Federated Keeps Selling

Federated Department Stores Inc. (Cincinnati) confirmed that it will be selling five stores as part of its efforts to reduce duplicate locations.

The department store organization will sell four mall department store locations to Target Corp. (Minneapolis) and its downtown Philadelphia Strawbridge's

store to Pennsylvania Real Estate Investment Trust (PREIT).

With this agreement, Federated now has announced buyers for 62 of its 80 duplicate locations.

The four store locations acquired by Target are Macy's Coronado Center, Albuquerque, N.M. (a 153,000-square-foot store opened in 1976); Macy's Westminster (Calif.) Mall (a 175,000-square-foot store opened in 2002); Robinsons-May Glendale (Calif.) Galleria (a 179,000-square-foot store opened in 1993); and Strawbridge's Springfield (Pa.) Mall (a 186,000- square-foot store opened in 1997).

The 550,000-square-foot Strawbridge's in downtown Philadelphia was opened in 1868. It occupies eight levels of a 15-story building in The Gallery at Market East. Federated said Macy's will serve downtown Philadelphia with a store to open Aug. 2, 2006, in the historic Wanamaker's building (most recently a Lord & Taylor store).