Subject: Attn: Please-Redeem Your $50-Macys Bonus before it-Expires.

From: MacysRewards <[email-masked]>
Date: Fri, 24 Feb 2017 07:44:39 -0700

Dear [email-masked],

Your Macy's Reward-Points

You have $50-in Macy's Points-available that you can use to save-on anything you find at-Macy's (In-Store or Online).

But keep in mind that these-points will expire-within the next 48-hours if they are not-claimed, so please go below here and fill-out the short-survey that we have provided to claim your-bonus right away.

Get Your Macy's Reward-Points Here

Macy’s trades at an undemanding 10 times fiscal-2018 earnings. If it can shrink and show growth from a smaller base, the shares could get a higher price/earnings ratio, argues Christian Ledoux, director of research at South Texas Money Management, a Macy’s holder. For example, using Macy’s median P/E of 12 would imply a stock price of $39, over 20% above today’s. ANOTHER THREAT to department stores is the rise of “fast fashion” outlets, such as Hennes & Mauritz ’s (HMB.Sweden) H&M, and Inditex ’s (ITX.Spain) Zara, which maintain low inventories and can react relatively quickly to changing fashions. According to a recent Credit Suisse report, department stores accounted for 35% of retail sales in 2015, down from 45% in 2007, with off-price and specialty retailers gaining share. Here, too, Macy’s is fighting back. It bought the Bluemercury luxury beauty chain in 2015, and expanded it to 117 mostly freestanding boutiq
ues from 60. Macy’s doesn’t break out Bluemercury sales. Macy’s Backstage, which has 22 stores, is also growing. The unit could help combat rival discounters and perhaps expose a younger consumer to the Macy’s brand. According to George W. Hebard III, a director of research at Barington Capital Group, another activist firm that owns Macy’s stock, the retailer needs faster execution and more exclusive brands to generate traffic. He’d also like to see Macy’s spend less on printed marketing materials and more online. Hebard calls the stock significantly undervalued.

Macy’s problems aren’t easy to fix, but the company has long been resilient. Its “right-sizing” could produce some worrisome headlines, but Macy’s growing emphasis on online sales, and its asset value, suggest that the stock is cheap. When reports of a takeover between Hudson’s Bay Company (HBC) and Macy’s surfaced last week, shares in the department store chain leapt by 12 percent, reflecting investors’ hopes that its troubles might soon be at an end. But in a note published by financial services firm Cowen & Company, analyst Oliver Chen laid out the reasons why he thought the best buyer for Macy’s would be Amazon, calling the combination “revolutionary” as it would fulfil the needs of both companies. A takeover by either HBC or Amazon would represent an opportunity for Macy’s to transform its troubled business, particularly in an environment where the rise of e-commerce has erased the raison d&rsqu
o;être for department stores, where a wide range of products can be found under one roof.

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In turn, Macy’s, as America’s biggest department store chain, would be a trophy acquisition for either company. But which of the two would make more sense?

Talks between Macy’s and HBC, the Canadian owner of Saks Fifth Avenue, are reported to be at an early stage, with the company closely eyeing Macy's’ covetable $18 billion real estate portfolio. When Hudson’s Bay bought Saks for $2.4 billion in 2013, it quickly leveraged the value of Saks’ real estate to pay down the debt it took on to acquire the chain. As a result, Hudson’s Bay paid less for the whole company than it would have paid to buy the building that houses Saks’ Fifth Avenue New York City flagship store outright. If the deal between HBC and Macy’s does indeed go through, “We would have a very or relatively rapid closure of excess space,” says Neil Saunders, managing director of research firm GlobalData Retail. “We could have a lot of consolidation exercises in terms of the different brands and disappearing from certain malls.” “I personally think it’s not a very sensible deal. Despite the
property assets, Hudson’s Bay is biting off far more than it can chew,” Saunders adds. “Macy’s is a business that has a lot of structural issues. There are a lot of problems within the business and I think integrating it would be a massive distraction for Hudson’s Bay… in terms of time, management, attention and structure, it could end up being a real drain on the business.” In contrast, Amazon could benefit greatly from a Macy’s takeover, argues Chen, providing Amazon with access to suppliers and relationships with apparel brands.

"We believe this deal could address some of major consumer pain points,” wrote Chen. “Amazon needs better brands, a more curated assortment, a physical place to return items, and customers could use help with ensuring fit — Macy’s would also give Amazon greater credibility in curation and fashion authority.” Whether or not Amazon actually needs Macy’s for fashion-brand connections is arguable, however. Part of the department store’s woes stem from lack of differentiating product. But as consumer demand for click-and-collect and same day delivery accelerates, Amazon does need real estate to localise stock. Macy’s, in turn, would benefit from the technology used by Amazon to help it make better decisions across inventory and pricing, which Chen said could positively impact sales. He added that Amazon’s online traffic, younger customer base and mobile technology could also help save Macy’s. But others in the inves
tment community are not convinced that an Amazon-Macy’s merger makes sense. “Amazon’s market capital is bigger than Macy’s and Hudson’s Bay put together. But for them to buy Macy’s, they are going to end up with a ton of real estate on their books. Is that really advancing the ball?” says Craig Johnson, president of retail consultancy firm Customer Growth Partners.“Fighting yesterday’s war to get into the retail real estate business. I’m not convinced that they would want to do that.” HBC, on the other hand, is led by executive chairman Richard Baker, whose lifelong business has been real estate development. Whatever the case, Macy’s as it currently stands faces a Herculean task in turning around its business.