Macy’s recently announced that it has sold five stores to General Growth Properties. This is part of a previously-announced plan to reallocate investments to stores with the highest growth potential and digital businesses in the hopes of driving profitable growth and to capitalize on opportunities within the company’s real estate portfolio.
The price paid for all four stores was $46 million. Macy’s expects to reach a gain of $32 million from sales in the third quarter of 2016. Its fiscal sales for 2015 were $27.079 billion.
The four stores that were sold include:
- Carolina Place in Pineville, NC (151,000 square feet; opened 1993; 72 associates)
- Oakwood Mall in Eau Claire, WI (104,000 square feet; opened 1991; 61 associates)
- Quail Springs Mall in Oklahoma City, OK (146,000 square feet; opened in 1986; no associates as the store was closed in spring 2016)
- Tysons Galleria in McLean, VA (265,000 square feet; opened in 1988; 125 associates)
- Greenwood Mall in Bowling Brook, KY (124,000 square feet, opened in 1980; 61 associates)
Macy’s will continue to operate the Tysons Galleria store on a lease from General Growth Properties and the three other locations will remain open through the holiday season and close in spring 2017.