Macy’s Reveals Redevelopment Plans


Cincinnati-based retailer Macy’s has announced plans to redevelop 50 locations over the next two years. The brand formed an alliance with real estate firm Brookfield Asset Management, with Brookfield having rights for up to 24 months to create a “Pre-development plan” for about 50 Macy’s properties, according to wwd.com. Macy’s has not yet disclosed which properties are being considered nor the extent of redevelopment intended, but they primarily include owned and ground-leased stores and associated land, generally in malls not owned by major mall owners. Not part of the arrangement are the Macy’s flagships—Herald Square in New York, State Street in Chicago, downtown Minneapolis, and Union Square in San Francisco.

The department store brand also revealed that it will be selling its Union Square men’s store in San Francisco for $250 million as well as its downtown Portland, Ore., location for $54 million, according to forbes.com.

Macy’s currently operates 769 stores in the United States, Puerto Rico and Guam.

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