“Macy’s owns valuable real estate holdings,” Barington said in a presentation posted online. They say Macy’s can squeeze more value out of its real estate by paying rent to a subsidiary controlling the property. The company could also sell space to developers to build on Macy’s real estate, like hotels, apartments or offices. The real estate value locked up in Macy’s retail locations is not a new discovery —investors and developers have long sought to build atop Macy’s Herald Square location, and Macy’s has proposed an office tower above the store. The investors planned to take Macy’s private and consider spinning off its real estate assets or separating its online operations from brick-and-mortar stores.

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Persons: New York CNN —, Macy’s, “ Macy’s, ” Barington, Michael M, ” Macy’s, Mark Cohen, ”, Barington, Thor, Eddie Lampert, Taylor, TJ Maxx Organizations: New, New York CNN, Barington Capital, Herald, Investor, Sears, Columbia Business School, Kmart, Sears Holdings, RadioShack, Sports Authority, Nordstrom, JCPenney, Walmart, Target, Arkhouse Management, Brigade Capital Management Locations: New York, New York City, Macy’s, Square, United States