That doesn't look to be happening anytime soon, especially with the current state of the retail industry. As I noted last year, Macy's locking itself into long-term rental contracts, which is what would happen if it spins off its real estate, would be a foolish move as we head deeper into a brick-and-mortar retail slowdown. Bigger issues than just real estate spin offs And as I mentioned in mid-2015, Macy's has been an enticing hedge fund target for some time, since it owns over half its stores. Recall that Carl Icahn took aim at Macy's nearly a decade ago