New Macy’s CEO Must Decide How To Monetize The Firm’s Real Estate
With Macy’s CEO Terry Lundgren handing the reins over to Jeff Gennette (pictured) next year, perhaps there is time for the failing retailer to return to prominence.
While Gennette isn't exactly new blood—he’s been with Macy’s since 1983—he has the opportunity to make the bold changes needed to save the retailer, the first being how to handle the firm’s extensive real estate portfolio, Bloomberg reports.
Activist investors have been pushing Macy’s for years to find ways to monetize its real estate holdings, estimated to be worth at least $21B. That’s more than Macy’s entire retail business. Now it’s time for Macy’s to move quickly—while the company has been thinking about ways to monetize its real estate, its stock has steadily fallen from $80 to $33 a share. [Bloomberg]