Macy’s announced they will be shuttering 125 stores over the next three years, exiting struggling malls and focusing on building smaller stores in strip centers.
Pennsylvania Real Estate Investment Trust and Simon Property Group have the most local exposure to a round of closures Macy’s Inc. is planning this year at its namesake Macy’s and Bloomingdale’s department stores.
Macy’s announced Tuesday it will close 125 of its “least productive” locations over the next three years. It has a dozen stores throughout the Philadelphia region and three Bloomingdale’s locations.
Macy’s hasn’t released a list of the stores it intends to close, though a partial list published by the Wall Street Journal doesn’t yet include any in the Philadelphia region. However, Macy’s locations at the Harrisburg East Mall in Harrisburg and Nittany Mall in State College are scheduled to close, according to the report.
Philadelphia-based PREIT owns four regional malls that have Macy’s stores as anchor tenants occupying a total of nearly 1 million square feet. The locations and square footage of those Macy’s are the Cherry Hill Mall at 305,000 square feet, the Springfield Mall at 192,000 square feet, the Willow Grove Park with 225,000 square feet, and the Exton Square Mall with 181,000 square feet. Willow Grove also has a 237,000-square-foot Bloomingdale's store.
Heather Crowell, a spokeswoman for PREIT, said the company doesn’t know which malls will be affected, since Macy’s has not released a list of store closures, but is tracking the situation.
PBJ.com has more about potential local exposure to the store closures, click here.
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