Macy’s Big Sale

Macy’s expects to sell $275 million in retail property in 2025, and to close another 65 stores nationwide. The venerable retailer is struggling like other department stores. Also for today: New York City might amend its charter to spur housing production.

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— Tom Acitelli, Deputy Editor

Macy’s Predicts $275M From Sales of Real Estate Portfolio, Will Close More Stores in 2025

After seeing a drop in in-store sales last quarter, Macy’s might make that up by selling off its real estate. The department store announced it expects to see $275 million in sales of its retail properties next year, nearly $125 million more than expected, but that uptick comes amid more store closures, the company said. Macy’s is set to close 65 stores across the U.S. in 2025, an increase from the previously announced 55 stores, according to the company’s third-quarter earnings report released Wednesday. A spokesperson for Macy’s did not immediately respond to a request for comment. The move comes as part of CEO Tony Spring’s plan announced in February to shrink the department store’s retail footprint by 25 percent and close about 150 of its 502 stores over the next three years, as Commercial Observer previously reported.

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Adams Wants to Rewrite NYC Charter to Boost Housing

Mayor Eric Adams has announced a new commission to review the New York City Charter and recommend ways to rewrite the municipal rulebook to boost housing across the city. The 2025 Charter Revision Commission (CRC) under chairman Richard Buery, CEO of anti-poverty organization Robin Hood, will be tasked with figuring out how to make city government “more transparent and responsive” and promote “fair housing across the five boroughs,” according to Adams’s announcement Thursday. “Our housing crisis severely limits where New Yorkers can live, what schools they can attend, how they can get to work, and whether their families can stay together,” Buery said in a statement. “Our task is to examine the charter to see how we can better meet this generational challenge.” YMCA of Greater New York CEO Sharon Greenberger will serve as the commission’s vice chair, while Leila Bozorg, New York City’s executive director for housing, will serve as secretary.

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