[ad_1]
Macy’s is planning an accelerated expansion of its small-format store strategy, potentially tripling the footprint of the concept through fall 2025. — Courtesy: Macy’s/Business Wire
By Joshua Burd
Macy’s is bringing its highly touted small-format stores to Mount Laurel and Ramsey, marking two of the first New Jersey locations for the concept under a recently announced expansion.
According to Welco Realty Inc., which represented the landlord in the deals, the leases are both at grocery-anchored shopping centers. In Mount Laurel, the department store will occupy 30,200 square feet at Centerton Square at 2 Centerton Road, while it committed to roughly 25,000 square feet at Interstate Shopping Center at Franklin Turnpike and Route 17 in Ramsey.
Notably, the iconic retailer is backfilling a former Bed Bath & Beyond store at each site.
“We are very excited about bringing the Macy’s brand to both shopping centers and the Mount Laurel and Ramsey community,” said Jerry Welkis, president of Welco.
The transactions come a month after Macy’s announced plans for an accelerated expansion of its small-format store strategy, potentially tripling the footprint of the concept through fall 2025. That includes up to 30 new scaled-back locations, which will operate under the classic Macy’s name, starting in 2024 as part of a multipronged approach to reposition its portfolio.
It said at the time that it plans to integrate the new spaces with a high-end digital experience, adding that the stores will be concentrated in off-mall shopping centers.
“We are excited to accelerate the expansion of our small-format strategy as we continue to innovate and reposition our store portfolio to better serve our customers,” Adrian Mitchell, chief operating officer and chief financial officer for Macy’s Inc., said in an October news release. “Our small-format stores are efficient to operate, provide the customer with a shopping alternative within our omnichannel ecosystem and present a unique opportunity to target high-traffic shopping centers. Our small-format strategy is one way we intend to harness the full power of the Macy’s brand to deliver sustainable, profitable sales growth for Macy’s Inc. beginning in 2024.”
The new Macy’s in Mount Laurel will join major anchors such as Wegman’s, Target, Costco, TJMaxx and DSW, Welco said. In Ramsey, its co-tenants will be ShopRite, DSW, Burlington, Michael’s and Old Navy.
CBRE’s James Creed aided Welco in the Mount Laurel deal, while Brian Schuster of RIPCO Real Estate represented the tenant in Ramsey.
[ad_2]
Source link
