Macy's selling 5 store sites to General Growth Properties

[architect]

Earlier today, Macy's announced that it will be selling 5 of their current/former store sites to General Growth Properties. The properties are as follows:

Carolina Place in Pineville, NC (151,000 square feet; opened in 1993; to close, future use TBD)
Oakwood Mall in Eau Claire, WI (104,000 square feet; opened in 1991; to close, future use TBD)
Tysons Galleria in McLean, VA (265,000 square feet; opened in 1988; will be leased back to Macy's, which will keep the store in operation for now despite it's location across the street from another Macy's at Tysons Corner Center)
Greenwood Mall in Bowling Green, KY (124,000 square feet; opened in 1980; Belk will be opening a store in this space)
Quail Springs Mall in Oklahoma City, OK (146,000 square feet; opened in 1986; already closed, future use TBD)

It will be interesting to see if Macy's can replicate this strategy on a larger scale. At many malls with a Sears anchor, Sears already has most of their stores up for sale. Adding Macy's to the mix, this could make the market for vacant anchor stores simply too oversaturated.

[rwsandiego]

...It will be interesting to see if Macy's can replicate this strategy on a larger scale. At many malls with a Sears anchor, Sears already has most of their stores up for sale. Adding Macy's to the mix, this could make the market for vacant anchor stores simply too oversaturated.

Here in San Diego, Macy's sold the former University Towne Center Robinson's-May (which I think was a much nicer store than the Macy's which has never been remodeled) to Westfield. They, in turn, created an Arclight theatre, 24 Hour Fitness, and a few other stores out of the three-level store. That could be what GGP intends to do with these Macy's locations.