Investors Pressure Macy’s to Sell Real Estate

Macy’s has been facing pressure from several hedge funds to make changes to its real estate strategy. The shareholders have asked the Cincinnati-based retail giant to sell and lease back more of its major stores, a strategy that has been employed by other major retailers. One of the targeted properties could be the flagship Herald Square store in NYC, although that move seems unlikely, reports the Cincinnati Business Courier. Macy’s properties have a total book value of $7.8B and the company owns 447 of its 823 stores. [CBC]

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's National Newsletters
Related Stories

Industrious Takes Top Floors In Downtown Lease: The D.C. Deal Sheet

How U.S. Giant Realty Income Bought The UK And Europe

Spirit Christmas Unveils Plans To Grow Store Count This Holiday Season

Hurricane Isaias Puts More Than $40B In Multifamily Property In Its Path

Braemar Inches Closer To Ashford Breakup With $372M Hotel Sale

How Houston's Next Generation Of Retail Can Elevate The Suburbs And Attract Customers

Transformers: Yet Another Data Center Power Infrastructure Supply Chain Bottleneck

Proposed EPA Rule Change Could Cut Months From Timelines Of Projects Near Wetlands

NYC Is Building Hotels Again. It May Not Be Enough

Deutsche Bank Files $260M Foreclosure Suit For Broward County Mall

Developers Scheme To Build More Housing Units As NYC's Tax Incentive Ages

Distress Divide: How Private vs. Institutional Investors Are Thinking About D.C. Office