Shelly Banjo, Columnist

Don't Get Too Excited About Macy's

It's nowhere close to fully monetizing its assets, and sales keep slumping.

November 10, 2016 at 6:55 PM UTC

Shelly Banjo leads the global business team for Bloomberg News in New York. A former New York bureau chief and senior tech writer, she’s covered business, finance and economics for two decades.

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Don't call it a comeback. Seriously, don't.

Shares of Macy's Inc. shot up by as much as 9 percent on Thursday, after the department-store chain said it had struck a deal with real-estate company Brookfield Asset Management to work on a plan to redevelop 50 of its 800 stores, 6 percent of its store base. It also said that, as it set itself "up for a comeback," its sales declines for the full year wouldn't be as deep as it first expected. Hooray?