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.