Activist investor is looking at Macy's property assets as a way to boost the value of its shares amidst the declining sales of the retail giant.

According to The Motley Fool, for many activist investors, everything is fair game when it comes to protecting the interests of shareholders. It is why retailers that have extensive real estate portfolios are targets for these investors who want to turn company properties into cash that would be infused to the struggling company. However, applying such strategy may not be good for Macy's in the long run despite these investors' unrelenting call to stop the bleeding by all means necessary, even risking more damages.

Macy's Inc. is not the first retailer company to be picked on by an activist investor like Starboard Value. There is a slim chance that it will heed the hedge fund's call since the Congress has already made it clear that they are not feeling comfortable about the idea that properties of these companies are not being taxed. However, due to its dire situation, experts believe Macy's will still give it a shot.

The equity firm tried to push for a spinoff of Macy's assets but the Congress passed a bill that will void all tax-free benefits the company's properties enjoy should they decide to push through with the deal.

Meanwhile, according to My Fox 8, the 40 stores that Macy's already announced it would close are going to bring down a lot of malls where the retail giant are located. Reports say that there are about a dozen Macy's outlets located in malls that are on their way to closing down as well due to poor sales and tenants closing shop.

Howard Davidowitz, chairman of retail consulting and investment agency Davidowitz & Associates said, "How difficult is it to replace Macy's? It's almost impossible."