{"id":1004081068,"date":"2013-07-31T05:51:20","date_gmt":"2013-07-31T13:51:20","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004081068"},"modified":"2022-12-08T16:38:51","modified_gmt":"2022-12-09T00:38:51","slug":"hudsons-bay-saks-merger-more-about-re-reit-formation-in-the-plans","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/hudsons-bay-saks-merger-more-about-re-reit-formation-in-the-plans\/","title":{"rendered":"Hudson\u2019s Bay\u2019s Saks Buy More About RE or Retailing?"},"content":{"rendered":"<p><i>By Scott Baltic, Contributing Editor <\/i><\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/07\/Saks-DNA002.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004081071\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/hudsons-bay-saks-merger-more-about-re-reit-formation-in-the-plans\/saks-dna002\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/07\/Saks-DNA002.jpg\" data-orig-size=\"4500,3000\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"Saks DNA002\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;When it raised the possibility of creating a REIT, assuming its proposed $2.9 billion merger with Saks Inc. goes through, Hudson\u2019s Bay Co. also raised the question of whether the acquisition is more about the retailing or more about the real estate.&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/07\/Saks-DNA002.jpg?w=1024\" class=\"alignleft size-medium wp-image-1004081071\" alt=\"Saks DNA002\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/07\/Saks-DNA002.jpg\" width=\"300\" height=\"200\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/07\/Saks-DNA002.jpg 4500w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/07\/Saks-DNA002.jpg?resize=300,200 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/07\/Saks-DNA002.jpg?resize=768,512 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/07\/Saks-DNA002.jpg?resize=1024,683 1024w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/07\/Saks-DNA002.jpg?resize=1536,1024 1536w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/07\/Saks-DNA002.jpg?resize=2048,1365 2048w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/07\/Saks-DNA002.jpg?resize=150,100 150w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/07\/Saks-DNA002.jpg?resize=696,464 696w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/07\/Saks-DNA002.jpg?resize=1068,712 1068w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/07\/Saks-DNA002.jpg?resize=1920,1280 1920w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/07\/Saks-DNA002.jpg?resize=630,420 630w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a>When it raised the possibility of creating a REIT, assuming its proposed $2.9 billion merger with Saks Inc. goes through, Hudson\u2019s Bay Co. also raised the question of whether the acquisition is more about the retailing or more about the real estate.<\/p>\n<p>In HBC\u2019s investors conference call on Monday, chairman and CEO Richard Baker said, \u201cThe acquisition creates a high-value real estate portfolio and the opportunities to pursue strategic alternatives, including potentially the creation of a real estate investment trust to unlock additional value and accelerate deleveraging.\u201d<\/p>\n<p>Shortly later, he referred to the combined company\u2019s \u201cunmatched highly valuable North American retail real estate portfolio.\u201d That assemblage would consist of more than 32 million square feet of retail space, 17 million of it owned or ground leased.<\/p>\n<p>Asked about the possible REIT during the call\u2019s Q&amp;A, Baker responded, \u201cWe now have enough EBITDA and we have a portfolio of diversified real estate that is now suitable to do a REIT, and we\u2019re going to investigate it and work on it as expeditiously as we can.\u201d<\/p>\n<p>And to a question about possible alternatives to a REIT, he replied that HBC is looking at every opportunity, but added that \u201ca REIT is highly logical.\u201d<\/p>\n<p>All of that said, there is undeniably a strong retail angle to the proposed deal. Baker said that HBC is looking at adding up to seven full-line Saks stores in Canada, as well as up to 25 Off 5th stores.<\/p>\n<p>&nbsp;<\/p>\n<p>When asked about the specifics of expanding Saks in Canada, Baker said this could take the form of adding a Saks to an existing store, converting a Hudson\u2019s Bay store to Saks or building brand-new Saks stores.<\/p>\n<p>Still, that real estate portfolio remains compelling.<\/p>\n<p>\u201cI have two polar opposite reactions\u201d to the merger, retail consultant Jeff Green, president &amp; CEO of Jeff Green Partners, told <i>Commercial Property Executive<\/i>.<\/p>\n<p>The first is that it\u2019s a good time to get into the luxury retail space, which is doing well right now. Green notes, however, that HBC has zero experience in the luxury market and that it hasn\u2019t done much with Lord &amp; Taylor. For example, HBC hasn\u2019t expanded that chain as much as had been anticipated.<\/p>\n<p>Green\u2019s second reaction, recalling the 2005 Sears\/Kmart merger, is that this is a play for the real estate, not the retailer.<\/p>\n<p>He points out that Saks has been struggling versus Nordstrom and Neiman-Marcus, and adds that if HBC\u2019s acquisition goes through, \u201cThey\u2019re not buying the strongest, they\u2019re buying the weakest.\u201d<\/p>\n<p>\u201cI think this is about the real estate,\u201d Green says, and a REIT is \u201cactually not a bad real estate play,\u201d not least because Saks has some solid locations.<\/p>\n<p>The issue over whether an HBC\/Saks REIT comes to fruition, he suggests, likely will be what the economy does over the one to three years that it will take to form the REIT.<\/p>\n<p>&nbsp;<\/p>\n<p align=\"center\">\n","protected":false},"excerpt":{"rendered":"<p>When it raised the possibility of creating a REIT, assuming its proposed $2.9 billion merger with Saks Inc. goes through, Hudson\u2019s Bay Co. also raised the question of whether the acquisition is more about the retailing or more about the real estate?<\/p>\n","protected":false},"author":882,"featured_media":1004081071,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,11,1600,21742,10,21749],"tags":[],"class_list":["post-1004081068","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-midatlantic","category-new-york","category-latest","category-northeast","category-retail"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Hudson\u2019s Bay\u2019s Saks Buy More About RE or Retailing? - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/hudsons-bay-saks-merger-more-about-re-reit-formation-in-the-plans\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Hudson\u2019s Bay\u2019s Saks Buy More About RE or Retailing?\" \/>\n<meta property=\"og:description\" content=\"When it raised the possibility of creating a REIT, assuming its proposed $2.9 billion merger with Saks Inc. goes through, Hudson\u2019s Bay Co. also raised the question of whether the acquisition is more about the retailing or more about the real estate?\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/hudsons-bay-saks-merger-more-about-re-reit-formation-in-the-plans\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2013-07-31T13:51:20+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T00:38:51+00:00\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/07\/Saks-DNA002.jpg\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/hudsons-bay-saks-merger-more-about-re-reit-formation-in-the-plans\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/hudsons-bay-saks-merger-more-about-re-reit-formation-in-the-plans\\\/\"},\"author\":{\"name\":\"Scott Baltic\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/61ac1450f3ffaa0e850b834c28526555\"},\"headline\":\"Hudson\u2019s Bay\u2019s Saks Buy More About RE or Retailing?\",\"datePublished\":\"2013-07-31T13:51:20+00:00\",\"dateModified\":\"2022-12-09T00:38:51+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/hudsons-bay-saks-merger-more-about-re-reit-formation-in-the-plans\\\/\"},\"wordCount\":507,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/hudsons-bay-saks-merger-more-about-re-reit-formation-in-the-plans\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2013\\\/07\\\/Saks-DNA002.jpg\",\"articleSection\":[\"Investment\",\"Mid-Atlantic\",\"New York\",\"News\",\"Northeast\",\"Retail\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/hudsons-bay-saks-merger-more-about-re-reit-formation-in-the-plans\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/hudsons-bay-saks-merger-more-about-re-reit-formation-in-the-plans\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/hudsons-bay-saks-merger-more-about-re-reit-formation-in-the-plans\\\/\",\"name\":\"Hudson\u2019s Bay\u2019s Saks Buy More About RE or Retailing? 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