Saks's Parent Company Sells Out To Duck The Retail Apocalypse
Thinknum | Oct 22, 2019 02:19AM ET
Saks Fifth Avenue parent company Hudson's Bay Company (TSX:HBC) is selling out, dealing the company to an investor group that includes, somewhat improbably, WeWork Property Advisors . That may mean a massive re-assessment of Saks' real estate footprint - as well as the other brands Hudson's Bay runs - and our map below tracks locations that stand to be impacted.
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The company already announced plans to close down some stores, and it seems likely that more locations will be shuttered once the buyout is completed. It should come as no shock to staff or investors; earlier this year executive chairman Richard Baker put together an offer to buy out Hudson's Bay, with WeWork Property Advisors (a multi-billion-dollar investment group affiliated with the property sharing network) as part of the investment group.
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Data tracking Facebook Inc (NASDAQ:FB) Talking About Count for former Saks subsidiary Gilt Groupe tells the tale of a once-dominant digital brand falling to the wayside. Last year, Saks sold off Gilt Groupe - in a deal presumed to have made it a money-loser - and dealt subsidiary Lord & Taylor's flagship New York headquarters to WeWork and another investor. Later, Lord & Taylor's brand was also sold. The deal to sell the rest of Hudson's Bay, announced October 21, is a relief to very few investors, despite the premium - Hudson's Bay shares have lost most of their value since 2015.
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However, in a retail marketplace in which more consumers are opting for e-commerce purchases and fewer brick-and-mortar visits, it still means a safer future than other companies that didn't - or won't - survive the retail apocalypse.
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About the Data:
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Thinknum tracks companies using the information they post online - jobs, social and web traffic, product sales and app ratings - and creates data sets that measure factors like hiring, revenue and foot traffic. Data sets may not be fully comprehensive (they only account for what is available on the web), but they can be used to gauge performance factors like staffing and sales.
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