Real Estate Can’t Save Department Stores

This week, Macy’s attracted the attention of activist investors. Again.

Just a few months after fending off a bid from activist investors Arkhouse Management and Brigade Capital, the hedge fund Barington Capital and real estate private equity firm Thor Equities called on the retail chain to cut costs, repurchase shares to drive up its stock price and create a separate entity to monetise its real estate assets. Arkhouse and Brigade’s proposal from 2023 similarly entailed Macy’s selling…