Current stockholders and M&A "arb" firms alike are focused on the fact that retailers like Macy's are sitting on valuable chunks of real estate and must consider ways to maximize shareholder value from their real estate. The strategies on the table right now for Macy's and others include REIT, propco-opco, joint venture and others. Macy's rejected a proposal to create a REIT spinoff in November. However, this is just one strategy adopted by retailers of various stripes to maximize the value of their real estate. We take a look at each: