How Much Real Estate Does Macy’s Own?
Starboard Value, which holds an unknown (but presumably huge) chunk of shares in Macy's, called over the summer for the retailer to spin off its real estate holdings into a separate entity.
Starboard’s estimated the value of Macy’s real estate holdings at $21B, but hasn’t said how it came to that number, the New York Business Journal reports.
For some perspective: Buckingham Research Group estimates that the struggling chain’s three most valuable flagship stores alone (NYC, S.F. and Chicago) are worth $7B combined. Macy’s and its subsidiaries operated a total of 888 stores as of this past May, with a mix of owned and leased real estate. Five of its locations total over 1M SF. The top 10 biggest locations are listed here. [CBJ]