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]
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