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BFD Expert Voices - Retail Deals

Retail Deals Thought Bubble

Day 1 of the ICR Conference 2023 in Orlando included holiday sales presentations and breakouts aplenty, but M&A chatter dominated, Richard wrote Tuesday.

Why it matters: With the IPO market effectively closed, retail M&A activity will be key to the deal-making universe in 2023, and four companies used their breakout sessions to share what's on their mind.

Plus: Tuesday's Pro Rata, on CVS circling Oak Street Health.

1. M&A dominates ICR chatter

Sandwich chain Subway is considering selling itself in a deal that could value it at more than $10 billion, the Wall Street Journal reported, citing sources familiar.

Why it matters: The consumer and retail sector has been buffeted by macroeconomic headwinds, and investor response to an M&A transaction like this will provide a gauge of the current appetite, Kimberly wrote Thursday.

Plus: Thursday's Pro Rata, on JP Morgan Chase's legal case against student financial aid platform Frank.

2. Subway for sale

At the ICR Conference in Orlando, Macy's CEO Jeff Gennette offered a measured assessment of its holiday season performance, a bellwether of what's to come from competitors, Richard wrote Monday.

Why it matters: The new guidance — now between $8.16 billion and $8.4 billion for net sales — is a decline versus Q4 2021 for the parent of both Macy’s and Bloomingdale’s, and is not encouraging given high single-digit inflation.

Plus: Monday's Pro Rata, on startup valuations and a biopharma buy.

3. Macy's holiday assessment

Jeff Gennette at event in New York City. Photo: by Mireya Acierto/WireImage

GoTab, an Arlington, Va.-based restaurant technology provider, is closing in on completing a Series A round of $15 million, CEO Tim McLaughlin told Richard exclusively Wednesday.

Why it's the BFD: Investors maintain an appetite for tech startups that help consumer-facing companies either automate or improve the customer experience.

Plus: Wednesday's Pro Rata, on M&A implications of a noncompete clause ban. 

4. GoTab set to bank $15M Series A

Illustration of repeating dinner plate emojis with smiley faces on them.

5. Charted: Retail tech funding drops

Happy Friday, Retail readers. Here's your digest of this week's news.

Programming note: We'll be dark Monday, in observance of Martin Luther King Jr. Day. 

🚨 Situational awareness: The New York Times reports that Bed Bath & Beyond is in talks with Sycamore Partners to sell assets as part of a possible bankruptcy process, citing people familiar with the matter.

That's it for this week. See you Tuesday!

✅ Thanks for reading, and extra thanks to newsletter editor George Moriarty and copy editor Mickey Meece. 

January 13, 2023

1. M&A dominates ICR chatter