Retail analysts predict that while Hudson’s Bay Co.’s purported acquisition of American luxury chain Neiman Marcus would result in the creation of a massive fashion company, it is unlikely to turn around the beleaguered Canadian company.
The parent company of Saks Fifth Avenue, Hudson’s Bay Co., based in Toronto, would pay US$2.65 billion ($3.64 billion Canadian) for the U.S. retailer as part of the agreement, according to reports cited by the Wall Street Journal and New York Times.
The Bay won’t be saved by this action, according to Toronto analyst Bruce Winder. But it’s a significant issue. In a way, it does produce a fashion powerhouse.
The deal would bring together the big department store chains that are having a hard time drawing customers in despite rising inflation and shifting shopping preferences.
Following months of conjecture, news of the agreement broke that HBC was set to acquire Neiman Marcus, which according to its website has 36 U.S. shops offering designer clothing, accessories, and housewares.
The New York Times reports that two major players in the digital industry, Salesforce and Amazon, will buy a small portion of the new business, Saks Global. According to analysts, this could indicate that the corporations want to increase their use of artificial intelligence and technology in order to boost sales.
According to Toronto retail researcher Lisa Hutcheson, Amazon “certainly understands supply chain, and they certainly understand technology.” Could that be the catalyst Saks and The Bay need to stay relevant?
HBC, which also owns Saks Fifth Avenue and Saks Off 5th, is a competitor to Neiman Marcus in the retail industry.
Since liquidating Home Outfitters in 2019 and selling Lord & Taylor to the fashion rental subscription startup Le Tote Inc., HBC has been striving to restructure its business.
Analysts predict that the deal may result in job losses and cost-cutting initiatives. Winder says that “they can save money on distribution facilities and probably some redundancies in personnel.”
Winder went on, “I have to think that there’s a real estate play in here somewhere—some kind of monetization or synergy.”Considering that HBC is a real estate firm by nature and a retailer by trade.”
Customers that have a deep emotional investment in The Bay’s survival might not make a significant difference with their purchases.
“We are aware of a notable decline in foot traffic at department stores, which speaks volumes about their continued relevance,” Hutcheson said. “Nostalgia isn’t a strategy; everyone gets nostalgic occasionally.”
With permission from The Canadian Press
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