An investment company wants to purchase the "Macys Brand" for its real estate. Approx. 75% of the store locations are in tier 2 malls, dying malls, or dead malls. Why would an investment company want to buy these run down 200, 000 square foot buildings? Commercial real estate in these locations have almost no value. Wouldn't it be more profitable in the long run, to shutter every store except the top 150, and place the monetary profits in the stores that will produce. The rust belt and mid west have too many locations for their population. Shrink the number of low volume doors/unprofitable doors, and make the top 150 a show place: great assortments, the needed amount of colleagues to service the customer, and a team to keep recovery in check! The top 150 doors are great for several reasons: the company takes a positive stand on these locations, a demographic with higher disposable income, near by retail stores that create a diverse and dynamic shopping experience, and located in a relatively crime free area within a market. Just a thought. I would appreciate feedback!
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The top 150 stores could be the most vulnerable. If Macy's is truly sold the buyers will want to make money as soon as possible on their investment. When Eddie first started selling Sears and Kmart stores he sold some of the very best stores first to make quick money and then moved on to other properties.
Very old rumor was (regarding herald square),was condos, leasing office space and /or a mall
Like i said these were all "old" rumors.
Land. Condos and apartments.
lol condos? Across the street from Penn station and the me-h clinic? That area is a mess.
It is going to happen. Prepare.
These companies don't buy it to run it. They sell off the real estate to themselves, lease it back to their Macy's division at above market rates and then because the Macy's end can't be profitable renting at those rates.... close the doors. Word on the street is that it may happen, not 100%... but there is a chance. Stay tuned.
Rumor is flying around that they want to buy the flagship store and eventually turn it into condominiums, the investment company would make more than double their money 💰
That is exactly what they are doing prior to the close of the sale.