On Tuesday, Macy's CEO Terry Lundgren said that the company would be taking a more professional perspective of its real estate assets as it continues to face concerns regarding their value.
It was just this month when Starboard Capital urged Macy's to pursue their plans to use their real estate holdings to raise more capital as the company restructures, cuts costs, and closes some of its stores.
Lundgren said that after talking to Starboard CEO Jeff Smith, the company will pursue some "good ideas" that resulted from their conversations.
"I'm all about trying to get value for our company, and if I can do that without disrupting our business, without leveraging up the company and staying investment grade, I mean, we're all over those ideas," Lundgren told CNBC's "Squawk Box."
Lundgren also stressed that Macy's is looking to hire their own in-house real estate adviser, who can look out for the company's long term projects, as well as helping the company reconsider the valuable opportunities stored in Macy's property assets and "make its big box stores more productive."
Part of the effort to make their stores more productive is the launch of Macy's Backstage - a discount concept that will be available in company's existing stores.
Although Lundgren notes that it would take some time to figure out whether or not Macy's Backstage could make up for full-price sales, Terry says that retailers must still meet with consumers' demands.
"All of us, all retailers, have to make stores more productive because as we've described, customers are choosing to buy some product online and some in stores," Lundgren said. "We've got to find more reasons, more trips, more ideas to make the box more productive."
Macy's saw a decline in its fourth quarter earnings last year. Lundgren justified the results by saying that it's been a tough holiday season for retailers in the firm's category.
Macy's shares closed at $37.88 last week, a drop from their 52-week peak of $73.61 in July.
