While the "magic of Macy's" appears to have faded a little in recent years, its real estate, consisting of a network of more than 600 stores across the country, is worth an estimated $16 bn, more than the company's market value of $6.4bn. The Macy's flagship on 34th Street in New York, recently/nbsp] renovated at a cost of $400m, alone is worth $3.3 bn. One of the most striking stories recently has been the conversion of much of the company's downtown Seattle store into offices where the new tenant will be Amazon, the very company which is forcing Macy's and other retailers to rethink the need for many of their stores. In January, Macy's named more than 60 stores it was closing which would allow it to invest $250m annually into digital and other growth strategies.

see article with fascinating photos