Saddled With Excess Selling Space in a Crowded Market, We Maintain Our View Macy's Has No Moat
We maintain our $29.50 fair value estimate for no-moat Macy’s, based on same-store sales of negative 1% in 2020 through 2027. Macy’s has been donating apparel market share to e-commerce, discounters, and specialty stores, and we are not confident its North Star growth plan will reverse the trend. Further, we have increased our capital expenditure expectations over the next decade from our previous average of $900 million per year to $1 billion per year. We think its Bluemercury cosmetics (openin...Macy's is an omnichannel retail organization operating stores, websites and mobile applications under three brands (Macy's, Bloomingdale's and bluemercury) that sell merchandise, including apparel and accessories (men's, women's and children's), cosmetics, home furnishings and other consumer goods. The company's wholly-owned bank subsidiary, FDS Bank, provides certain collections, customer service and credit marketing services in respect of all credit card accounts that are owned either by Department Stores National Bank, a subsidiary of Citibank, N.A., or FDS Bank and that constitute a part of the credit programs of the company's retail operations.
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