Macy's real estate worth between $16B-$20.7B. YET,At $5.10/share, the current market cap is $1,579,318,719. As of the beginning of 2020, Macy's had 839 total stores, of which 342 were company-owned. Moreover, it has new developmental projects in Burlington Mall in Massachusetts, a prime location with a $250 million value and 1.5 million square foot office tower above the invaluable Herald Square store in Manhattan, worth $3.4B before the addition. There are more upcoming projects in San Francisco's Union Square and Geary Street Shops as well. https://finance.yahoo.com/news/valuation-macys-properties-170952570.html