Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(Crystal Proenza is associate editor of Real Estate Florida.)

MIAMI-After Macy’s Inc. announced a total of 7,000 job cuts across the country Monday, local experts have been drafting responses to the effect the company’s restructuring could have on Downtown Miami, where the retailer operates an 840,000-square-foot store and its regional headquarters. While the retail portion of the Macy’s-owned building will remain the same, its Florida headquarters located on the top floors of the structure will be shut down–a move that will impact 600 jobs, not to mention create a ripple effect for business surrounding the property.

“The businesses in the immediate area of Macy’s could be impacted because the corporate employees were customers of those business,” says Neisen Kasdin, vice chairman of the Miami Downtown Development Authority and chair of Akerman Senterfitt’s land use and entitlements practice group. Miami-Dade County’s economic development partnership, the Beacon Council, released a statement that the retailer’s decision will be severely felt in the community, stating that “this is not good news for Miami-Dade County,” but pledging its commitment to create new employment opportunities and backing Macy’s “with any business assistance they may require.”

However, the news will not deal a devastating blow to the market, Kasdin tells GlobeSt.com. “Downtown Miami has almost 200,000 workers and is not dominated by any one large employer. Up until now, employment has held pretty steady here and thousands of new residents are moving into the condo units that are turning into rentals,” he adds.

According to a Macy’s spokesperson, the current structural change is the biggest in the history of the company, and the future of the space that will be vacated at 22 E. Flagler St. is as of yet unknown. What is sure is that some of the offices will be filled again, as more than 100 new positions will be located there as part of its “My Macy’s” localization initiative, the spokesperson tells GlobeSt.com.

The news of the restructuring comes only two months after the department-store giant announced 11 store closings in underperforming locations. One of those stores is located in South Florida at Palm Beach Mall in West Palm Beach. The 190,000-square-foot location is currently in the final stages of a clearance sale, according to Macy’s.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.