激進投資者要拆分這家百年老店
Phil Wahba
2021-10-10
最近幾年，梅西百貨（Macy's）的財務業績和股票表現都令人失望，因此激進投資者紛紛針對該公司如何逆轉局面出謀劃策。他們最近提出的一條建議可能存在巨大的風險：拆分電子商務業務和實體店業務。
據彭博新聞報道，Jana Partnersh周三在一份投資者報告中表示，該連鎖超市的在線業務拆分之后價值將達到140億美元，幾乎是該公司總市值的兩倍。Jana在闡述這條建議時提到，今年早些時候，哈德遜灣公司（HBC）將Saks.com從薩克斯第五大道（Saks Fifth Avenue）拆分之后，估值達到20億美元。
考慮到電子商務或者Wayfair、Chewy、Warby Parker等數字優先的零售企業盡管長期虧損，但估值依舊在快速增長，因此不難理解這條建議的吸引力。事實上，與繁榮的電商業務相比，由于店鋪依舊經常關閉并且消費者不愿意前往實體店購物，導致梅西百貨的實體店業務持續低迷。2月，梅西百貨預計其在線業務的規模有望在幾年內從去年的76億美元擴大到100億美元。（雖然受到疫情的影響，梅西百貨的整體業務已經開始復蘇，經過強勁的第二季度之后，該零售商將2021年的銷售預期提高了10億美元。）
但梅西百貨電商業務的成功很大程度上得益于其實體店的支撐。實體店為其提供了更多配送和客戶服務網點，而且是品牌建設的重要工具。梅西百貨拒絕直接評論Jana的建議，但在最近召開的營收電話會議上，該公司高管指出，通過網站和實體店購物的客戶比僅通過一種渠道購物的客戶多出近三倍。Jana并未披露其是否持有梅西百貨的股份。
梅西百貨也在努力關閉許多業績不佳的實體店（主要位于即將倒閉的購物中心），把更多精力投入到位于有吸引力的購物中心內的店鋪。
Global Data總經理尼爾·桑德斯經常評論梅西百貨的實體店。他在一份研究報告中表示拆分業務是糟糕的建議。 “純電商化的梅西百貨需要下更大的力氣，與亞馬遜（Amazon）等平臺區分開來。如果它無法繼續依靠實體店維持曝光度和客戶聯系，它就需要在獲客和客戶維系方面投入大量資金。”
這并非梅西百貨第一次引起激進投資者的關注。幾年前，Starboard Value曾向梅西百貨施壓，要求其考慮拆分先驅廣場旗艦店，并進行其他房地產交易。但梅西百貨的股價自2016年11月以來幾近腰斬，因此一些投資者為了維持股價主動向它提出更多建議，也就不足為奇。(財富中文網）
譯者：劉進龍
審校：汪皓
最近幾年，梅西百貨（Macy's）的財務業績和股票表現都令人失望，因此激進投資者紛紛針對該公司如何逆轉局面出謀劃策。他們最近提出的一條建議可能存在巨大的風險：拆分電子商務業務和實體店業務。
據彭博新聞報道，Jana Partnersh周三在一份投資者報告中表示，該連鎖超市的在線業務拆分之后價值將達到140億美元，幾乎是該公司總市值的兩倍。Jana在闡述這條建議時提到，今年早些時候，哈德遜灣公司（HBC）將Saks.com從薩克斯第五大道（Saks Fifth Avenue）拆分之后，估值達到20億美元。
考慮到電子商務或者Wayfair、Chewy、Warby Parker等數字優先的零售企業盡管長期虧損，但估值依舊在快速增長，因此不難理解這條建議的吸引力。事實上，與繁榮的電商業務相比，由于店鋪依舊經常關閉并且消費者不愿意前往實體店購物，導致梅西百貨的實體店業務持續低迷。2月，梅西百貨預計其在線業務的規模有望在幾年內從去年的76億美元擴大到100億美元。（雖然受到疫情的影響，梅西百貨的整體業務已經開始復蘇，經過強勁的第二季度之后，該零售商將2021年的銷售預期提高了10億美元。）
但梅西百貨電商業務的成功很大程度上得益于其實體店的支撐。實體店為其提供了更多配送和客戶服務網點，而且是品牌建設的重要工具。梅西百貨拒絕直接評論Jana的建議，但在最近召開的營收電話會議上，該公司高管指出，通過網站和實體店購物的客戶比僅通過一種渠道購物的客戶多出近三倍。Jana并未披露其是否持有梅西百貨的股份。
梅西百貨也在努力關閉許多業績不佳的實體店（主要位于即將倒閉的購物中心），把更多精力投入到位于有吸引力的購物中心內的店鋪。
Global Data總經理尼爾·桑德斯經常評論梅西百貨的實體店。他在一份研究報告中表示拆分業務是糟糕的建議。 “純電商化的梅西百貨需要下更大的力氣，與亞馬遜（Amazon）等平臺區分開來。如果它無法繼續依靠實體店維持曝光度和客戶聯系，它就需要在獲客和客戶維系方面投入大量資金。”
這并非梅西百貨第一次引起激進投資者的關注。幾年前，Starboard Value曾向梅西百貨施壓，要求其考慮拆分先驅廣場旗艦店，并進行其他房地產交易。但梅西百貨的股價自2016年11月以來幾近腰斬，因此一些投資者為了維持股價主動向它提出更多建議，也就不足為奇。(財富中文網）
譯者：劉進龍
審校：汪皓
Macy's disappointing financial and stock performance in recent years has prompted all sorts of suggestions from activist investors on how to reverse that. The latest could be a huge risk: spinning off e-commerce from its stores.
Jana Partners said in an investor presentation Wednesday covered by Bloomberg News that the department store chain's online business could be worth $14 billion as a stand-alone business, roughly twice what the whole company was valued at at the close of trading. In formulating its recommendation, Jana pointed to the $2 billion valuation Saks.com got when parent company HBC hived it off from Saks Fifth Avenue earlier this year.
It is easy to see the appeal of the idea when considering the valuations fast growing e-commerce or digital-first players like Wayfair, Chewy, or Warby Parker garner despite chronic losses. And indeed, Macy's brick-and-mortar business, marred by stores that are still too often cluttered and unpleasant to shop, is languishing compared to its thriving e-commerce business. Macy's in February said it expects the online business grow from $7.6 billion last year to $10 billion in a few years. (While pummeled by the pandemic, Macy's overall business has begun to recover, and after a strong second quarter, the retailer raised its 2021 sales outlook by $1 billion.)
But Macy's e-commerce success is very much fueled by its stores, which provide it with a network of additional points of distribution and customer service, not to mention serving as a key instrument for brand building. Macy's declined to comment directly on Jana's suggestion, but on its most recent earnings conference call, executives pointed out that customers who shop at both its website and stores spend about three times more than those who only shop on one or the other. Jana has not disclosed whether it has taken a stake in Macy's.
Macy's has also made efforts to close many underperforming physical stores, primarily at dying malls, to better focus on its stores at attractive shopping centers.
Global Data managing director Neil Saunders, a frequent critic of Macy's physical stores, said in a research note that the separation of the businesses would be ill-advised. "An online only Macy’s would need to work incredibly hard to differentiate itself against Amazon and many other players. And if it were not able to rely so much on stores for visibility and customer connection it would need to spend an enormous amount on customer acquisition and retention."
It's not the first time Macy's has attracted the attention of activists. A few years ago, Macy's was pressured by Starboard Value to considering hiving off its Herald Square flagship into a separate entity and pursue other real estate deals. But Macy's shares have fallen by nearly half since November 2016, making it unsurprising that it would get some more unsolicited advice on bolstering its stock.
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