By  on December 5, 2015

A Whole Foods market on the lower level of Macy’s Herald Square flagship? An Equinox gym near the eighth floor activewear department? It’s all within the realm of possibility as Macy’s attempts to put its real estate to work.

Macy’s Inc. chairman and chief executive officer Terry J. Lundgren told investors listening to the retailer’s third-quarter earnings call in mid-November that the company is moving quickly to try to maximize the value of its trophy real estate assets, including flagships in New York’s Herald Square, San Francisco, Chicago and Minneapolis. Lundgren said the company will consider joint ventures or other tie-ups to redevelop portions of its key stores in a way that maintains a robust Macy’s presence while bringing alternative uses to the buildings. The appeal of Macy’s real estate is obvious. The Herald Square flagship alone has been valued at between $3 billion and $4 billion.

To continue reading this article...

load comments
blog comments powered by Disqus