Seeking Alpha author Bill Zettler explains why he believes Macy's should become a real estate investment trust, rather than a pure retailer. He explains how the company stacks up against Simon Property Group, even though SPG owns twice as much real estate than Macy's does. The fact that Macy's has no mortgages on any of its properties is a huge advantage to the company. Zettler explains why he believes investors don't give Macy's enough credit and undervalues them.