US retail VC deal activity looked a lot different in 2023 than in previous years. The year saw 82 deals which totaled $1.13 billion, per PitchBook data, a significant drop from the 124 deals totaling $2.94 billion last year.

This year’s top five largest funding rounds were not only smaller than recent years, but also represented different retail subcategories. Internet retail has accounted for at least half of all retail VC dollars since 2018, but this year it made up less than 10%, with specialty retail reigning supreme in 2023. And while 2022 and 2021 largely saw grocery and food delivery players take over the top funding spots, those spaces weren’t represented in this year’s top five (though Foxtrot, Boisson, and Buffalo Market did make the top 10).

Keep reading here.—EC

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“New year, new me” could apply to Macy’s 2024 in a very real way.

On Dec. 1, an investor group submitted a $5.8 billion proposal to acquire the department store chain and take it private, the Wall Street Journal reported Monday. Arkhouse Management and Brigade Capital submitted the offer to acquire Macy’s at $21 per share, which in turn boosted the company’s share price 21% after the news broke.

• As the WSJ noted, the investor group believes Macy’s is undervalued. Its stock price closed at a hair above $17 the Friday before the news broke.
• Additionally, Macy’s has almost 500 stores in its portfolio and is the owner of Bluemercury, with nearly 160 locations, and Bloomingdales, which has about 30 shops.

Macy’s has had a rough year, and things before that weren’t looking great.

Keep reading here.—KM

If the hype around generative AI is indeed losing any steam, you wouldn’t know from the lengthy, meandering check-in and lunch lines at the annual AI Summit in New York this week.

Tech execs, academics, and experts descended on the Javits Center for what attendees said was an especially hectic iteration of the conference focused on how businesses are putting the latest AI breakthroughs to use.

The event offered a look into how companies like FedEx, Johnson & Johnson, and Fossil are grappling with large language models (LLMs) and the inherent risks.

Keep reading here on Tech Brew.—PK