In a somewhat ironic move, US department store retailer Macy’s is to lease out the top six floors of its flagship Seattle store to online behemoth Amazon.
The lease is the latest sign of expansion in Amazon’s hometown as the retailer looks to build a second headquarters campus somewhere in North America.
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Macy’s sold the top four floors of its Seattle building to Starwood Capital Group in 2015, along with two additional floors this year, but the sale to Amazon is ironic given it is one of Macy’s chief rivals. Competition from the online retailer has contributed to the department store group’s declining store sales in recent years and is a direct competitor to its online business.
Amazon is expected to move into the building in late summer 2018. The retailer is understood to have now leased 1.65m square feet in Seattle across five buildings so far this year, according to the Broderick Group.
Recent reports that Amazon is teaming up with some of the world’s biggest athletic apparel suppliers ahead of a move into sportswear has raised concerns over new supply and pricing pressures in the sector.
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By GlobalData
