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...Suitors who are knocking at Macy’s doors have little interest in fixing its retail business. They just want to get their hands on its vast real estate holdings. Macy’s owns hundreds of its stores....
...And the maths do work out, CreditSights’ retail analysts write, partly because Macys’ leverage of 2.3x ebitda (including leases)....
...We live in a transactional world, as Macy’s knows....
...I said this to the staff of the SEC and to Gensler, which is you think that Schwab, Fidelity, Vanguard, Morgan Stanley, E-TRADE, they need to be told where to send their retail orders, like they don’t have...
...Indeed, Walmart’s comments about demand are consistent with the longer term trends in retail sales we see in the government data: a gentle slowdown with quite a lot of variety among different retail categories...
Carriers have come to rely on check-in charges as a source of revenue but face new disclosure rules
...Shein has gone from near zero to holding nearly a fifth of the global fast-fashion market, including the largest share in the US in less than four years....
...That’s why some retail analysts were curious about the Macy’s and DSW announcements....
...Data on Wednesday showed underlying US retail sales rose 0.2 per cent in October, while September’s increase was revised higher....
...Clive Black, a retail analyst at Shore Capital, said: “Should CD&R sell MFG, which it has owned for some years, that equity holding of Morrisons could be quite relevant.”...
...Institutions, on behalf of retail investors, have turned yen sellers to acquire the underlying dollar assets....
...Experience-based spending — particularly travel — is holding up....
Also in today’s newsletter: Taylor Swift’s place in football, golf’s changing of the guard, and more
...chief Eddie Wu has strengthened his grip on the sprawling tech conglomerate, reshuffling management once again to take direct charge of its core ecommerce business as it loses market share to rivals PDD Holdings...
...Debt the halls Shareholders of US retailer Macy’s could make a decent return in a leveraged buyout this holiday season....
Group has failed to produce profit and sales growth after more than a decade
...Macy’s shares, down 15 per cent over the past year, trade on a forward price/earnings ratio of just six times. That is a substantial discount to the S&P 500 retail index....
Plus, Carlyle co-founder gets into baseball, football’s transfer market tanks
...But investors have been leaving the fund and its 1.5 per cent management fee now that they can more efficiently transfer their holdings to lower-cost alternatives, some of which have waived their fees entirely...
...If velocity fell, people would end up holding more money. Eventually, they would tire of holding cumbersome, zero-interest cash, and put it to use. Velocity would rise again....
...The strike, involving as many as 900 workers, is being held in protest against plans by the department store’s owner, 7&i Holdings, to sell the 10-store Sogo & Seibu chain to the US investment fund Fortress...
Plus, F1’s valuation race hots up, multiclub ownership divides the Premier League, and more
...And how long can low-cost retail platforms such as Temu last, given high cash burn? The upshot is that new CEO Alex Chriss needs to revive PayPal via self-help....
...But BAT’s Wheaton took aim at the FDA for “[continuing] to allow the proliferation of youth-appealing vapour products [flavours] like cotton candy and peanut butter cookie which are flooding US retail shelves...
...But active funds have questionable holdings too....
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