Investors and analysts are skipping over Macy's promotional sales fliers and instead focusing on what the department store's real estate holdings would sell for in today's market.

A new report from CoStar says the retailer's commercial real estate assets range in worth from $5 billion to $14 billion, "reflecting the difficulty of valuing such a large, niche real estate portfolio."

As of February 2024, Macy's operated 718 stores encompassing more than 110 million square feet of retail space. This includes department stores, furniture stores, small-format market stores, Bloomingdale's locations, and Bluemercury stores.

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