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Terry Lundgren “Our company is moving forward decisively to build further on Macy’s heritage as a preferred shopping destination,” Lundgren says.

CINCINNATI—Macy’s Inc. said Thursday it would close 100 of its 728 stores, as part of a real estate-related strategy to drive profit growth and enhance shareholder value. The Cincinnati-based department store giant also plans to re-create the Macy’s physical store presence as customer shopping preferences and patterns evolve and reallocate investments to highest-growth-potential store and digital businesses, as well as monetizing its real estate portfolio.

“We operate in a fast-changing world, and our company is moving forward decisively to build further on Macy’s heritage as a preferred shopping destination for fashion, quality, value and convenience,” says chairman and CEO Terry Lundgren. “This involves doing things differently and making tough decisions as we position ourselves to serve customers who have high expectations of their favorite stores, online sites and apps.”

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Paul Bubny

Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.

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