Traditional retailers are on track to see their best month in more than a year, even as shares of e-commerce giant Amazon lag.
The S&P 500’s retail sector climbed 4 percent since the beginning of September, its best month since July 2016, the Financial Times reported.
Shares of Macy’s climbed 9.1 percent after dropping 42 percent from the beginning of the year through the end of August. And Nordstrom, which saw shares drop 7 percent so far this year, rallied 6 percent at the end of the day on the news that private equity firm Leonard Green was going to take the company private.
Amazon, which is also part of the index, saw its shares fall 1.9 percent this month after climbing by a third during the first eight months of the year.
Several “left-for-dead retail stocks” saw the best upward revisions and beat their earnings projections, analysts at Nomura Instinet wrote in a report this month.
Traditional retailers have been thinking of ways to remake their real estate amid falling revenues. The most active on that front in New York have been Hudson’s Bay Companies and Macy’s. [FT] – Rich Bockmann