DJ Macy's Store Closures Will Have Little Effect on Mall REITs -- Market Talk

14:12 ET - There is minimal effect on mall REITs from Macy's announcement that it is planning to close 28 Macy's stores and one Bloomingdale's store in the coming months, BTIG Research says. Macy's didn't identify the locations but some local press reports have revealed several of these locations. CBL, Simon Property and Unibail Rodamco each own one location and Washington Prime owns two locations. "Macy's has been closing or shrinking (and monetizing) some of its very large legacy downtown footprints throughout the country as well as consolidating from two stores to one in certain malls where it had been operating," BTIG says, adding most of the closings this year will be in smaller, secondary market locations. "The Macy's closures should have minimal impact on our coverage's A-Mall portfolios." (esther.fung@wsj.com; @estherfung)

(END) Dow Jones Newswires

January 09, 2020 14:12 ET (19:12 GMT)

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