Macy's As A Prototype For Sears

Implications: Macy's is in process of selling 88 duplicate stores. Thus far they have sold approximately 60 for an average price of $10 million each. In every instance they have kept an even larger store in the same mall which gives them tremendous bargaining power with each developer. What are the possible takeaways when analyzing the value and timing of selling bunches of Sears stores?  Thus far Mr. Lampert and Mr. Ackman have hinted at "imbedded real estate values " approaching $20 billion. Is this realistic in light of the values being realized from the far more valuable duplicate Macy's stores?

Analysis: As readers of GLG News have read many times previously, I have never believed that there was very much value, imbedded or otherwise, in the Sears real estate portfolio.
 
For reasons too detailed to go into in this short analysis, I believe the only easily realized value in the entire portfolio is found in the approximately 200 owned Kmart stores. If Mr. Lampert does everything just right when he decides to get rid of ALL his Kmarts, he might be able to generate an average of $50.00 Per Square Foot for the total footage of owned Kmarts. 

As this article about Macy's difficulty in monetizing some of the best located and most modern department stores in the world demonstrates, Sears will have far greater difficulty achieving anything close to the values Macy's is obtaining.