Federated Department Stores Inc. continues its push to homogenize the retail landscape by selling more duplicate locations acquired when it bought former rival May Department Stores. Most recently, the Cincinnati-based retailer sold four mall-based locations to discount retailer Target Corp. Federated, parent of Macy's and Bloomingdale's, said it has now announced buyers for 62 of its 80 duplicate locations — stores where Macy's and May operate at the same mall or, in the case of cities like Boston and Philadelphia, neighborhoods. For example, Federated also agreed earlier in the week to sell the downtown Philadelphia location that was the flagship of the former Strawbridge & Clothier department-store chain, a former May chain that is being rebranded as Macy's, to Pennsylvania Real Estate Investment Trust for an undisclosed price. The location has been the home of Strawbridge for 75 years. Earlier in the month, Federated sold the flagship Filene's location at Boston's Downtown Crossing to Vornado Realty Trust for $100 million. Vornado Realty Trust reportedly plans to redevelop and expand the 656,000-square-foot property that first opened in 1912 making it a historic landmark. Federated sold the Filene's buildings because Macy's sits across the street. Like Strawbridge, the Filene's name, which dates back to 1881, is also going the way of the dinosaur.—Matthew Wurtzel
See story about Filene's from the Boston Business Journal
See story about Target from MarketWatch
See story about Strawbridge from The Philadelphia Inquirer
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