Macy’s sells five stores to General Growth Properties for $46m
Macy’s has sold five stores for $46m to General Growth Properties as part of its plan to drive growth by reallocating investments to its highest-growth-potential stores and digital businesses. Macy’s said it expects to realise a gain of $32m from the sales in Q3.
The department store giant said it will continue to operate the Tysons Galleria store in McLean, VA, on-lease from General Growth Properties. The other three stores – Carolina Place in Pineville, NC; Greenwood Mall in Bowling Green, KY; and Oakwood Mall in Eau Claire, WI, will continue operations through the Holiday season and will close next spring. Its Quail Springs Mall store closed last spring.