Macy's May Redevelop & Explore Joint Ventures With Downtown Mpls. Location
MINNEAPOLIS (WCCO) -- Macy's location in downtown Minneapolis will be part of the company's push for exploring joint ventures to redevelop flagship real estate assets, the company announced Wednesday.
The company says other properties that are being considered for redevelopment are in Manhattan, San Francisco and Chicago.
"Based on a successful collaboration on Macy's previously announced Brooklyn store redevelopment project, the company has engaged Tishman Speyer in an expanded relationship to advise and support the company's senior management team in identifying and advancing potential store redevelopment projects nationwide," Macy's said. "The company may request Tishman Speyer to participate in bidding for certain of these projects. In all cases, a third party will be used to manage the bidding and negotiations process."
Macy's says the redevelopments will occur in "a manner that maintains a robust Macy's retail store presence while also bringing alternative use into those buildings; this exploration could expand to include other assets, including mall-based properties, to the extent opportunities are available."
The announcement comes after the retailer says sales fell in the third quarter and its profit outlook has been lowered.