As a venerable department store chain with stores in large and small cities, Macy’s has an important advantage when its sales slump: it has a lot of stores, land, and ground leases that it owns and can sell when it needs to raise some cash. The company’s rainy day has come, and it’s time to cash in that property.
This quarter, Macy’s reported to investors another quarter of sales that are down. It had a few promising things to report, like the company’s partnership that will put mini Apple boutiques and Finish Line stores inside some Macy’s locations, but the plan that its shareholders really like involves making 50 stores available to a real estate developer to turn into something more profitable than a grocery store.
One early deal includes its store in downtown Portland, OR, which has been sold to an unknown buyer for $56 million and will close.
The company has made a deal with Brookfield Asset Management, which has the right to redevelop or add to 50 store sites for now, and Macy’s has the option to add more later. Those new developments may or may not include a Macy’s store.
Macy’s Makes Real-Estate Pact With Brookfield; Profit Falls [Wall Street Journal]
by Laura Northrup via Consumerist
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