7+Fig Macy's Closure an Opportunity for the Complex
Signage on the Macy's at 7+Fig, announced today to be closing.
DOWNTOWN LOS ANGELES — After operating two stores just one block apart for the last two years, Macy's announced today that it plans to close its store at the 7+Fig shopping center, owned by Brookfield Properties.
Brookfield's Senior Vice President for Southern California, Bert Dezzutti, said that the company had not been formally notified by the department store chain, but called this a "great opportunity to change and reposition" the complex.
Macy's store at 7+Fig opened in 1986, back when the complex was built as the "Seventh Market Place." Originally a Robinsons May, the store occupies 120,000 square feet on three floors, with a fourth floor landing opening up onto 7th street. Macy's acquired the Robinsons May chain in 2006.
Just a block down the street, the store at Macy's Plaza was originally a Broadway department store, opened in 1973. Federated, Macy's parent company, bought the Broadway chain in 1995.
Since 2006, both stores have offered a very similar array of merchandise, leading many to speculate that one would eventually close.
Along with the 120,000 square feet currently occupied by Macy's, 7+Fig has a 80,000 square foot department store space vacated by the Bullock's chain in 1997 (again, after a purchase by Federated).
Dezzutti said that his firm is in discussions with large retail users interested in the complex. While he declined to give any names, he said that Downtowners would be excited. "Suffice it to say that they're names and brands that people would be very excited to hear about Downtown," he told blogdowntown. Dezzutti also confirmed that it would be possible to combine the two stores into a space slightly larger than 200,000 square feet.
Brookfield bought the 7+Fig complex in 2006, and is preparing to announce its plans for an overhaul. Dezzutti said that the firm is obtaining approvals and exploring different options for the complex, while kicking off a $3 million project to make signage improvements and cosmetic alterations.
Downtown residents who have long wanted to see a Target store in the neighborhood should take note: the typical Target runs approximately 125,000 - 175,000 square feet, comfortably within the 200,000 now available.