Macy’s shares rise 2 percent on report retailer may build office tower on top of flagship New York store

Xinhua | Wang Lei | Getty Images

People walk past Macy’s flagship store in Manhattan, New York.

Shares of retailer Macy’s rose 2% Wednesday, following a report by Bloomberg the retailer may build an office tower on top its flagship New York store.

The reports are indication the retailer may be further evaluating ways to make money off its expansive real estate portfolio.

Macy’s CEO, Jeff Gennette, earlier this year said the company has been evaluating other uses for some of its flagship locations, its Herald Square store. He said said the company is in the process of holding “preliminary meetings with city officials and community stakeholders” to discuss “complementary uses” at the Herald Square shop.

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