PORTLAND, Ore. – Macy’s is without a doubt one of the most well-known retailers in the United States because they pre-date Walmart and are loved by generations of shoppers but the retailer could be selling its Downtown Portland location and or downsizing in the coming months.
Leaving Meier & Frank Building?
Macy’s has recently said that they may either sell the five floors that they own in the Meier & Frank Building, then lease them back, or just occupy one floor in the building, instead of five. Whatever they decide, Macy’s had made it clear that they aren’t leaving Portland. Their goal is to stay in Portland, but in what capacity nobody seems to know right now.
The retailer has been a fixture in Portland Oregon for over 100 years but with increased competition from Amazon, Alibaba and the Internet as a whole, combined with a sluggish economy, it’s easy to see why Macy’s wants to downsize in order for their business to stay alive.
Macy’s Has Awesome Real Estate Holdings
Since they’ve been in business for over 100 years, Macy’s has an awesome portfolio of Real Estate holdings across the United States and some experts have said that their portfolio of properties nationwide is worth more than their retail operation but when asked if they are shutting down their Portland store due to the constant struggle that they face from global competitors the company said that they are always opening and closing stores since their decisions are all based on store performance.
It’s going to be a while before Macy’s actually alters their operation in downtown Portland Oregon since the company is a fixture of the downtown area so we shouldn’t expect to see the retailer make any major decisions for a while because people in the Mayor’s office have been advocating for Macy’s to continue their role as an “anchor store” in Portland while Macy’s investors and partners are urging the retailer to consolidate and ultimately change their business plan to stay competitive in this economy.