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  "documentTitle": "Macy's Inc. (M)",
  "authorId": "03_Starboard_Value",
  "authorName": "Jeffrey C. Smith",
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  "presentationDate": "2016-01-11 00:00:00",
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      "text": "Despite what is clearly a challenging retail environment, we believe the execution of the real estate strategy outlined in the attached presentation can create meaningful and lasting value for shareholders.",
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      "text": "As per your request, we have not included the details of our operational improvement plan in our public presentation at this time. We look forward to continuing our dialogue with you as you look to create maximum value for Macy’s shareholders.",
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      "text": "Best Regards,",
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      "text": "Despite what is clearly a challenging retail environment, we believe the execution of the real estate strategy outlined in the attached presentation can create meaningful and lasting value for shareholders. When matched with an operational turnaround plan that includes hundreds of millions in cost reductions and margin improvement, we believe Macy’s is an extremely attractive investment.",
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      "text": "Since you have previously requested that we provide you with our presentation materials and we believe shareholders would also benefit from a better understanding of the merits of the JV structure, we have decided to share a section of the presentation materials previously presented to you publicly with this letter",
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