Berkshire Hathaway (BRK.A) (BRK.B) has made a surprising return to a corner of the retail world it largely abandoned decades ago. In its latest 13F filing, the conglomerate disclosed a new position in Macy’s (M), marking its first exposure to a public department store in roughly 60 years. For long-time Berkshire watchers, that alone is enough to raise eyebrows.
Berkshire’s history with the department store industry dates back to the 1960s, when Warren Buffett and Charlie Munger invested in Hochschild Kohn, a Baltimore-based chain. That experience proved challenging, and Buffett later became famously wary of traditional retailers facing structural pressures. Since then, Berkshire has generally steered clear of the sector. That context makes the Macy’s purchase particularly intriguing.
