Macy’s is set to hire a real estate specialist to help unlock value in its property holdings, and is considering JVs with other companies to manage its flagship and mall stores.
The retail giant is already working with Eastdil, Credit Suisse and Goldman Sachs to sell stakes in its real estate, looking to support itself through tough times. The giant has been on a store-closing spree as of late, and struggled with clothing sales during the mild winter, the Cincinnati Business Courier reports.
The real estate moves are appeasing activist investor Starboard Value, which has been putting pressure on the retailer to monetize its real estate, including calls for a REIT spinoff. [CBC]
