Macy's acquires JCPenney properties
Federated Deparment Stores, parent company of retailing giant Macy’s, announced today that it has purchased the former JCPenney store locations at the Prince Kuhio Plaza in Hilo and at the Queen Ka`ahumanu Center on Maui. The new space and existing stores at the two locations will be reconfigured and ready for business in the fall.
Both shopping centers are already home to Macy’s stores, so according to Federated, the new space will be used to house men’s and children’s apparel and housewares while the existing stores will concentrate on women’s wear, accessories and shoes.
General Growth Properties, manager of the Hilo complex, said the Macy’s acquisition will add 62,000 square-feet to Macy’s holdings there.
General Growth also manages Ala Moana Center, the state’s largest mall, which housed a 220,000-square-foot JCPenney store. That space will be subdivided to house 30 or more smaller tenants and vendors, the company announced last month.
Federated did not disclose the terms of its deal with JCPenney, which last year left the Hawaii market after a 36-year run.
The Maui location included 86,000 square feet of space. The 130,000-square-foot JCPenney location at Pearlridge Center was acquired by the owner of the adjacent INspiration furniture store late last year.