Macy's sells five stores to General Growth Properties
Macy’s on Monday announced that it has sold five retail locations to General Growth Properties, four of which were sold in the third quarter for a sum of $46 million.
The four stores, Carolina Place in Pineville, NC; Oakwood Mall in Eau Claire, WI; Quail Springs Mall in Oklahoma City, OK; and Tysons Galleria in McLean, VA, have a combined square footage of 666,000-square-feet and 258 employees altogether. Macy’s opened the stores in the late 1980s and early 1990s, and closed its Quail Springs Mall location in 2016. The fifth location, Greenwood Mall in Bowling Green, KY, stands at 124,000-square-feet and was sold earlier in the year.
The retailer sold the locations to GGP as part of its previously announced plan to drive profitable growth. Macy’s will reallocate investments to its highest-growth-potential stores and digital businesses. The Tysons Galleria location will continue to operate, but the Carolina Place, Greenwood Mall and Oakwood Mall locations will close in spring 2017 after the holiday season.
Macy’s in August announced plans to shutter 100 stores by early 2017. The retailer reported sales declines for six consecutive quarters, and it will hire less temporary workers for the holiday.
Macy’s plans to invest its gain from the store closures into online. The company also expects to realize a gain of $32 million from the sales in the third quarter of fiscal year 2016.
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