Macy’s New Activist Wants Retailer to Create Real Estate Arm (2)

Another activist investor group is urging Macy’s Inc. to take drastic steps to boost the stock price of America’s largest department-store chain.

Barington Capital Group and Thor Equities LLC are urging Macy’s to form a separate real estate unit, cut its capital expenditures and consider spinning off its higher-end Bloomingdale’s and Bluemercury chains, according to a presentation that was published on its website.

“The bottom line is there’s so much value to be tapped in the business and you have folks that aren’t thinking about the bigger picture to unlock all the value,” Thor Chairman Joseph Sitt said in an ...