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  "documentTitle": "Macy's Inc. (M)",
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  "presentationDate": "2016-01-11 00:00:00",
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  "notes": "The slide includes a bottom callout emphasizing that value creation is concentrated in B or better mall stores.",
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      "text": "Owned value: $8.9 billion",
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      "text": "The total value of Macy's owned and ground leased stores is estimated to be $11 billion, with the owned stores estimated to be $8.9 billion and the ground leased stores $1.9 billion.",
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      "text": "Source: Company filings and Starboard Value estimates. Note: Excludes store closures announced on January 6, 2016.",
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