Macy’s has sold its department store at the Boynton Beach Mall for $15 million to the mall’s owner, Washington Prime Group, as part of a broader redevelopment strategy for the site. The sale marks the first time the 224,396-square-foot building, located at 801 N. Congress Ave., has changed hands since it was built in 1985. The price equates to $67 per square foot, according to Vizzda, a property data firm that confirmed the transaction details.
The Boynton Beach store remains open and is expected to continue operations at least through the end of 2024, according to Macy’s representatives. However, the sale comes as the company rethinks its long-term retail strategy, which includes closing approximately 150 stores over the next three years while investing in its remaining 350 locations. A final decision on the future of specific locations, including Boynton Beach, has not yet been made.
Macy’s Strategic Shift
Macy’s, headquartered in Cincinnati, has been reevaluating its retail footprint as part of a strategy to modernize its operations and improve customer experience. Over the past two years, the company has sold several of its furniture store locations in Boca Raton, Fort Lauderdale, Pinecrest, and Pembroke Pines. The Boynton Beach store is part of a larger plan by the retailer to adjust to changing consumer habits and focus on more profitable locations.