Billionaire hedge fund manager Dan Loeb’s Third Point LLC disclosed a stake of 1.7 million shares, or 1.2 percent, in U.S. shopping mall owner Macerich Co.

The New York-based hedge fund owns about 5 percent of Macerich and is expected to push for changes, which could include a potential sale, Bloomberg reported earlier, citing people familiar with the matter.

Third Point's stake was as of Sept. 30, according to a regulatory filing, known as 13F, that typically comes 45 days after the end of each quarter and may not reflect current positions.

Mall traffic is dwindling across the United States, and thousands of stores are closing as consumers spend more at Amazon.com Inc and other online clothing sellers like London-based Asos.

Macerich’s revenue has dropped in the past eight quarters. The company was targeted by activist investor group Land and Buildings in 2015, after it rejected a takeover bid from Simon Property Group Inc.
Macerich’s shares closed up 6.1 percent on Thursday, cutting their losses this year to 11.9 percent.