We ran a Short News article in the last Toolbox which appeared logical on the face of it and backed up commonly held perceptions of the death of shopping centres - "Sears and JC Penney Deserting Already Struggling Malls". But that really did shopping centres and their operators a great dis-service.

Macy's has been one of the great retail success stories of the last decade, but particularly since the GFC and the rise of online retail.

With 800 stores under the Macy's and Bloomingdale's brands, CEO Terry Lundgren has driven Macy's share price to 450% up on 2008, four times the S&P500 index. And, probably a linked metric, Macy's is now the 10th largest internet retailer by revenue after Netflix.