Macy's closing a good thing?

Brookfield Properties, which owns the 7th & Fig complex, figures that losing the Macy's store (see earlier LABO post) will be an opportunity to reposition the complex. From Eric Richardson at Blogdowntown:

[Bert Dezzutti, Brookfield's senior VP for Southern California] 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.

Well, maybe. But this is not exactly a new tune. For years, downtown real estate folks have been "in discussions" with national retailers – and have had little success. Heck, it took years just to bring in a Ralphs. Normally, big chains are cautious about moving into a revitalized area - and that caution will be even more pronounced now. On the other hand, they'll probably be able to cut a great deal.

By the way, I was just on Patt Morrison’s show on KPCC to discuss the retail climate. Audio should be up later today.