At first glance, Macy’s (NYSE: M) and Sears Holdings (NASDAQ: SHLD) might seem very much alike. Both companies are mall-centric retailers that have faced persistent declines in comparable store sales recently and are closing lots of stores. Yet both also have valuable real estate assets that they have been monetizing at a steady pace. Today, some investors see Macy’s and Sears as real estate investments just as much as they are retail investments.