Macy's to Close Indy Location

Posted: Updated:
(Image courtesy of Macy's Inc.) (Image courtesy of Macy's Inc.)
INDIANAPOLIS -

Cincinnati-based Macy's Inc. (NYSE: M) has announced plans to close its store at the Glendale Town Center on the north side of Indianapolis. A spokesperson tells Inside INdiana Business the decision follows a review of the company's real estate portfolio "to see if there are opportunities to improve the use of our assets."

A clearance sale is expected to begin later this month and last for 8-12 weeks. The company says regular, non-seasonal employees who are unable to relocate to nearby stores will be eligible for severance, including outplacement resources.

The Macy's stores at Castleton Square Mall in Indy and Greenwood Park Mall remain open. The announcement comes a year after Macy's closed its location in Terre Haute.

Indianapolis-based Kite Realty Group Trust (NYSE: KRG), which operates Glendale Town Center, says the 237,000 square feet of space will become available April 1. The company says it is looking at possible redevelopment of the space, which could include new retail offerings, multi-family uses, or innovative and community-focused uses.

"Glendale Town Center is a prime example of how great real estate has and will evolve in response to a dynamic retail landscape. We are excited for the opportunity to reimagine a center that has been a mainstay of the Indianapolis community for decades," said Tom McGowan, chief operating officer of Kite Realty. "This departure represents a significant mark-to-market opportunity and by reacquiring control of such a central part of the center we’re able to consider a wide variety of options and alternative uses to increase traffic, improve the visitor experience and maximize value of the asset."

The mall's other anchor tenants include Target, Lowe's and Landmark Theatres.

  • Perspectives

    • Market Caps: What's in Your Portfolio?

      Investors understand the importance of having a proper balance of large-, mid-, and small-cap companies in their stock portfolios. Unfortunately, there are no strict rules followed by index funds when categorizing by company size. When you "check under the hood" of your portfolio, you may discover you’re taking more (or less) risk than you intended! What Is Market Cap? Market capitalization, or market cap, is a term used to represent the size of a company.

    More

Subscribe

Name:
Company Name:
Email:
Confirm Email:
HTML
INside Edge
Morning Briefing
BigWigs & New Gigs
Life Sciences Indiana
Indiana Connections
INPower
Subscribe
Unsubscribe

Events



  • Most Popular Stories

    • (Image of planed West Lake Corridor Expansion of the South Shore commuter rail line provided by the Northwest Indiana Regional Development Authority.)

      South Shore Extension Moves Closer to Federal Funding

      The South Shore Line West Lake Corridor is a step closer to up to $440 million in federal funding, thanks to a positive project rating from the Federal Transit Administration. The "medium-high" rating means the project, which involves the extension of the South Shore Line between Dyer and Hammond, is eligible for funding to cover a large portion of the more than $700 million project. The rating came from the FTA's Fiscal Year 2020 Annual Report on Funding Recommendations...

    • Fishers Among Finalists For National Prize

      The city of Fishers is one of 12 finalists for the Robert Wood Johnson Foundation Culture of Health Prize. The award honors "communities that are bringing partners together around a shared commitment to health, opportunity, and equity."

    • (photo courtesy of our partners at The Times of Northwest Indiana)

      Indiana Leads U.S. Steel Production

      Indiana once again led the nation in steel production in 2018. Jake Murphy with the American Iron and Steel Institute tells our partners at The Times of Northwest Indiana steel mills throughout the state made 26.7 million net tons of steel last year, up from 24.1 million in 2017. 

    • More Families Earn Hoosier Homestead Awards

      More than 50 families from throughout the state have been recognized for operating longstanding farms. Lieutenant Governor Suzanne Crouch and State Department of Agriculture Director Bruce Kettler have presented the latest Hoosier Homestead Awards, recognizing farms owned by the same family for more than 100 consecutive years.

    • Hanna believes crews could begin "turning dirt" in 2020.

      Hanna: South Shore Project Hits 'Major, Major Milestone'

      The president of the Northwest Indiana Regional Development Authority says the South Shore Line West Lake Corridor project will create a crucial "Hoosier gateway in Chicago." The more than $700 million project has received a positive project rating from the Federal Transit Administration, putting it a step closer to up to $440 million in federal funding. Bill Hanna says the rail extension will help Hoosier workers connect to jobs in Chicago that often pay more...