{
  "docId": "019dd923-622b-71dc-a6d9-c4b955586b03",
  "docSlug": "ac649d3561f0",
  "documentTitle": "Macy's Inc. (M)",
  "authorId": "03_Starboard_Value",
  "authorName": "Starboard Value",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2016-01-11 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 14,
  "pageCount": 27,
  "prevPage": 13,
  "nextPage": 15,
  "slideType": "propose_solution",
  "function": "propose_solution",
  "density": "balanced",
  "nDataPoints": 3,
  "notes": "The slide outlines a structural reorganization strategy for real estate assets.",
  "elementsJson": [
    "headline_text",
    "numbered_list",
    "process_diagram",
    "callout_box",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6d9-c4b955586b03/14",
  "deckHref": "/decks/019dd923-622b-71dc-a6d9-c4b955586b03",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6d9-c4b955586b03.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-c4b955586b03#slide-14",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Drop down Macy’s iconic stores and its mall store locations into two separate entities (estimated combined value of $16.5 billion).",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-25b3-7229-bef0-bbc27cc2e3f5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.55,
        "w": 0.92,
        "x": 0.04,
        "y": 0.33
      },
      "kind": "diagram",
      "text": "Iconic properties JV and Mall properties JV structure",
      "attrs": null,
      "subkind": "process",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bfdb4114-2bca-4a47-88c9-c5374c6c2a2a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.92,
        "x": 0.04,
        "y": 0.16
      },
      "kind": "list",
      "text": "Drop down Macy's iconic stores(1) and its mall store locations into two separate entities (estimated combined value of $16.5 billion(2)).",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "675e0db8-209e-4d8a-b6b5-9cf03e95f7fe",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "real estate value: $16.5 billion",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-25b3-7229-bef0-bc7f3509feaa",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.5,
        "x": 0.04,
        "y": 0.93
      },
      "kind": "source-note",
      "text": "Source: Company filings and Starboard Value estimates. (1) Includes Herald Square, Union Square, State Street, and Downtown Minneapolis. (2) Does not include “C” mall based locations, distribution centers, ground leased mall locations, or highly valuable leases.",
      "attrs": {
        "numbered": true
      },
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3babfb21-c8ab-4bf1-bcaa-0adcf4514426",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.92,
        "x": 0.04,
        "y": 0.03
      },
      "kind": "title",
      "text": "JV structure with the substantial majority of Macy's real estate assets",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e39e49eb-6e19-47f6-97c4-40e3e7082824",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 18,
      "from": 8,
      "beatId": "e9fc25fb-c519-4bdb-af25-9c955cefe2e7",
      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Evidence & Proof",
      "beatSlug": "consultants-gambit-evidence-proof",
      "evidence": "The document provides detailed valuation tables and proposed solutions",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Evidence",
      "parentBeatSlug": "evidence"
    }
  ],
  "loops": [
    {
      "to": 18,
      "from": 6,
      "name": "Logic Chain",
      "slug": "01-logic-chain",
      "bestFor": "Skeptical audiences, controversial recommendations, rigorous analysis",
      "matchId": "2c1e4964-17d4-42ce-9c8c-dca1cd1e913b",
      "evidence": "The document presents a clear logical chain of valuation and proposed solution",
      "position": 0,
      "objective": "To demonstrate the value of Macy's real estate portfolio",
      "structure": "Premise 1 (Accepted truth) -> Premise 2 (Observed fact) -> Therefore... (Inevitable conclusion)",
      "confidence": 0.8,
      "description": "Build an airtight chain of logic where each premise leads inevitably to the conclusion"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}