Macy's to sell stakes in flagship store buildings
Department store giant under pressure from investor to extract value from property as retail sales wane
New York
MACY's Inc is seeking to sell stakes in its flagship stores, including its landmark building on West 34th Street in Manhattan's Herald Square, one of New York's top tourist attractions.
The largest US department-store company said it hired Eastdil Secured LLC, a real estate investment bank, to "approach potential interested parties" about forming partnerships or joint ventures for the Manhattan locale as well as downtown stores in San Francisco, Chicago and Minneapolis, plus its mall-based properties. Tishman Speyer has expressed interest in taking stakes in the four flagship stores, Macy's said in a statement Wednesday.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Consumer & Healthcare
Sheng Siong Q1 net profit up 9.3% on higher revenue
Nestle sales growth sputters on US slump, vitamin snags
Hermes Q1 sales jump 17% on strong China demand
Cordlife’s independent auditor to retire after issuing disclaimer of opinion on FY2023 financials
Cutting the cord?: Events leading up to Cordlife’s MOH suspension and arrests of its directors, ex-group CEO
Cordlife customers push for legal action