Macy's Backstage Signs Lease at Fordham Place
RPAI continues execution on its remerchandising strategy
OAK BROOK, Ill., June 8, 2015 /PRNewswire/ -- Retail Properties of America, Inc. (NYSE: RPAI) (the "Company") announced today that Macy's Backstage ("the retailer") has signed a 35,200 square foot lease at Fordham Place in the Bronx, New York, continuing to execute on its remerchandising strategy of upgrading its tenancy and enhancing the dominance of its shopping centers.
Macy's Backstage is a new off-price concept announced by Macy's Inc. last month which will offer a compelling assortment of women's, men's and children's apparel, shoes, fashion accessories, housewares, home textiles, intimate apparel and jewelry. The retailer will offer clearance goods from Macy's stores, as well as special buys from well-recognized fashion brands – all at exceptionally great values, often between 20 percent to 80 percent off of original and comparable prices for similar merchandise. In addition, each store also will include amenities such as free WiFi and a suite of spacious fitting rooms. Macy's Backstage at Fordham Place is one of only six stores for the brand and the first Macy's location for RPAI.
"We are very pleased to add Macy's Backstage to one of our premier assets," stated Greg Goldberg, vice president and leasing director – north region. "We were able to upgrade the merchandising mix of the center, with minimal downtime and capital expenditures, while also significantly improving the value of the asset. We look forward to our new relationship with Macy's Backstage and we welcome them to Fordham Place."
Macy's Backstage will occupy the former Sears location, which closed earlier this year, and is expected to open in fall 2015.
About Fordham Place:
Fordham Place is a 14-story mixed-use retail and commercial center that sits at the intersection of East Fordham Road and Webster Avenue, near Fordham University, in the strongest retail corridor of the Bronx. The center is located at a major transportation hub immediately adjacent to the bus terminal and Metro North Station, with over 1.2 million residents within a three-mile radius of the center.
About RPAI:
Retail Properties of America, Inc. is a REIT and is one of the largest owners and operators of high quality, strategically located shopping centers in the United States. As of March 31, 2015, the Company owned 212 retail operating properties representing 31.3 million square feet. The Company is publicly traded on the New York Stock Exchange under the ticker symbol RPAI. Additional information about the Company is available at www.rpai.com.
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SOURCE Retail Properties of America, Inc.
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