Activist investor Snow Park Capital Partners has built a position in department-store chain Dillard’s Inc. and is planning to push for changes at the company, including unlocking the value of its real estate portfolio.
“Dillard’s is essentially an underleveraged real estate company that is masquerading as a low productivity retailer,” Snow Park Managing Partner Jeffrey Pierce said in an email.
A quarter of Dillard’s real estate is located in top-tier malls, which typically fetch about $650 per square foot in sales, according to Pierce.. . . more