Friday, May 24, 2019

What Can Building a Tower on Top of its Herald Square Store Do for Macy’s?

NREI
Seeking to cash in on its most valuable real estate asset, Macy Inc.’s CEO Jeff Gennette confirmed that the department store retailer is considering plans to build a 1.2-million-sq.-ft. skyscraper on top of its Herald Square flagship store in Manhattan, Bloomberg reported last week.

The tower would be leased to other office tenants, and Gennette said he hopes to have a plan in place by year-end.

During Macy’s earnings call in February, Gennette said, “In any strategy, to unlock additional real estate value will be on a long-term horizon,” and that Macy’s would “certainly preserve the store and enhance the customer experience.”. . . more