In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. Friedrich Nietzsche
Amazon has some value-investment characteristics including a lot of cash and the ability to generate vast amounts of cash on a regular basis. The problem is that unlike companies such as Microsoft, Oracle, Alphabet, and Apple, it cannot keep that cash around.
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This does not mean Amazon would not buy a department store. I can certainly picture it acquiring Nordstrom (NYSE: JWN); which has a “best in the industry” reputation, and a loyal customer following much like Whole Foods. It also likes to implement next generation retail practices like setting up “storefronts” for online merchants and Tesla dealerships in its stores.
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These numbers show us that Nordstrom is neither a value investment nor Amazon-proof because it operates at a very narrow margin. All Amazon or Walmart would have to do to seriously damage Nordstrom is take 3% to 5% of its customers away.
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The demographics indicate that Nordstrom’s customer base is growing and that those customers have more money. This retailer is in a very enviable position given America’s current state but is it a good investment?
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Macy’s has done surprisingly well for a department store operator in today’s retail environment.
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