Global real estate giant CBRE announced that it’s been hired by Macy’s, Inc. to help dispose of 33 retails stores in Massachusetts, Michigan, Ohio, Pennsylvania and Texas. The move is part of Macy’s plan to close 68 of its 730 retail locations to cope with declining revenues.
“This partnership brings together two industry leaders, each with more than 100 years of history,” said Jack Durburg, CBRE Chief Executive Officer, the Americas. “We are honored to assist Macy’s, a storied retailer that helped create much of the American retail landscape, as it charts its course to a future of continued retail leadership.”
CBRE recently boosted its flagship Retail Advisory and Transaction Services offerings with a focus on shopping malls, urban retail and dispositions. “Many retailers are optimizing their store portfolios to focus on their best-positioned, most profitable operations,” said Brandon Famous, CBRE senior managing director and retail leader for the Americas.