MACY’S SELLS STORES TO GENERAL GROWTH PROPERTIES, MOST TO CLOSE
National retailer Macy’s, Inc. has sold four more stores to General Growth Properties – Carolina Place in Pineville, NC; Oakwood Mall in Eau Claire, WI; Quail Springs Mall in Oklahoma City, OK; and Tysons Galleria in McLean, VA — for a total of $46 million. Macy’s expects to realize a gain of $32 million from the sales in the third quarter of fiscal year 2016.
The Quail Springs store was closed earlier this year, while the Carolina Place and Oakwood Mall stores will continue operations through the holiday season and will be closed in spring 2017. A fifth Macy’s store at the Greenwood Mall in Bowling Green, KY was sold to General Growth earlier its year. It will also continue operations through the holiday season and will be closed in spring 2017.
Meanwhile, Macy’s will continue to operate the Tysons Galleria store on a lease from General Growth Properties, and also continues to operate another store in McLean, VA, at the nearby Tysons Corner Center.
The new sales are part of its previously-announced plan to drive profitable growth by reallocating investments to its highest-growth-potential stores and digital businesses, and to capitalize on opportunities within the company’s real estate portfolio.
