November 18, 2016
Macy’s, Inc., is looking for ways to cash in on under-performing real estate. The company announced a strategic alliance with Brookfield Asset Management to “unlock the potential” or “real estate with significant value creation opportunities,” said Terry J. Lundgren, Macy’s, Inc. chairman and CEO.
Brookfield will create pre-development plans for up to 50 Macy’s real estate assets, primarily real estate owned or ground-leased by Macy’s at malls not owned by major mall owners. The opportunities range from complete redevelopment to additional development on land owned by Macy’s, such as a parking lot or other parcel of land next to a store.
The company operates about 880 stores in the U.S., including more than a dozen in the New York metro area, and has already announced plans to close about 100 full-line Macy’s stores.
— Bendix Anderson
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