Retail Watchers

http://www.sfchronicle.com/bayarea/arti ... 350333.php

What is most interesting from this article for me:
"Macy’s has not announced plans to close its Stonestown store, but it did sell the building to General Growth Properties, which owns and operates the rest of the Stonestown complex, in January for $41 million. That sale came two months after it sold its Union Square men’s store to Morgan Stanley for $250 million."

So $291 million in real estate sales in San Francisco in recent months? This is some really valuable legacy property... why sell now?

They also sold the Westside Pavilion location in West Los Angeles for $50 million in January of this year but as of yet have not singled any closure. I'm betting on January 2018 as Nordstrom moves from the Westside Pavilion to Westfield Century City the first week of October 2017. http://labusinessjournal.com/news/2017/ ... ling-poss/

It is nice to see that the building will not be an empty hulk wasting away in the corner of the mall.

storewanderer wrote:This is some really valuable legacy property... why sell now?

Because the real estate market is so strong right in California right now and this is a great way to raise capital. None of these properties could generate that type of revenue from operations alone so it makes sense to cash out now.

Macy's in the South Bay Galleria Redondo Beach, California it was announced this week is going to move into the former Nordstrom in the same mall. They are going to demolish Macy's, built as a May Company store, which they sold a couple of years ago. This current Macy's has a basement that isn't currently being used - just blocked off - and is much larger than the former Nordstrom (Nordstrom moved into a brand new built from the ground up store in the Del Amo Mall in Torrance last fall. There are two Macy's at the Del Amo mall - use to be three).

http://www.dailybreeze.com/business/201 ... ed-in-days
The story above is the first version. The latest version which was in their The Beach Reporter today (but isn't online yet) says Macy's will move into the former Nordstrom.

I wonder if Macy's will move into the soon to be vacated Nordstrom space at the Westside Pavilion, also. There had been talk of a Whole Foods and/or Target for that space but that was over a year ago and I've heard nothing.

Both the Macy's Stonestown and Macy's Westside Pavilion locations will be closing in early 2018 http://www.latimes.com/business/la-fi-m ... story.html

They should build a few towers of student housing here and call it a day.