Whenever, Wherever: The New Model for Retail

Goldman Sachs Exchanges

Goldman Sachs

Business

4.4 • 1K Ratings

🗓️ 4 May 2016

⏱️ 17 minutes

🔗️ Recording | iTunes | RSS

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Summary

Kathy Elsesser, global co-head of the Consumer Retail and Healthcare Group in the Investment Banking Division at Goldman Sachs discusses how the slowdown in deal-making in the first quarter of 2016 has affected the consumer retail space, why the sector is so attractive to activist investors and whether the rise of e-commerce means the end of brick-and-mortar retail. This episode was recorded on April 12, 2016. The information contained in this recording was obtained from publicly available sources and has not been independently verified by Goldman Sachs. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty as to the accuracy or completeness of the information contained in this recording and any liability as a result of this recording is expressly disclaimed. This recording should not be relied upon to evaluate any potential transaction. Goldman Sachs is not giving investment advice by means of this recording, and this recording does not establish a client relationship with Goldman Sachs. Copyright 2016 Goldman Sachs. All rights reserved.

Transcript

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0:00.0	This is exchanges at Goldman Sachs where people from our firm share their insights on developments
0:13.2	currently shaping markets, industries, and the global economy.
0:16.4	I'm Jake Seaward, Global Head of Corporate Communications here at the firm.
0:20.2	Recent volatility markets have slowed deal-making, debt issuance, and other corporate activity.
0:24.4	To discuss those developments in the market, I'm joined by Kathy El Cesser, the global co-head of the Consumer,
0:29.6	and Health Care Group in our Investment Bank here in Goldman Sachs.
0:33.6	Kathy, welcome to the program.
0:35.3	Thanks, Jake.
0:36.5	Kathy, last year was a record-breaking year for M&A,
0:39.4	but the first quarter of this year of 2016,
0:42.0	we saw a market slowdown in activity. What do you think about the state of the
0:46.2	market really today given the strength of last year? It does feel different Jake
0:51.1	now than it did last year at this time. So 2015 we saw volumes at more
0:55.9	than 40 percent and so far this year global retail M&A volumes are down more than 25%.
1:04.0	There's still a number of strategic deals that we're seeing
1:08.0	where one corporation is buying another, for example, Lowe's,
1:11.0	bought the Canadian Home improvement company Rona and
1:15.2	Samsonite is buying to me. But like all sectors the volatility of stock prices
1:20.6	has made it challenging for buyers and sellers to agree on valuations.
1:25.0	So as the markets have stabilized a little bit, are we starting to see a little bit more
1:29.4	interest?
1:30.4	We're definitely starting to see more discussions in the boardroom.
	...

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