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Macy’s Has Sold Five Stores to GGP



Four of the stores were sold in the third quarter and one – the Greenwood Mall store – was sold earlier in the year.
Macy’s, Inc. announced it has sold five stores to General Growth Properties as part of its plan to drive profitable growth by reallocating investments to its highest-growth-potential stores and digital businesses.

Macy's

Four of the stores were sold in the third quarter and one – the Greenwood Mall store – was sold earlier in the year. The stores are:
  • Carolina Place in Pineville, NC (151,000 square feet; opened in 1993; 72 associates);
  • Oakwood Mall in Eau Claire, WI (104,000 square feet; opened in 1991; 61 associates);
  • Quail Springs Mall in Oklahoma City, OK (146,000 square feet; opened in 1986; no associates as store was closed in spring 2016);
  • Tysons Galleria in McLean, VA (265,000 square feet; opened in 1988; 125 associates);
  • Greenwood Mall in Bowling Green, KY (124,000 square feet; opened in 1980; 61 associates).
Macy’s will continue to operate the Tysons Galleria store on a lease from General Growth Properties. Macy’s also continues to operate another store in McLean, VA, at the nearby Tysons Corner Center. The Quail Springs Mall store closed in spring 2016. The other three stores – Carolina Place, Greenwood Mall and Oakwood Mall – will continue operations through the holiday season and will be closed in spring 2017.

The purchase price of the four stores was $46 million. Macy’s expects to realize a gain of $32 million from the sales in the third quarter of fiscal year 2016.

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