Brookfield and Macy’s Partner for Redevelopment
The holidays are right around the corner, and sales for Macy’s are under the spotlight. The retailer has reportedly struck a deal with Brookfield Asset Management which allows for either redevelopment or add-ons at 50 retail locations. For the next 24 months, Brookfield exclusively holds this right.
At the same time, Macy’s is working on generating cash by selling five of its retail assets through its partnership with General Growth Properties.
Macy’s stock was recently up, and the company believes that there will be a smaller decline in sales for the full year. Macy’s CEO and Chairman Terry Lundgren says that sales are higher because of the Apple Watch and Michael Kors watches, although cosmetics are struggling.
Last year, 41 Macy’s stores closed, and there are 100 more on the docket to shut down next year.
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