A Look Into General Growth’s Macy’s Grab And The Strategy Behind It

Mall landlords are combating a wave of store closures by getting more hands-on with their tenants—even taking to buying space from department stores outright.

General Growth Properties is the latest example of this trend. The firm recently announced its purchase of five stand-alone Macy’s stores for $46M and plans on replacing most of them with stores like Dick’s Sporting Goods, department store chain Belk and Lifetime Fitness, the Wall Street Journal reports.

“We’ve been pretty opportunistic here,” says General Growth CEO Sandeep Mathrani, who adds that further acquisitions are a possibility. This strategy of mall landlords becoming more hands-on in retail is part of an ongoing battle in the retail sector, where players of all types are working to identify investments most able to capture consumers’ attention as shopping habits continue to change. [WSJ]

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

Wall Street Impatient For Big Tech Returns On Data Center Spending

As AI Adoption Ramps Up, Half A Million Property Managers Are In The Crosshairs

Treasuries Hover Around 4.7% As Wall Street Questions If Warsh Is A 'Dove In Hawk's Clothing'

Avison Young Had Assets Frozen By Bank Over Unpaid Taxes

Philly Retail Momentum Spills From Rittenhouse Into Northern Liberties

Camden Property Trust Sells West Coast Portfolio, Clears $1.5B Target

Churchill Downs Plans To Sell 9 Casinos, Focus On Horse Racing

Bringing Stability And Savings To CRE Insurance Through Working Layer

More Hotel Owners In Need Of Cash Are Getting It From The Big Brands

Forget Buildings, Retailers Are Leasing Environments

Former Arms Dealer Targeting Heartland Apartment Takeover Files For Bankruptcy

SEC Charges REIT, Its Founders With Alleged $152M Fraud Scheme