While I agree with the premise of the article, that bricks and mortar retail is in decline and that it is very hard to pick a winning stock in this environment, never the less I purchased Macy's a few days ago after its big drop.  Its real estate value is not reflected on the balance sheet and the company is in the process of monetizing these assets.  One analyst has estimated that the 4 main stores in key downtown markets represent at least $15 per share and as well BAM is currently looking at how to develop a number of suburban properties.

A retailer such as Macy's has the time to reorganize its retail operations and ample cash flow to reinvest to deliver a consumer experience that will maintain in store sales.  At the current price its retail operation is trading at a P/E of around 6-7 when factoring in the real estate portion.  Its dividend is safe and yielding close to 5%.  As a value investor one is paid to wait.