CBRE Partners with Macy’s for Store Dispositions – None in Arizona This Round

Macy’s plans to “streamline” its business by closing 68 of its stores in spring 2017, according to a news release. Although no Arizona locations are on the list released Wednesday, more announcements are likely on their way: Macy’s said in August 2016 that it planned 100 closures throughout the coming year.

CBRE Group Inc. announced the same day that Macy’s, Inc., has appointed CBRE to help with the national disposition of a portion of the stores that Macy’s has announced it will be closing.

“This partnership brings together two industry leaders, each with more than 100 years of history,” said Jack Durburg, CBRE Chief Executive Officer, the Americas. “We are honored to assist Macy’s, a storied retailer that helped create much of the American retail landscape, as it charts its course to a future of continued retail leadership.”

The Macy’s partnership comes as CBRE has enhanced its flagship Retail Advisory & Transaction Services business line to include robust practices in several specialized sectors, including malls, urban retail and dispositions.

“CBRE has dedicated the resources and expertise to expand its dispositions business at a time when many retailers are optimizing their store portfolios to focus on their best-positioned, most-profitable operations,” said Brandon Famous, CBRE Senior Managing Director and Retail Leader, the Americas. “Helping national retailers through this intricate process requires industry knowledge, location-analytics capabilities, capital-markets resources and relationships with investors and retailers on a scale that only CBRE can provide.”

Developers, retailers and other parties potentially interested in the properties can contact Neill Kelly, CBRE’s Senior Vice President and Practice Leader of Occupier Restructuring and Disposition Services, at 631-370-6067 or neill.kelly@cbre.com. They also can visit the project web site: www.cbre.com/macys.

“These are never easy decisions, and we are committed to treating associates affected by these closings with respect and transparency,” said Macy’s CEO Terry Lundgren in the news release.

The store closures will impact 3,900 employees.

According to the company, closing these locations will allow Macy’s to invest more heavily in growing its digital business and expanding in China.

To see a full list of Macy stores to shutter click here: Macy’s closures  announced January 4, 2017.