Macy's goes the Sears route in transitioning to retail landlord

Macy's decision to close stores in the coming months was, as many understand, made easier by the knowledge that the company can leverage its extensive real estate holdings into much-needed cash income. In November, Macy's management announced a strategic alliance with Brookfield Asset Management designed to take full advantage of the value of its real estate portfolio by way of selling, re-leasing or renovating properties. In many cases, Macy's will be inviting old and upstart competitors into its abandoned spaces.