Commercial property has become more valuable than ever, doubling in price since 2009, while surging 20% higher than the previous 2007 peak. To get in on the bull market, activist investors insist retailers need to form public REITs for their properties to boost stock price, reward investors (of course), and provide cash for future acquisitions or strategies. However, some remain skeptical, as retailer REITs, they say, could be poor investments long-term. On the nay-to-REITs side, Ethan Allen (pictured), for example, says public retail REITs would increase lease expenses and damage finances and operating flexibility. And while Macy’s CEO Terry Lundgren is considering a REIT proposal, some analysts believe there would be no point to the move, since Macy’s is still comparatively stable (despite closing 40 stores), with the famous Herald’s Square location in NYC the only viable REIT option. Still, as Green Street Advisors REIT research managing director Jim Sullivan puts it, companies like Macy’s—whose long-term future is cloudy—have to adapt to business conditions and be flexible. Whether this means forming REITs is up to the companies themselves. [Bloomberg]