Retailers are more likely to engage in fill-in acquisitions in adjacent markets than in large-scale mergers, industry analysts said here during SN's 12th annual Financial Analysts Roundtable (Part One of the Roundtable was published in last week's issue.) “Fill-in acquisitions of stores that are adjacent to a company's existing infrastructure are the ones that work,” Mark Wiltamuth, executive director at Morgan Stanley, New York, said. “The big mergers have been value-destroying, and we ...

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