Companies like Macy’s are struggling with whether or not to execute sale leasebacks with some of their assets. There is a lot of pressure to sell coming from investors (in order to boost share prices), arguing that Macy’s has no business in real estate and should focus on being a department store. However, decision makers at Macy’s are saying: ‘Uhh, look at Mervyn’s.’
We’ve been reading about a number of businesses lately (from big retail giants like Macy’s, to small medical offices) choosing to sell while commercial prices are surging. And it looks like Macy’s has decided to go sort of a middle road: sell some real estate, hold on to some, revamp some, and maybe even condominium-ize some.
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