Mephistopheles,
I am moving on to researching companies that are cheap and higher quality. I just can't spend my time discussing Macy's anymore. I think the $/sqft metric is flawed. It works if Macy's will spin out the RE into a separate company and put a competent CEO in there to develop the RE. In it's current OpCo/PropCo form, I think you assigning value to the sqft is flawed per my previous posts. Yes, Macy's is higher quality than Sears. Sears was earning FCF until it abruptly declined. I don't like investing when I need to trust CEO will liquidate the company and throw in towels. Americans don't like throwing in the towels.
Yes, there are internet guys who understands retail location has value. But they are the Warby Parker of the world who takes 1,000 sqft. The days of a 10,000 sqft Abercrombie is over. Keep in mind, Herald Square and NYC locations all work on marginal supply/demand. When you get to 98% occupancy, rent jumps. When you are hovering at 80%, rent reacts very differently. I don't know what they will do with Herald Square. Frankly, I prefer that Herald Square is an empty shell with nothing in it.
This is the last of my post on Macy's just like I said it was going to be my last on CBL and some of the mall spincos a few years ago. We can really get into a lot of back and forth. But I've shared my views and I will go hunt for the next higher quality company.
Good luck, I hope you don't need it.