US-based retailer Macy's has sold its five stores to General Growth Properties, a real estate investment firm.

This deal is a part of Macy's existing strategy to obtain profitable growth by reallocating investments to its highest growth-potential stores and digital businesses.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

The company also plans to capitalise on opportunities within the company’s real estate portfolio.

The stores that are sold include Carolina Place in Pineville, Oakwood Mall in Eau Claire, Quail Springs Mall in Oklahoma City, Tysons Galleria in McLean and Greenwood Mall in Bowling Green.

"Macy’s expects to achieve a gain of $32m from the sales in the third quarter of the current fiscal year."

Four of these were sold in the third quarter, and the Greenwood Mall store was sold earlier this year.

The value of the four stores was $46m.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Macy’s expects to achieve a gain of $32m from the sales in the third quarter of the current fiscal year.

The retailer will continue to operate the Tysons Galleria store on a lease from General Growth Properties, as well as another store in McLean, Virginia.

The Quail Springs Mall store closed earlier this year, and the other three stores, namely Carolina Place, Greenwood Mall and Oakwood Mall, will continue operations through the holiday season and will be closed next year.