Macy’s teams up with Brookfield to develop store locations

Retailer is still considering options with properties in New York City

New York /
Nov.November 10, 2016 12:01 PM

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
Theaters in some cities are opening with restrictions. (Getty, Photo Illustration by Alison Bushor for The Real Deal)
Coming attraction: Movie theaters reopen in New York, San Fran
Coming attraction: Movie theaters reopen in New York, San Fran
Restaurants and bars accounted for a majority of the gains in February (iStock)
Leisure, hospitality big winners in February job gains
Leisure, hospitality big winners in February job gains
Ascena owns Ann Taylor, Lane Bryant, Lou & Grey and Cacique. (Getty)
Ascena restructuring approved post-bankruptcy
Ascena restructuring approved post-bankruptcy
NYSRA president Melissa Fleischut (Photos via iStock, Getty, NYSRA/Illustration by Kevin Rebong for The Real Deal)
Nearly 30% of New York restaurants expect to shutter in coming months
Nearly 30% of New York restaurants expect to shutter in coming months
Target CEO Brian Cornell. (Getty)
Internet, shminternet: Target adds, renovates stores as money pours in
Internet, shminternet: Target adds, renovates stores as money pours in
(iStock/Illustration by Kevin Rebong for The Real Deal)
A year later, deferred rent may be restaurants’ downfall
A year later, deferred rent may be restaurants’ downfall
State Sen. Brad Hoylman and State Assemblymember Harvey Epstein (Getty)
Lawmakers propose canceling restaurant rent, providing relief for landlords
Lawmakers propose canceling restaurant rent, providing relief for landlords
Columbia University
Columbia University inks deals with 2 restaurants
Columbia University inks deals with 2 restaurants
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...