The retail industry is amid a rightsizing of physical storefronts. The closure of underperforming stores such as those announced this week by Macy's presents an opportunity for strategic master planning of properties for the next generation.
"Retail thrives on innovation and the arrival of new concepts to better cater to consumer needs is eagerly anticipated," according to Najla Kayyem, Executive Vice President of Marketing at LA-based Pacific Retail Capital Partners.
"While the closures are regrettable, there is optimism about the potential revitalization of Macy's many properties and the opportunity for collaboration with new partners and concepts to meet the diverse and changing needs of consumers across the US."
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