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HBAYF - Macy's Multibillion-Dollar Asset: The Herald Square Flagship Store
Hudson's Bay Co.
Like many other retailers, Macy's (M) has suffered severe earnings pressure over the past five years, due to the so-called retail apocalypse. As a result, Macy's stock has lost more than three-quarters of its value since mid-2015. Over the same period, its enterprise value has plunged from around $30 billion to just $9 billion.
Data by YCharts
The weakness of Macy's core retail operations along with the plunge in its enterprise value has led many investors to look for value in the company's real estate. Macy's best real estate asset by far is