As sales and profits at Macy’s continue to decline, the retail giant is continuing to sell off its most valuable real estate holdings.
The Cincinnati-based retailer disclosed Thursday in its earnings report that it has sold its downtown Portland store for $54 million, a deal that will net Macy’s about $36 million.
The Oregonian/OregonLive reported in July that Macy’s was exploring the possibility of a sale of the downtown Portland store, which occupies five floors of the historic Meier Frank Building.
It is unclear who purchased the store, which will close next spring, or what will become of the floors that Macy’s owned.
However, Lisa Frisch, who directs the Portland Business Alliance’s downtown retail program, said developers have floated several possibilities.
One proposal would have creative office space occupying the upper floors, with retail on the ground level. Frisch declined to name the buyer or developers involved in the project.
Frisch said she doesn’t think Macy’s departure spells trouble for