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People walk past Macy's flagship in Manhattan, New York.
Stocks of reseller Macy's rose 2% Wednesday, after a report, the dealer can build an office tower at the top of his flagship New York store.
Macy's, who also owns Bloomingdale, operates around 680 warehouses.
Should Macy pursue building an office tower on the flagship, it would not be the first case of an iconic New York Midtown warehouse offering office property. Hudson's Bay Company earlier this year completed the sale of its Lord & Taylor Fifth Avenue store to the office sharing company WeWork Property Investors.
Macy has refused to comment.
CNBCs Lauren Thomas contributed to this report.
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