There's a lot of uproar over whether hedge funds are targeting Macy's in an effort for it to "unlock" its real estate value. The key thesis of course being a sale-leaseback, where Macy's owns over 50% of its stores.
Did we not learn anything with the likes of J.C. Penny, Target and Sears when it comes to retail?
Alternatively we could see a sell of its high-value properties to buy back stock or up that dividend. But with the stock outrunning the S&P 500 by 120 percentage points, you're going to have a hard time convincing the company that this is worthwhile.
Who's been approaching Macy's? It's tough to tell, with over 800 funds have a stake in the retailer. Carl Icahn tried to take unlock that real estate value nearly a decade ago by taking a stake in Macy's parent Federated Department Stores. Icahn eventually lost this battle. Excerpt from 2007 WSJ article: