激进投资者要拆分这家百年老店
最近几年，梅西百货（Macy's）的财务业绩和股票表现都令人失望，因此激进投资者纷纷针对该公司如何逆转局面出谋划策。他们最近提出的一条建议可能存在巨大的风险：拆分电子商务业务和实体店业务。
据彭博新闻报道，Jana Partnersh周三在一份投资者报告中表示，该连锁超市的在线业务拆分之后价值将达到140亿美元，几乎是该公司总市值的两倍。Jana在阐述这条建议时提到，今年早些时候，哈德逊湾公司（HBC）将Saks.com从萨克斯第五大道（Saks Fifth Avenue）拆分之后，估值达到20亿美元。
考虑到电子商务或者Wayfair、Chewy、Warby Parker等数字优先的零售企业尽管长期亏损，但估值依旧在快速增长，因此不难理解这条建议的吸引力。事实上，与繁荣的电商业务相比，由于店铺依旧经常关闭并且消费者不愿意前往实体店购物，导致梅西百货的实体店业务持续低迷。2月，梅西百货预计其在线业务的规模有望在几年内从去年的76亿美元扩大到100亿美元。（虽然受到疫情的影响，梅西百货的整体业务已经开始复苏，经过强劲的第二季度之后，该零售商将2021年的销售预期提高了10亿美元。）
但梅西百货电商业务的成功很大程度上得益于其实体店的支撑。实体店为其提供了更多配送和客户服务网点，而且是品牌建设的重要工具。梅西百货拒绝直接评论Jana的建议，但在最近召开的营收电话会议上，该公司高管指出，通过网站和实体店购物的客户比仅通过一种渠道购物的客户多出近三倍。Jana并未披露其是否持有梅西百货的股份。
梅西百货也在努力关闭许多业绩不佳的实体店（主要位于即将倒闭的购物中心），把更多精力投入到位于有吸引力的购物中心内的店铺。
Global Data总经理尼尔·桑德斯经常评论梅西百货的实体店。他在一份研究报告中表示拆分业务是糟糕的建议。 “纯电商化的梅西百货需要下更大的力气，与亚马逊（Amazon）等平台区分开来。如果它无法继续依靠实体店维持曝光度和客户联系，它就需要在获客和客户维系方面投入大量资金。”
这并非梅西百货第一次引起激进投资者的关注。几年前，Starboard Value曾向梅西百货施压，要求其考虑拆分先驱广场旗舰店，并进行其他房地产交易。但梅西百货的股价自2016年11月以来几近腰斩，因此一些投资者为了维持股价主动向它提出更多建议，也就不足为奇。(财富中文网）
译者：刘进龙
审校：汪皓
最近几年，梅西百货（Macy's）的财务业绩和股票表现都令人失望，因此激进投资者纷纷针对该公司如何逆转局面出谋划策。他们最近提出的一条建议可能存在巨大的风险：拆分电子商务业务和实体店业务。
据彭博新闻报道，Jana Partnersh周三在一份投资者报告中表示，该连锁超市的在线业务拆分之后价值将达到140亿美元，几乎是该公司总市值的两倍。Jana在阐述这条建议时提到，今年早些时候，哈德逊湾公司（HBC）将Saks.com从萨克斯第五大道（Saks Fifth Avenue）拆分之后，估值达到20亿美元。
考虑到电子商务或者Wayfair、Chewy、Warby Parker等数字优先的零售企业尽管长期亏损，但估值依旧在快速增长，因此不难理解这条建议的吸引力。事实上，与繁荣的电商业务相比，由于店铺依旧经常关闭并且消费者不愿意前往实体店购物，导致梅西百货的实体店业务持续低迷。2月，梅西百货预计其在线业务的规模有望在几年内从去年的76亿美元扩大到100亿美元。（虽然受到疫情的影响，梅西百货的整体业务已经开始复苏，经过强劲的第二季度之后，该零售商将2021年的销售预期提高了10亿美元。）
但梅西百货电商业务的成功很大程度上得益于其实体店的支撑。实体店为其提供了更多配送和客户服务网点，而且是品牌建设的重要工具。梅西百货拒绝直接评论Jana的建议，但在最近召开的营收电话会议上，该公司高管指出，通过网站和实体店购物的客户比仅通过一种渠道购物的客户多出近三倍。Jana并未披露其是否持有梅西百货的股份。
梅西百货也在努力关闭许多业绩不佳的实体店（主要位于即将倒闭的购物中心），把更多精力投入到位于有吸引力的购物中心内的店铺。
Global Data总经理尼尔·桑德斯经常评论梅西百货的实体店。他在一份研究报告中表示拆分业务是糟糕的建议。 “纯电商化的梅西百货需要下更大的力气，与亚马逊（Amazon）等平台区分开来。如果它无法继续依靠实体店维持曝光度和客户联系，它就需要在获客和客户维系方面投入大量资金。”
这并非梅西百货第一次引起激进投资者的关注。几年前，Starboard Value曾向梅西百货施压，要求其考虑拆分先驱广场旗舰店，并进行其他房地产交易。但梅西百货的股价自2016年11月以来几近腰斩，因此一些投资者为了维持股价主动向它提出更多建议，也就不足为奇。(财富中文网）
译者：刘进龙
审校：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.
