Retail watch: Wave of privacy blows over U.S. department store chains

seekingalpha03-20

Two major department store chains are exploring private ownership in the backdrop of muted consumer demand and growing competition from discount retailers, in a sign that private equity interest may ...

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Nordstrom's (NYSE:JWN) founding family is renewing a takeover offer, and the retailer has asked investment banks Morgan Stanley and Centerview Partners to reach out to private equity firms to gauge their interest for a potential deal. Meanwhile, Macy's (NYSE:M) has decided to open its books to Arkhouse Management and Brigade Capital to allow due diligence that could lead to them raising their $6.6B bid to take the company private, Reuters reported. The developments may signal a change in U.S. private equity firms' interest in the retail sector, as investments had accounted for only 7% of the total $2.6T PE deal volume in the last decade, Dealogic data showed, compared to the previous decade's 15% of the total volume of $1.7T. But retailers are still struggling with macro challenges, and have increasingly shuttered stores amid low customer traffic. High inflation has led to budget-conscious consumers cutting back on discretionary spending and shopping at discount retailers such as TJX (TJX) and Burlington Stores (BURL).  More on Nordstrom, Macy's  Nordstrom: Announced New Stores In 2024, Partnerships, And Very Cheap Nordstrom Q4 Earnings: Neutral Outlook Despite Positive Momentum In Rack Macy's: This Buyout Offer Creates Favorable Risk To Reward Situation Smart Money Says Macy's Is Too Cheap","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2420326712"}