Activist investors want Macy’s to create a real estate unit

They said that Macy’s shares are undervalued and that its real estate is worth between $5 billion and $9 billion.

Activist investor Barington Capital Group is calling on department store retailer Macy’s to develop an internal real estate subsidiary, reduce capital expenditures, and explore strategic options for its Bloomingdale’s and Bluemercury chains among other changes to boost its slumping stock, according to its proposal made public Monday.