. AND CONSOLIDATED SUBSIDIARIES


                                    FORM 10-Q

                          For Quarter Ended May 5, 2001


                                      INDEX


<TABLE>
<CAPTION>
                                                                                                             Page
<S>      <C>                                                                                                 <C>
PART I:       FINANCIAL INFORMATION

         Item 1.    Financial Statements

                    .   Consolidated Balance Sheets - May 5, 2001 and
                        February 3, 2001                                                                       1

                    .   Consolidated Statements of Earnings - Thirteen Week Periods
                        Ended May 5, 2001 and April 29, 2000                                                   2

                    .   Consolidated Statements of Cash Flows - Thirteen Week
                        Periods Ended May 5, 2001 and April 29, 2000                                           3

                    .   Notes to Consolidated Financial Statements                                             4

                    Review by Independent Public Accountants                                                   7

                    Exhibit:

                    .   Report of Independent Public Accountants                                               8

         Item 2.    Management's Discussion and Analysis of Financial
                    Condition and Results of Operations                                                        9

         Item 3.    Quantitative and Qualitative Disclosures About Market Risk                                13

PART II:      OTHER INFORMATION

         Item 6.    Exhibits and Reports on Form 8-K                                                          14

                  All items except those set forth above are inapplicable and
                  have been omitted.


SIGNATURES                                                                                                    15

INDEX OF EXHIBITS
</TABLE>



<PAGE>   3

               JACOBSON STORES INC. AND CONSOLIDATED SUBSIDIARIES


                           CONSOLIDATED BALANCE SHEETS
                                 (in thousands)
                                   (unaudited)

<TABLE>
<CAPTION>
                                                      May 5,        February 3,
ASSETS                                                 2001             2001
                                                   ------------    ------------
<S>                                                <C>             <C>
CURRENT ASSETS:
    Cash and cash equivalents                      $        876    $      1,207
    Receivables from customers, net                      42,478          41,946
    Merchandise inventories                             102,960         100,078
    Prepaid expenses and other assets                     1,030           1,020
    Refundable income taxes                                  --           2,085
    Deferred taxes                                        6,314           6,314
                                                   ------------    ------------

              Total current assets                      153,658         152,650
                                                   ------------    ------------
PROPERTY AND EQUIPMENT, NET                              93,709          94,333
                                                   ------------    ------------
OTHER ASSETS                                             20,965          20,291
                                                   ------------    ------------
                                                   $    268,332    $    267,274
                                                   ============    ============

LIABILITIES AND SHAREHOLDERS' EQUITY

CURRENT LIABILITIES:
    Current portion of long-term debt              $      3,347    $      3,844
    Accounts payable                                     30,902          35,288
    Accrued expenses                                     16,493          19,693
    Accrued income taxes                                    636              --
                                                   ------------    ------------

              Total current liabilities                  51,378          58,825
                                                   ------------    ------------
LONG-TERM DEBT                                          135,006         127,686
                                                   ------------    ------------
DEFERRED TAXES                                            5,544           5,544
                                                   ------------    ------------
OTHER LIABILITIES                                         3,540           3,563
                                                   ------------    ------------
SHAREHOLDERS' EQUITY:
    Common stock                                          5,975           5,975
    Paid-in surplus                                       7,201           7,201
    Retained earnings                                    60,087          58,879
    Treasury stock                                         (399)           (399)
                                                   ------------    ------------
                                                         72,864          71,656
                                                   ------------    ------------
                                                   $    268,332    $    267,274
                                                   ============    ============
</TABLE>

        The accompanying notes are an integral part of these statements.



                                      -1-
<PAGE>   4

               JACOBSON STORES INC. AND CONSOLIDATED SUBSIDIARIES


                       CONSOLIDATED STATEMENTS OF EARNINGS
                      (in thousands except per share data)
                                   (unaudited)



<TABLE>
<CAPTION>
                                                           Thirteen Weeks Ended
                                                         -----------------------
                                                           May 5,      April 29,
                                                            2001         2000
                                                         ----------   ----------
<S>                                                      <C>          <C>
NET SALES                                                $  113,408   $  115,179
                                                         ----------   ----------

COSTS AND EXPENSES:
     Cost of merchandise sold, buying and
         occupancy expenses                                  73,126       72,790
     Selling, general and administrative expenses            35,905       36,286
     Interest expense, net                                    2,519        1,817
                                                         ----------   ----------

               Total costs and expenses                     111,550      110,893
                                                         ----------   ----------

EARNINGS BEFORE INCOME TAXES                                  1,858        4,286

PROVISION FOR INCOME TAXES                                      650        1,500
                                                         ----------   ----------

NET EARNINGS                                             $    1,208   $    2,786
                                                         ==========   ==========



EARNINGS PER COMMON SHARE:
     Basic                                               $     0.21   $     0.48
                                                         ==========   ==========
     Diluted                                             $     0.21   $     0.48
                                                         ==========   ==========
</TABLE>



        The accompanying notes are an integral part of these statements.



                                      -2-
<PAGE>   5

               JACOBSON STORES INC. AND CONSOLIDATED SUBSIDIARIES

                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                 (in thousands)
                                   (unaudited)

<TABLE>
<CAPTION>
                                                                                 Thirteen Weeks Ended
                                                                               ------------------------
                                                                                 May 5,      April 29,
                                                                                  2001          2000
                                                                               ----------    ----------
<S>                                                                            <C>           <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
    Net earnings                                                               $    1,208    $    2,786
    Adjustments to reconcile net earnings to cash
    used in operating activities:
       Depreciation and amortization                                                2,405         2,144
       Other liabilities                                                              (23)          (31)

       Change in:
          Receivables from customers, net                                            (532)        2,076
          Merchandise inventories                                                  (2,882)       (1,450)
          Prepaid expenses and other assets                                           (10)          403
          Accounts payable and accrued expenses                                    (7,586)      (12,084)
          Current income taxes                                                      2,721          (408)
                                                                               ----------    ----------


                                     Net cash (used in) operating activities       (4,699)       (6,564)
                                                                               ----------    ----------

CASH FLOWS FROM INVESTING ACTIVITIES:
    Additions to property and equipment                                            (1,781)         (466)
    Other non-current assets                                                         (674)         (200)
                                                                               ----------    ----------

                                     Net cash (used in) investing activities       (2,455)         (666)
                                                                               ----------    ----------

CASH FLOWS FROM FINANCING ACTIVITIES:
    Additions to long-term debt                                                     7,756         9,083
    Reduction of long-term debt                                                      (933)       (1,038)
                                                                               ----------    ----------

                               Net cash provided by financing activities            6,823         8,045
                                                                               ----------    ----------

INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS                                                                          (331)          815
                                                                               ----------    ----------

    Cash and cash equivalents, beginning of period                                  1,207           722
                                                                               ----------    ----------

CASH AND CASH EQUIVALENTS, END OF PERIOD                                       $      876    $    1,537
                                                                               ==========    ==========
</TABLE>


        The accompanying notes are an integral part of these statements.



                                      -3-
<PAGE>   6

               JACOBSON STORES INC. AND CONSOLIDATED SUBSIDIARIES

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (unaudited)


                          For Quarter Ended May 5, 2001


         The condensed financial statements included herein have been prepared
         by the Company without audit and reflect all adjustments which are, in
         the opinion of management, necessary to achieve a fair statement of
         results for the interim periods. All adjustments are of a normal and
         recurring nature.

         Because of the nature of the specialty department store business, the
         results for the thirteen week periods ended May 5, 2001 and April 29,
         2000 (which do not include the Christmas holiday season) are not
         indicative of the results for the year as a whole.

         Certain information in footnote disclosures normally included in
         financial statements prepared in accordance with generally accepted
         accounting principles has been condensed or amended, although the
         Company believes that the disclosures are adequate to make the
         information presented not misleading. It is suggested that these
         condensed financial statements be read in conjunction with the
         financial statements and notes to consolidated financial statements
         included in the Company's latest annual report on Form 10-K.

(1)      EARNINGS PER SHARE

         Basic earnings per common share are computed by dividing reported
         earnings available to common shareholders by weighted average common
         shares outstanding. Diluted earnings per common share give effect to
         dilutive potential common shares. Earnings per common share are
         calculated as follows:

<TABLE>
<CAPTION>
                                              Thirteen Weeks Ended
                                             -----------------------
                                               May 5,      April 29,
(in thousands, except per share data)           2001         2000
                                             ----------   ----------
<S>                                          <C>          <C>
Earnings available to common shareholders    $    1,208   $    2,786
                                             ==========   ==========

Weighted average common shares outstanding        5,788        5,788
Dilutive stock options                                2            7
                                             ----------   ----------

     Shares used to calculate diluted
        earnings per common share                 5,790        5,795
                                             ==========   ==========

Earnings per common share:
     Basic                                   $     0.21   $     0.48
                                             ==========   ==========
     Diluted                                 $     0.21   $     0.48
                                             ==========   ==========
</TABLE>



                                      -4-
<PAGE>   7

               JACOBSON STORES INC. AND CONSOLIDATED SUBSIDIARIES

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (unaudited)


                          For Quarter Ended May 5, 2001


(2)      CUSTOMER CREDIT AND RECEIVABLES

         Receivables from customers were as follows:

<TABLE>
<CAPTION>
                                        May 5,       February 3,
(in thousands)                           2001           2001
                                     ------------   ------------
<S>                                  <C>            <C>
Receivables from customers           $     43,091   $     42,681
Less reserve for doubtful accounts            613            735
                                     ------------   ------------

                                     $     42,478   $     41,946
                                     ============   ============
</TABLE>

(3)      MERCHANDISE INVENTORIES

         Merchandise inventories were as follows:

<TABLE>
<CAPTION>
                                        May 5,       February 3,
(in thousands)                           2001           2001
                                     ------------   ------------
<S>                                  <C>            <C>
Inventories at first-in, first out
    (FIFO) cost                      $    118,248   $    115,366
Less LIFO reserves                         15,288         15,288
                                     ------------   ------------

                                     $    102,960   $    100,078
                                     ============   ============
</TABLE>

(4)      PROPERTY AND EQUIPMENT

         Property and equipment are set forth below:

<TABLE>
<CAPTION>
                                   May 5,       February 3,
(in thousands)                      2001           2001
                                ------------   ------------
<S>                             <C>            <C>
Property and equipment          $    201,787   $    200,006
Less accumulated depreciation
    and amortization                 108,078        105,673
                                ------------   ------------

                                $     93,709   $     94,333
                                ============   ============
</TABLE>



                                      -5-
<PAGE>   8

               JACOBSON STORES INC. AND CONSOLIDATED SUBSIDIARIES

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (unaudited)


                          For Quarter Ended May 5, 2001


(5)      SUPPLEMENTARY CASH FLOW INFORMATION

         The Company considers all short-term investments with a maturity at
         date of purchase of three months or less to be cash equivalents.

         Interest paid (net of interest capitalized) totalled $2,087,000 and
         $1,263,000 in the thirteen week periods ended May 5, 2001 and April 29,
         2000, respectively. The Company received income tax refunds of
         $2,000,000 in the thirteen week period ended May 5, 2001 and paid
         income taxes totalling $1,918,000 in the thirteen week period ended
         April 29, 2000.

(6)      SUBSEQUENT EVENTS

         As of May 18, 2001, the Company and its subsidiaries entered into a
         Loan and Security Agreement with Fleet Retail Finance, Inc. for a new
         $150,000,000 secured revolving credit facility. The new financing
         arrangement is scheduled to close in July, subject to closing
         conditions. It replaces the $100 million credit line that was due to
         expire March 2002. The new revolving credit facility will provide for
         borrowings of up to $120,000,000 subject to a borrowing base
         limitation, lender reserves and availability reserves. The Company
         will, at its option, be able to increase the maximum available
         borrowings under the facility to up to $150,000,000 in the aggregate,
         subject to the borrowing base limitation, lender reserves and
         availability reserves. Loans under the facility will bear interest at
         either or both of two variable interest rate alternatives as chosen by
         the Company. The rates may increase or decrease after a year based on
         average loan availability during the previous quarter. The facility
         will also permit up to $35,000,000 in letters of credit, which decrease
         the amount available for loans.



                                      -6-
<PAGE>   9

               JACOBSON STORES INC. AND CONSOLIDATED SUBSIDIARIES

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (unaudited)


                          For Quarter Ended May 5, 2001


         Borrowings under the new facility mature on the fourth anniversary of
         the closing date. The Company may terminate the facility early upon 90
         days notice if it pays a termination fee of $1,500,000, if termination
         is during the first year, and $750,000 if termination is during the
         second year. The facility will be subject to a closing fee of
         $1,500,000, an agent's fee of $100,000 a year, an unused line fee equal
         to one-half of one percent a year of the excess of the revolving credit
         ceiling (currently $120,000,000) over the average amount of loans and
         letters of credit outstanding. Borrowings under the facility will be
         secured by accounts receivable, inventory, specified real estate,
         related intangible assets and proceeds thereof of the Company and its
         subsidiaries. The new facility will include, among other things,
         covenants restricting capital expenditures, indebtedness, liens,
         capital stock redemptions and dividend payments. The new Loan and
         Security Agreement will limit cash dividends to 50.0% of net income for
         the immediately preceding fiscal year, subject to a maximum of $.50 per
         outstanding share per year and borrowing availability restrictions.

         Until 60 days after the closing date, Fleet Retail Finance Inc. and one
         of its affiliates are entitled to modify the structure, terms and/or
         pricing of the revolving credit if they determine that the change is
         advisable in order to ensure a successful syndication of the revolving
         credit or an optimal credit structure for the revolving credit so long
         as none of the interest rates accruing on the revolving credit
         increases by more than 0.50% a year. The Company and its subsidiaries
         have agreed to enter into any amendments to the Loan and Security
         Agreement to effect the foregoing.


         REVIEW BY INDEPENDENT PUBLIC ACCOUNTANTS

         Arthur Andersen LLP, independent public accountants, have performed a
         limited review of the condensed consolidated financial statements for
         the thirteen week period ended May 5, 2001. Since they did not perform
         an audit, they express no opinion on the financial statements referred
         to above.



                                      -7-
<PAGE>   10

                               ARTHUR ANDERSEN LLP



                    Report of Independent Public Accountants




To Jacobson Stores Inc.:

We have reviewed the accompanying condensed consolidated balance sheet of
JACOBSON STORES INC. (a Michigan corporation) and subsidiaries as of May 5, 2001
and the related condensed consolidated statements of earnings and cash flows for
the thirteen week period then ended. These financial statements are the
responsibility of the Company's management.

We conducted our review in accordance with standards established by the American
Institute of Certified Public Accountants. A review of interim financial
information consists principally of applying analytical procedures to financial
data and making inquiries of persons responsible for financial and accounting
matters. It is substantially less in scope than an audit conducted in accordance
with generally accepted auditing standards, the objective of which is the
expression of an opinion regarding the financial statements taken as a whole.
Accordingly, we do not express such an opinion.

Based on our review, we are not aware of any material modifications that should
be made to the condensed consolidated financial statements referred to above for
them to be in conformity with accounting principles generally accepted in the
United States.

We have previously audited, in accordance with generally accepted auditing
standards, the consolidated balance sheet of Jacobson Stores Inc. and
subsidiaries as of February 3, 2001 and the related consolidated statements of
earnings, shareholders' equity and cash flows for the year then ended (not
presented herein), and, in our report dated March 2, 2001, we expressed an
unqualified opinion on those consolidated financial statements. In our opinion,
the information set forth in the accompanying condensed consolidated balance
sheet as of February 3, 2001, is fairly stated, in all material respects, in
relation to the consolidated balance sheet from which it has been derived.



                                            /s/  ARTHUR ANDERSEN LLP

Detroit, Michigan
May 18, 2001



                                      -8-
<PAGE>   11

               JACOBSON STORES INC. AND CONSOLIDATED SUBSIDIARIES

                          PART I: FINANCIAL INFORMATION

                          For Quarter Ended May 5, 2001

ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
         RESULTS OF OPERATIONS.

The registrant, Jacobson Stores Inc., a Michigan corporation and successor to a
business founded in 1868, operates specialty stores catering to discerning
customers with preferences for distinctive, quality merchandise. The Company is
committed to highly responsive service, distinctive merchandise of high quality
at a fair price, and a visually appealing and immaculate setting. Each store
features distinctive apparel and accessories for women, men and children, as
well as decorative accents for the home.

The Company owns a substantial portion of the real property used in its
business, primarily through its consolidated, wholly-owned real estate
subsidiary, Jacobson Stores Realty Company ("Jacobson Realty"). The Company also
has a consolidated, wholly-owned finance subsidiary, Jacobson Credit Corp.
("Jacobson Credit"). As used in this report, the terms "registrant", "Company"
and "Jacobson's" refer to Jacobson Stores Inc. and its subsidiaries unless the
context indicates otherwise.

The Company has stores in twenty-four cities in Michigan, Indiana, Kansas,
Kentucky, Ohio and Florida. The principal distribution functions are performed
at service centers in Jackson, Michigan and Winter Park, Florida. Functions
common to all stores, such as management coordination, merchandising, sales
promotion, data processing and accounting, are centralized at the corporate
headquarters in Jackson, Michigan.

a.       OPERATING RESULTS: THIRTEEN WEEKS ENDED MAY 5, 2001 COMPARED TO
         THIRTEEN WEEKS ENDED APRIL 29, 2000

         Sales for the quarter ended May 5, 2001, totalled $113,408,000, a
         decrease of 1.5% from 2000. Comparable store sales also decreased 1.5%.

         The Company's gross profit percentage decreased to 35.5% for the
         thirteen weeks this year from 36.8% in 2000, reflecting principally
         higher markdowns.

         Selling, general and administrative expenses, expressed as a percentage
         of net sales, increased to 31.7 % in the quarter from 31.5% one year
         ago. The increase is due primarily to planned increases in direct
         selling payroll, partially offset by reduction in sales promotional
         expenses, increased finance charge income and lower associate benefit
         expenses.

         Interest expense, expressed as a percentage of net sales, totalled 2.2%
         for the current quarter compared to 1.6% for the previous year. The
         increase is due to an increase in average borrowings and an increase in
         interest rates paid on the borrowings.



                                      -9-
<PAGE>   12

               JACOBSON STORES INC. AND CONSOLIDATED SUBSIDIARIES

                          PART I: FINANCIAL INFORMATION


                          For Quarter Ended May 5, 2001


         2000 net earnings for the thirteen weeks totalled $1,208,000, or 21
         cents per common share, compared to $2,786,000, or 48 cents per common
         share, last year. As a percent of sales, net earnings were 1.1% in 2001
         compared to 2.4% in 2000.

b.       LIQUIDITY AND CAPITAL RESOURCES

         At May 5, 2001, the Company's current ratio was 2.99 to 1 and working
         capital totalled $102,280,000, including $876,000 of cash and cash
         equivalents. At February 3, 2001 the current ratio was 2.59 to 1 and
         working capital totalled $93,825,000, including $1,207,000 of cash and
         cash equivalents.

         The Company utilizes cash flows from operations and revolving credit
         line borrowings to fund its seasonal working capital needs, debt
         service and expenditures to modernize and refixture existing stores. To
         support its present and planned working capital requirements, the
         Company has a $100,000,000 revolving credit facility under a Revolving
         Credit Agreement with a commercial lender. The revolving credit
         facility currently provides for borrowings of up to $80,000,000,
         subject to a borrowing base limitation and lender reserves. The Company
         may, at its option, increase the maximum available borrowings under the
         revolving credit facility to up to $100,000,000 in the aggregate,
         subject to the borrowing base limitation and lender reserves. As of May
         5, 2001 the Company had outstanding borrowings and letters of credit
         under this facility totalling $78,850,000 and had $1,150,000 of
         borrowing availability. For the quarter ended May 5, 2001 the daily
         weighted average interest rate on borrowings under the Revolving Credit
         Agreement was 7.9%. As of May 18, 2001, the Company and its
         subsidiaries entered into a Loan and Security Agreement with Fleet
         Retail Finance, Inc. for a new $150,000,000 secured revolving credit
         facility. The new financing arrangement is scheduled to close in July,
         subject to closing conditions. It replaces the $100 million credit line
         that was due to expire in March 2002. For a description of the new
         financing arrangement, see Note 6 of Notes to Consolidated Financial
         Statements in this report.

         The Company's debt obligations that are sensitive to changes in
         interest rates, scheduled principal maturities, weighted average
         interest rates associated with those maturities and market value of
         debt have not changed materially from fiscal year-end except as
         described in Note 6 of Notes to Consolidated Financial Statements
         included in this report.



                                      -10-
<PAGE>   13

               JACOBSON STORES INC. AND CONSOLIDATED SUBSIDIARIES

                          PART I: FINANCIAL INFORMATION


                          For Quarter Ended May 5, 2001


c.       CASH FLOWS

         Cash and cash equivalents decreased $331,000 in the thirteen weeks
         ended May 5, 2001 compared to a increase of $815,000 in the thirteen
         weeks ended April 29, 2000. Cash flows are impacted by operating,
         investing and financing activities. In the thirteen weeks this year,
         cash used in operating activities totalled $4,699,000 compared to
         $6,564,000 used in 2000.

         Net operating cash outflows in the 2001 quarter resulted primarily from
         increases in merchandise inventory and paydown of accounts payable and
         accrued expenses, partially offset by earnings before non-cash charges
         and the collection of refundable income taxes due to losses in fiscal
         2000. Receivables increased this year, compared to a decrease last
         year, due to increased use of Jacobson's charge card as a result of the
         Company's cardholder promotion. Net cash outflows in the 2000 quarter
         reflected seasonal increases in inventory and paydown of accounts
         payable, partially offset by earnings before non-cash charges and
         collection of receivables from customers.

         Investing activities used cash of $2,455,000 in the thirteen weeks this
         year compared to $666,000 used in 2000. Capital expenditures totalled
         $1,781,000 in the first thirteen weeks of 2001, compared to $466,000 in
         the comparable 2000 period.

         Financing activities provided cash of $6,823,000 in the thirteen weeks
         this year compared to $8,045,000 provided last year. In the thirteen
         weeks in 2001, the Company borrowed $7,756,000 under its revolving
         credit facility, used $427,000 to purchase 6 3/4% Convertible
         Subordinated Debentures and used $506,000 to service current maturities
         of long-term debt. In 2000, the Company borrowed $9,083,000 under its
         revolving credit facility, used $589,000 to purchase 6 3/4% Convertible
         Debentures and used $449,000 to service current maturities of long-term
         debt.

         The Company believes its cash flows from operations, along with its
         borrowing capacity and access to financial markets are adequate to fund
         its operations and debt maturities.

d.       CORPORATE DEVELOPMENT

         The Company reviews the performance of its less profitable stores from
         time to time to determine whether it would be in the Company's best
         interest to close any of these stores. Store closings could have a
         significant impact on the Company's sales, expenses and capital
         requirements and would likely entail additional significant one-time
         charges to effect the closing and to recognize any impairment of assets
         resulting from the closing decision.



                                      -11-
<PAGE>   14

               JACOBSON STORES INC. AND CONSOLIDATED SUBSIDIARIES

                          PART I: FINANCIAL INFORMATION


                          For Quarter Ended May 5, 2001


         In August 2000, the Company signed a lease for a 60,000 square foot
         anchor location at Renaissance Centre, in north Orlando, Florida. This
         store is targeted to open in September 2001 and will replace the
         Company's nearby Longwood, Florida store.

         In December 2000, the Company signed a lease for an 80,000 square foot
         store that will anchor a new development, Legacy Place, an upscale
         specialty center to be constructed in Palm Beach Gardens, Florida. The
         store is targeted to open in the fall of 2002 and will replace the
         Company's nearby North Palm Beach, Florida location.

         In May, 2001, the Company signed a letter of intent to lease an 80,000
         square foot store that will anchor a new development called Voice of
         America Center, a new specialty center to be constructed in northern
         Cincinnati serving the greater Cincinnati-Dayton Ohio area. The store
         is targeted to open in the fall of 2002.

         In May, 2001, the Company signed a letter of intent to lease an 80,000
         square foot store that will anchor a new development called Legacy
         Village, an upscale specialty center to be constructed in the Cleveland
         suburb of Lyndhurst, Ohio. The store is targeted to open in the fall of
         2003.

         During the first quarter, the developer of the previously announced
         project, The Cascades at Isleworth, an upscale specialty center to be
         constructed in southwest Orlando, Florida, had withdrawn its plans for
         the development and terminated the lease with the Company for an 80,000
         square foot store that was to anchor that development.

         Each of the above statements regarding future revenues, expenses or
         business plans (including statements regarding the sufficiency of the
         Company's capital resources to fund future operations) may be a
         "forward looking statement" within the meaning of the Securities
         Exchange Act of 1934. Such statements are subject to important factors
         and uncertainties that could cause actual results to differ materially
         from those in the forward-looking statement, including the continued
         support of the Company's trade creditors and factors, the risks
         inherent in the level of the Company's long-term debt compared to its
         equity, the risk of unanticipated operating expenses, general trends in
         retail clothing apparel purchasing especially during the Christmas
         season, and the factors set forth in this Management's Discussion and
         Analysis of Financial Condition and Results of Operations.



                                      -12-
<PAGE>   15

               JACOBSON STORES INC. AND CONSOLIDATED SUBSIDIARIES

                          PART I: FINANCIAL INFORMATION


                          For Quarter Ended May 5, 2001



ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

         The Company's debt obligations that are sensitive to changes in
         interest rates, scheduled principal maturities, weighted average
         interest rates associated with those maturities and market value of
         debt have not changed materially from fiscal year-end, except as
         described in Note 6 of Notes to Consolidated Financial Statements
         included in this report.



                                      -13-
<PAGE>   16

               JACOBSON STORES INC. AND CONSOLIDATED SUBSIDIARIES

                           PART II: OTHER INFORMATION


                          For Quarter Ended May 5, 2001


ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

    (a)  Exhibits

         10       Loan and Security Agreement, dated as of May 18, 2001, among
                  Jacobson Stores Inc., Jacobson Credit Corp., Jacobson Stores
                  Realty Company, and Fleet Retail Finance Inc.

         15       Letter from Independent Public Accountants

    (b)  Reports on Form 8-K

         The Company did not file any reports on Form 8-K during its fiscal
         quarter ended May 5, 2001.

All exhibits except as set forth above have been omitted as not applicable or
not required.



                                      -14-
<PAGE>   17

               JACOBSON STORES INC. AND CONSOLIDATED SUBSIDIARIES


                          For Quarter Ended May 5, 2001



                                   SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.




                                                   JACOBSON STORES INC.
                                           -------------------------------------
                                                      (Registrant)



Date: June 14 , 2001                   BY: /s/ P. Gerald Mills
     ---------                             -------------------------------------
                                           P. GERALD MILLS
                                           Chairman of the Board, President and
                                           Chief Executive Officer



Date: June 14 , 2001                   BY: /s/ Paul W. Gilbert
     ---------                             -------------------------------------
                                           PAUL W. GILBERT
                                           Vice Chairman of the Board
                                           (Principal Financial Officer)



                                      -15-
<PAGE>   18

               JACOBSON STORES INC. AND CONSOLIDATED SUBSIDIARIES


                                INDEX OF EXHIBITS


<TABLE>
<CAPTION>
       EXHIBIT
       NUMBER                 DESCRIPTION
       -------                -----------
<S>               <C>
         10       Loan and Security Agreement, dated as of May 18, 2001, among
                  Jacobson Stores Inc., Jacobson Credit Corp., Jacobson Stores
                  Realty Company, and Fleet Retail Finance Inc.

         15       Letter from Independent Public Accountants
</TABLE>



All exhibits except as set forth above have been omitted as not applicable or
not required.