Struggling fashion retailer Macy's is finally selling off valuable real estate holdings in order to make up for sluggish sales. Investors have been pressuring the department store chain; last month, hedge fund and stakeholder Starboard Value pushed for Macy's to separate its $21B real estate portfolio. (That's also the company's market cap.) Macy's has already begun making property moves—its soon-to-be-renovated Brooklyn store sold upper floors and a parking garage to Tishman Speyer for $250M, and a now-closed Pittsburgh store was sold to Core Realty. Despite the nice capital infusion, analysts raised concern last week about the ambitious real estate plans, citing increased risk. [Motley]
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