chuckhoffmann Wrote:
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> Interestingly, PREIT in their June investor update
> claimed they had a commitment from Macy's for a
> major upgrade and renovation of their store at
> Springfield Town Center.
>
> See page 28 of the document at
>
http://investors.preit.com/download/June+Investor+
> Update+FINAL.pdf
>
> IIRC, Macy's is the only one of the three anchor
> stores at STC that doesn't actually own their
> store. Target and JC Penney both own their
> buildings, and Target also owns a good chunk of
> the parking lot around their store.
>
> Another thing that'd be interesting would be to
> see the terms of Macy's lease. If they've been
> executing their lease in multiples of 5 years,
> they may well be coming to the end of their
> current lease, since they opened in 1991.
>
> If the store meets whatever criteria Macy's
> corporate has for closing "underperforming" stores
> and their lease is coming up for renewal, they may
> well decide it's time to strike the tent at STC.
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