The Globe and Mail reports in its Friday edition that Macy's Inc. has formed a partnership with Brookfield Asset Management to look at ways to cash in on the value of its real estate. A Reuters dispatch to The Globe says that Macy's also raised its full-year sales guidance, helping to send its shares up in early trading Thursday. The department store operator on Thursday said that Brookfield would have exclusive rights to create a "pre-development plan" for about 50 Macy's real estate assets, including owned and leased stores and associated land. The partnership, which is for up to two years, is the latest move by Macy's to squeeze more value from its vast U.S. real estate holdings. The company, under pressure from activist investor Starboard Value LP, is already exploring options for its flagship stores, including its famous Herald Square store in New York. Macy's has also said it plans to close about 100 stores, or about 14 per cent of the total, representing annual net sales volume of about $1-billion (U.S.). American department store operators such as such as Macy's and Kohl's Corp. have been struggling to grow in the face of intense competition from on-line retailers, especially Amazon.com Inc.