Macy’s at Carolina Place Mall will close in spring 2017.
The retailer said in a statement Monday evening that it had sold five department stores, including the Pineville one, to a real estate investment firm called General Growth Properties. The move is part of a previously announced, company-wide effort to improve profitability by reducing its brick-and-mortar footprint.
The 151,000 square-foot Macy’s at Carolina Place opened in 1993 and employs 72 people. The company said those affected by the closure may be offered jobs at nearby stores where possible. And eligible employees who are laid off, Macy’s said, will be offered severance benefits.
Macy’s said it sold a store in Bowling Green, Ky., earlier this year. The other four – in Eau Claire, Wisc., Oklahoma City, Okla., McLean, Va., and Pineville – were sold in the third quarter for $46 million.
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The nation’s largest department store chain said it expects to realize a gain of $32 million from the sales. Macy’s will continue operating the store it sold in McLean (in Tysons Galleria) on a lease from General Growth Properties.
A spokeswoman for General Growth, which also owns Carolina Place Mall, said the firm is not yet ready to disclose its plans for the Macy’s space in Pineville.
“We’re always evolving to curate the shopping center with tenants and brands that will meet the needs of our community,” Lindsay Kahn said.
Amid another slump in sales and earnings, Macy’s announced its plan in August to sell 100 underperforming stores nationwide next year and boost its online investments.
But Macy’s isn’t the only one feeling the pinch from the boom in online shopping, competition and changing shopper habits. Facing similar challenges, Charlotte-based Belk last year sold itself to private equity firm Sycamore Partners.
Macy’s operates two other stores in the Charlotte area – at SouthPark Mall and at Northlake Mall.