Saks' digital arm is now reportedly aiming to go public with a valuation of $6 billion, or roughly six-times revenue. It had a $2 billion valuation as recent as March. Meantime, Macy's has been urged by activist group Jana Partners to spin off its e-commerce operations from its stores, hoping to fetch a greater valuation. Macy's has since hired consulting firm AlixPartners to review its business structure. "We also recognize the significant value the market is assigning to pure e-commerce businesses," Macy's CEO Jeff Gennette said on a recent earnings call.