The move, meant to help fuel the digital unit's growth, prompted an activist investor to call for Macy's to do the same last week. The Wall Street Journal 's Dana Cimilluca and Cara Lombardo reported on Thursday that Jana Partners has taken a stake in Macy's and sent a letter to the company's board urging the retailer to spin off its e-commerce business. According to people familiar with the matter, Macy's e-commerce business has already drawn interest from companies that could invest in it in conjunction with a spinoff. Jana feels that a standalone e-commerce business would be worth a multiple of Macy's current market value, which stood at about $7B on Thursday.