One of America’s department store chains, Macy’s, recently made a massive move. The chain is known for its quality fashion items, cosmetics, and so much more that consumers always need. Now, the company has gotten rid of one of its anchor stores for just a fraction of what it is worth. Many may wonder why this decision was made and what is going to happen to the place where the stores were located.
The role of Rhino Investments
Macy’s did not keep it a secret that the company had plans to close the store in Littleton. This is where Rhino Investments came in, and the firm is always looking for a challenge. The Chief Operating Officer of Las Vegas-based Rhino Investments, Michael Sanches, said that the firm enjoys turning large boxes into smaller ones. However, it is not as easy as it may seem. It is quite difficult to add new users in a former large box store. Also, he stated that the firm is not the people who come up with these types of ideas. Instead, they are merely the people who lean into what is happening.
In addition, Rhino Investments is a retail real estate firm that has holdings from Michigan to California. Last week, the firm paid $3.5 million for a 138,000-square-foot former Macy’s. This building was no longer in operation in the retail real estate firm stepped in and bought it. This building is attached to the Southwest Plaza mall, which is near Littleton City.
Macy’s selling its space
Last week the retail chain sold it space in Littleton to the retail real estate Rhino Investments. The firm’s COO stated that it already has a new tenant in mind for occupy the top floor of the two-story building. However, he did not what to mention who the new tenant will be. The COO, Sanchez stated that everything is still experiential and in the same breath as a Dave & Busters or an escape room.
He further implied that the new venture will not just be a shopping opportunity for consumers, but something that they will experience. He compared it to the experience of an escape room. Sanchez indicated that the top floor of the building might be constructed into smaller rooms, which will allow for more space. On the other hand, it may remain one single unit, it all depends on the interest they will receive.
It has been stated that Macy’s closed the store chain in 2020. The company turned it into a fulfilment centre where consumers were allowed to collect and return their online orders. The building has been vacant since the beginning of 2025. This was confirmed by Erik Christopher of SRS Real Estate Partners. He and his colleague Hillary Kolber helped the retailer to close the deal on Macy’s building. Christopher is now responsible for the marketing of the top floor of the building and to help finding tenants.
Previous stores that were sold
Two years ago, in 2023, Macy’s put up one of its stores for sale at 8501 W. Bowles Ave. This building is in unincorporated Jefferson County; and it was put up for sale for $7.2 million. It had been stated that Macy’s sold its building in Southwest Plaza, for a mere fraction. In 2023, the retail chain sold its space within The Shops in Northfield for $8 million and now it settled for Rhino Investments.
This is for less than half of what it received previously, and it is expected to be replaced by Wayfair. The COO Sanchez said that one has to be extremely mindful for what a new building can be used for. It is also important to net get into complex structures when restructuring the building. This is due to the expense that could come from this change in texture.