Macy’s stores at Mall at Fox Run sold to mall owner
NEWINGTON — Global retailer Macy’s Inc. has sold its two Newington store buildings in the Mall at Fox Run for $16.25 million to Torrington Properties, the Boston-based company that owns the mall and other major shopping centers in town.
The sale of the men’s and women’s Macy’s locations in Newington came weeks before the company’s Tuesday announcement it will close 150 “underproductive” Macy’s locations through 2026.
What happens next at the 600,000square-foot mall and the long-term future of Macy’s there remains unknown. Macy’s Inc. stated it has not yet announced which stores are closing. Torrington confirmed its purchase of the buildings in a statement, adding the Macy’s stores would remain in place for the “foreseeable future.”
Macy’s Inc. responded to questions from Seacoastonline, stating it is currently evaluating its properties to
compare real estate value with each location’s potential future sales growth. If the Newington Macy’s locations are closed, the soonest that would occur would be in 2025, according to the company.
Eric Brasier, general manager of the Mall at Fox Run, stated the Macy’s stores in Newington are a “very strong performer for the market. I think that big department stores are looking to reinvent themselves. There’s certainly business models for them to follow and be successful. We’re hoping that our Macy’s continues to evolve with us.”
Torrington Properties now owns the mall, as well as the Sears building within it, which it purchased in 2022 for $11.5 million. Sears has been closed since 2019, a year after the company filed for bankruptcy and closed over 140 locations.
What's next at Mall at Fox Run property and surrounding shopping centers?
Torrington Properties leaders in June 2023 stated they were working on plans that will transform the Mall at Fox Run and the neighboring Newington Park Shopping Center, properties it purchased in recent years.
Torrington Chief Executive Officer Jay Bisognano at that time said Torrington was working toward “reimagining the properties with a coordinated future.” He added the company envisions a “vibrant, exciting, mixed-use center that could incorporate entertainment and new and exciting forms of retail.”
To date, no development plans have been announced.
“We continue to work on plans to make this site a destination for the community, but we don’t have any specific plans to announce yet,” a statement released by Torrington says.
What is known about sale of Macy's spaces to Torrington
Rockingham County deeds show Torrington’s $16.25 million deal with Macy’s was executed on Jan. 31, signed off by Charles DiGiovanna, Macy’s senior vice president of real estate.
Macy’s, Inc. owned both 50 Fox Run Road spaces at the mall, identified in town records by different suite numbers. The Macy’s building at 50 Fox Run Road Suite 25 was last assessed by the town at over $5.9 million, while the Macy’s location at 50 Fox Run Road Suite 50 was most recently valued at just under $7.3 million.
The deed noting the sale of the Macy’s locations shows the buildings were sold to Fox Run Venture LLC, a limited liability company registered to Torrington Properties, according to Massachusetts business records.
County deed records show Macy’s terminated its Newington leases on Jan. 23 but then subsequently signed agreements with Torrington Properties for its two mall locations.
What is known about Macy's plans
Labeled a “bold new strategy” by the Macy’s leadership team, the company stated Tuesday the closures over the next two years will coincide with prioritizing investments in 350 “go-forward” Macy’s locations. Approximately 50 of the closing stores will be shuttered by the end of the current fiscal year, per the company.
Macy’s does not currently have a list of the stores it will close to share, the business shared in a statement to Seacoastonline on Wednesday.
“As part of our strategy, we intend to close approximately 150 locations over the next three years so we can prioritize investments in the stores that will lead us to a healthier future. Closing a store is never an easy decision,” the company’s statement reads. “We are committed to supporting our impacted colleagues with opportunities wherever available across Macy’s, Inc. and to communicating with transparency.”
“Over the next three years, our teams will focus on three strategic priorities: strengthen the Macy’s nameplate to return to topline growth, accelerate luxury growth through Bloomingdale’s and Bluemercury and simplify and modernize our end-to-end operations,” the statement adds. “Macy’s is dedicating resources to optimize our store footprint; refresh our product assortment to ensure relevance and value; and modernize the shopping environment to offer a seamless experience across all channels with continued focus on digital excellence.”
The men’s Macy’s store in Newington, formerly a Jordan Marsh shop, and the women’s location, previously a Filene’s Basement, are separate buildings that both lead into the Mall at Fox Run.