Hudson's Bay Co. reported to be in bid for Macy's

Macy's stock, traded on the New York Stock Exchange, was up a little more than 8 percent at 10:48 a.m.

When The New York Post reached Macy's for comment, a spokesperson said, "we do not comment on rumors and speculation". The retailers are also exploring other ways to work together, including a potential real estate deal, the paper reported.

A deal would add another retailer to Hudson Bay's expanding portfolio, which includes Saks Fifth Avenue and Lord & Taylor in the United States, as well as Galeria Kaufhof in Europe. The department store world has been pummeled by a host of major changes in shopping patterns: Much of our spending is moving online, and these businesses have struggled to grab market share in that arena.

These people said that the talks are at an early stage, and may not lead to a deal.

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A representative for Hudson's Bay also declined comment.

Reuters reports that Macy's investors have pushed the company to sell its real estate, or at the very least, separate its retail business from its real estate.

Hudson's Bay Co.'s stock (TSX: HBC) jumped roughly half a point from where it opened Friday following the Journal news alert.

In 2015, Smith said that the company's real estate was worth more than $20 billion alone.

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Shares of Macy's are up 7.91% on huge volume and reached an intra-day high of $34.37.

Macy's said in March previous year it had tapped William Lenehan, a real estate investment trust expert and a close associate of Starboard, to its board.

Activist investor Starboard Value held around 1 percent of Macy's stock as of September 30 a year ago, making it the company's 15th largest shareholder.

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