Macy's: 2 Tri-State Macy's locations for sale as city considers redevelopment plans

The Macy's stores at Florence Mall are now up for sale, marking the last of the four anchor stores at the mall to be listed. (WKRC) FLORENCE, Ky. (WKRC) - The Macy's stores at Florence Mall are now up for sale , marking the last of the four anchor stores at the mall to be listed. Florence, known as one of the fastest-growing and most desirable cities in the Tri-State area for businesses, is seeing changes as the mall's performance has declined over the years. Play/Pause Video Quality auto Speed 0.25x 0.5x normal 1.5x 2x Audio Track Audio Quality auto Subtitles open off Font size default 50% 75% 100% 150% 200% 300% 400% Font style default italic bold Font family default monospaced serif proportional serif monospaced sans serif proportional sans serif casual cursive small capital Font color default white black red green blue cyan yellow magenta Font opacity default 100% 75% 50% 25% Character edge default raised depressed uniform drop shadowed Character edge color default white black red green blue cyan yellow magenta Background color default white black red green blue cyan yellow magenta Background opacity default 100% 75% 50% 25% 0% Window color default white black red green blue cyan yellow magenta Window opacity default 100% 75% 50% 25% 0% Back Reset 00:01 NaN:NaN Play Mute Picture-in-Picture Apple AirPlay Google Cast VR Settings Fullscreen 2 Tri-State Macy's locations for sale as city considers redevelopment plans Replay logo The Macy's stores at Florence Mall are now up for sale, marking the last of the four anchor stores at the mall to be listed. > (WKRC) The Macy's stores at Florence Mall are now up for sale, marking the last of the four anchor stores at the mall to be listed. > (WKRC) Florence Mayor Dr. Julie Metzger Abuchon acknowledged the mall's underperformance but emphasized the city's strong business district. "Even though our mall is a little underperforming what its potential is, we still have such a business district here that we're still very strong," said Metzger Abuchon. She said that the future sale of the Macy's stores is seen as an opportunity for redevelopment. "Actually, it's an opportunity, and we're really excited for what can happen with that property. It's prime real estate," said Metzger Abuchon. Business Courier reporter Brian Planalp noted that Macy's has been working on a turnaround strategy due to struggling sales . "A lot of their stores were built relying on sort of U.S. consumption habits that are now four and five decades out of date. People don't go to malls as much as they used to. Certainly no one is developing new malls these days," said Planalp. While Macy's has not confirmed plans to close the stores, a spokesperson stated that the company is evaluating locations and their future. Planalp mentioned the possibility of a sale-leaseback arrangement, which he said could provide financial flexibility. "It's definitely possible the stores will remain open as part of a sale-leaseback arrangement. Those are pretty common and give the company sort of a bit more financial flexibility. But I think it's fair to say that the sale listing makes it more likely these stores will close in before," said Planalp. The city is actively working on a long-term plan for the property, with developers expressing interest in various ideas, including sports tourism, entertainment districts, residential and commercial centers, and corporate headquarters. The Macy's stores at Florence Mall are now up for sale, marking the last of the four anchor stores at the mall to be listed. (WKRC) "Everything from sports tourism to entertainment districts to residential to commercial centers and corporate headquarters, so you know there are lots of ideas floating around out there, and it's just really a great opportunity," said Metzger Abuchon. The mayor is hopeful that the sale of the Macy's building will accelerate redevelopment efforts. "We know that it'll be a heavy lift to get a developer to be able to purchase the property and possibly tear it down and rebuild something else, and so we need to bridge that gap in creative ways. Some of those ways that we can do that are through incentives," said Metzger Abuchon. The mayor promises the iconic Florence Y'all Water Tower will remain a landmark and symbol of the city. The city is also considering direct access to the interstate for any future redevelopment, although plans are still in the early stages.