Macy’s has hired AlixPartners to explore a strategy to unlock value for investors, CEO Jeff Gennette told analysts on Thursday. That could include splitting its e-commerce from its brick-and-mortar stores, considering that AlixPartners is the firm that worked with HBC’s Saks Fifth Avenue to break up its operations. “We … recognize the significant value the market is assigning to pure e-commerce businesses,” Gennette said. Last month Scott Ostfeld, a partner at Jana Partners, asserted that Macy’s should replicate the Saks separation. The activist investment firm then reportedly took a stake in the retailer and communicated directly with its board. Read more at Retail Dive.