So many fascinating things about this - Just in Seattle, 2,500 people will work in that building once a Macy's store. They reported from 60 stores closing they will displace a total of 3,900 total workers.
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I remember when Zynga's HQ office space was worth more than the cash they had on hand, this is at another scale
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That's how Mervyn's got cannibalized too.
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This is an old story. Back in the 90s, The Gap was able to rapidly expand in NYC by acquiring Chock full ‘O’ Nuts’ old long term leases (which were auctioned off).
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They didn't even talk about Macy's Union Square. Has to be worth billions.
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Here's some good reporting on the actual causes of retail's demise - Wall Street, not Amazon. https://newrepublic.com/article/145813/cause-consequences-retail-apocalypse?utm_content=buffer585a4&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer …
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I feel condo/loft conversions in the best urban areas in the US coming.
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