Macy’s and Other Retailers Are Pressured to Sell the Land Beneath Them

Retailers are coming under renewed pressure to cash in on their real estate as property values soar. But the approach has a mixed track record and poses risks at a time when chains are rapidly retooling their stores to support online operations.

Macy’s Inc. is the latest to wrestle with the option. The department-store chain is facing pressure from activist investor Starboard Value LP to spin off its property, a move the fund, which hasn’t disclosed the size of its Macy’s investment, thinks could boost shares in Macy’s by more than 70%. The retailer has said it is evaluating spinoffs and other property moves.

Read entire Wall Street Journal article here.


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