Macy’s Real Estate Goldmine

Macy’s is mulling over its multibillion-dollar property portfolio and is taking a hard look at how to unlock the value of its real estate assets.

ChioNIOVEAIPTmdIn March the company named William H. Lenehan, president and CEO of Four Corners Property Trust, to its board to advise on ways to maximize the profit potential of the real estate portfolio. “Bill will contribute to our board’s expertise and working knowledge on matters related to real estate, an important area of activity as we work to create shareholder value through joint ventures or other partnerships related to Macy’s flagship stores and mall properties,” said Terry J. Lundgren, chairman and CEO of Macy’s, Inc., in a prepared statement. “Bill’s perspective is rooted in his real estate experience in a variety of industry sectors, including net lease, restaurants, mall, office, residential and mixed use.”

Read the full feature in the May 2016 issue of Shopping Centers Today.