Macy's shutting down! What we know?

KINGSTON – The days of Macy's at the Kington Collection are numbered.

Florida-based Second Horizon Capital, which purchased the 473,000-square-foot Kingston Collection for $9 million in July 2023, said in an Oct. 9 news release that it had acquired the 150,000-square-foot Macy’s box and 15.2-acre parcel at Kingston Collection.

Under the terms of Second Horizon's sale-leasebackagreement with Macy's, the national retailer will keeps its doors open at the site through early 2025. The news comes after Macy's announced this past February that it planned to close 150 underperforming stores nationally by the end of 2026.

"As part of our new strategy to return Macy’s, Inc. to profitable growth and enhance the customer experience, Macy’s has sold its Macy’s Kingston Collection store in Kingston, Massachusetts," a company spokesperson said in an Oct. 10 email.

The spokesperson also confirmed the early-2025 closure date and said the store would operate as normal until then.

Photo byGreg

What other Macy's will close?

Macy's has yet to release a list of which specific stores will shut down. The 150 closures account for about 30% of the 508 Macy's stores nationwide, 16 of whichare in Massachusetts. In addition to Kingston, local locations include Braintree and Hanover. At least 50 of the closures will take place by the end of this year, the company said.

Macy's said it intended to focus on what it describes as its "go-forward" locations including full-line, furniture and current off-mall locations and Bloomie’s, Bloomingdale’s The Outlet and Bluemercury stores.

Acquisition will allow Second Horizon to further develop plans for Kingston Collection's future

Second Horizon describes itself as "impact investment firm that partners with communities to transform large-scale, underinvested commercial properties into vibrant destinations and local economic engines." By purchasing the Kingston Collection, the company said it hopes to find fresh uses for the ailing retail center.

Photo byKathyrn

In announcing its deal with Macy's, Second Horizon said it next plans to hold a series of listening sessions with local stakeholders as it works to further develop a longterm vision for the property.

“We are pleased to add the Macy’s parcel to our investment at Kingston Collection,” said Howard Levine, a managing partner and co-founder of Second Horizon Capital. “This acquisition supports the next steps in implementing a vision for the longterm evolution of the center.”

From Independence Mall to Kingston Collection

Pyramid Management Group opened the former Independence Mall in 1989 and changed its name to Kingston Collection in 2014 after announcing in the fall of 2013 that it was investing in expansion of the mall as a retail, entertainment and dining destination.