Warren Buffett’s conglomerate acquires 3M shares of Macy’s, marking its first department store investment since the 1960s.
Berkshire Hathaway disclosed a $55M investment in Macy’s, purchasing approximately 3M shares, or 1.1% of the company. The move signals Berkshire’s return to department stores after a six-decade absence, despite the stake’s relatively modest size.
Macy’s shares have faced volatility amid retail sector challenges, including shifting consumer habits and competition from e-commerce. Berkshire’s prior department store investments date back to the 1960s, making this a notable re-entry into the space.
Macy’s stock rallied following the disclosure, reflecting investor sentiment around Berkshire’s endorsement of the retailer’s long-term prospects.