According to the DVP after 6 straight years of avoiding the chopping block, NJ is not going to be as lucky this year. Does anyone have an idea of which 2 NJ stores are going to be closing?
19 replies (most recent on top)
I would be surprised if Livingston didn’t close but similar to Brunswick the building is very old and has asbestos concerns as with many older Bamberger sites built before or around the early 1970s. The cost would be enormous to abate those old sites, what potential buyer wants to deal with that. Wait and see what happens next week. I am curious all around, stores, corporate, my former employer MTech.
Enough back and forth. The list comes out Wednesday, 1/3/2024. We will see then.
So before acting like Mr know it all.. you'll see under livingston it says GL and not L. GL is a ground lease as in the land. The building is 100% owned by Macys. Ground lease agreement by the way is for another 40 years or so. GL's are and easy way for land owners to make profit and not have to sell the land completely. However the building is 100% owned.
Go to the following website:
https://www.macysinc.com/investors/financials/store--count/default.aspx
Look in the excel spreadsheet. Then you will see that the Livingston, NJ location is leased.
Even if the store were to be owned, that wouldn't exempt it from closure. Macy's has closed many owned stores in the past and then sold of the buildings years afterwards.
Lol don't talk about what you don't know. Livingston location is 100% owned.
The Livingston location is leased. The lease is about to be up and Macy's isn't planning on renewing the lease.
Livingston property wouldn't sell. Bad spot - and the cost of asbestos removal would be millions.
They will 100% close buildings they own. It all comes down to profit, CAGR, market etc. There is an owned store in my division that closed after COVID that still is empty and building is up for sale. Facilities has to go over an unlock when potential buyers need to look at it.
Livingston owns the building for everyone saying livingston. No rent No close.
They run test pilots and new initiatives first from Woodbridge before they roll out to all Macy’s stores. I doubt they would close Woodbridge.
Livingston is all but guaranteed to close. Brunswick Square and Hamilton could go either way. Menlo Park is makes too much money so they definitely won't close. Woodbridge also does well so its unlikely they will close.
Livingston is almost 100% closing.
Heard some rumblings about Woodbridge and Menlo.
I would guess the Eatontown location. The lord and Taylor at this location closed a few years prior- Macys is the only anchor store and the entire mall is a ghost town. There are ample other Macys locations in close proximity too (Freehold & Tom’s River).
My money is on Livingston
Menlo makes too much money to close despite the other nonsense. Maybe Hamilton as that Mall has been dying out for years. Brunswick has been rumored for about 5-6 straight years now but company owns the building whereas Hamilton is a lease that is coming up. Close source of mine actually reported that a small format new store is opening in South Jersey. Woodbridge have heard nothing other than rumors of some potential Medical Center but not sure how they replace a mall that’s been there for 40 years or more.
If we're placing bets, I'd say it going to he Herald Square , along with the entire company. Long live 5.8 billion and long live jeffy G
If we're placing bets, I'd definitely say Livingston and perhaps Hamilton (or possibly Woodbridge or Brunswick Square).
I heard Menlo Park is closing due to all of the theft and flooding.
You’ll find out next week.