Macy’s teams up with Brookfield to develop store locations

Retailer is still considering options with properties in New York City

TRD New York /
Nov.November 10, 2016 12:01 PM
Macy's shopping bag

Macy’s shopping bag

With sales continuing to slide, graying retailer Macy’s is teaming up with Brookfield Asset Management to evaluate options for developing real estate at some 50 store locations.

The department store said on its quarterly earnings call Thursday that it will sell stores in San Francisco and downtown Portland, and will continue to weigh options for locations in Minneapolis, Chicago and New York City, Forbes reported.

Earlier this year, Macy’s tapped Eastdil Secured TRData LogoTINY to market partnership stakes in several properties, including its iconic Herald Square location. That was after selling its Downtown Brooklyn store at 422 Fulton Street to Tishman Speyer for $170 million.

Meanwhile, Macy’s will work with Brookfield to explore redeveloping existing stores or strips of unused land. These locations will mostly be owned and ground-leased in shopping malls that are not owned by big-time mall operators, according to Forbes.

Macy’s, like many of its competitors, has been struggling amid a tough retail environment. The company has had to close more than 100 locations and lay off employees in order to cut costs.

Net income in the third quarter fell to $17 million, down from $118 million the same time last year. [Forbes] – Rich Bockmann

 

Related Articles

arrow_forward_ios

Retail ruh-roh: Mall REITs take hit following Forever 21 bankruptcy

For mall owners like Simon, Brookfield and Vornado, Forever 21 bankruptcy signals more trouble ahead

65 East 55th Street and EQ Office CEO Lisa Picard (Credit: Park Avenue Tower and VTS)

Blackstone looks to sell Park Ave Tower for more than $800M

Clockwise from top left: 35-00 48th Street in Astoria, 558 Broadway, 63 Madison Avenue, and 85 Jay Street in Brooklyn (Credit: Google Maps, Wikipedia, LoopNet, and Williams New York)

These were the top 10 NYC retail leases in August

Brett Siegel, Jean Celestin, and Evan Layne with Newmark Knight Frank offices at 125 Park Avenue (Credit: LinkedIn and Google Maps)

Newmark poaches Eastdil Secured sales team

From left: Jeff Sutton, Brookfield's Ric Clark, and Apollo's Leon Black with the Crown Building

Apollo to provide $800M loan for Crown Building

New York City Council Member Helen Rosenthal (Credit: Wikipedia and Getty Images)

The economic realities behind the city’s “storefront tracker” bill

From left: 47-49 Greene Street, 129 West 46th Street and 457 Broome Street (Credit: Google Maps and Meridian Investment Sales)

Here’s what the $20M-$30M NYC investment sales market looked like last week

arrow_forward_ios