Hedge fund Prentice Capital bullish on stocks as May retail spending jumps 0.3 per cent
Wed, 16/07/2014 - 11:46
Retail sales gained 0.3 per cent in May and while that was below the 0.6 per cent rise expected on Wall Street the data did little to alter views that the economy is regaining steam.
Michael Zimmerman, chief executive of hedge fund Prentice Capital, has recently announced a string of investments in online retail stocks including Gaiam, dELiA*s and PacSun, as revealed through mandatory SEC disclosures of substantial shareholdings.
Zimmerman believes retailers integrating mobile devices into their online strategy have the strongest opportunity for growth. Zimmerman's view is that online shopping will continue to take share, the emergence of tablets and bigger phones is accelerating the online vs. bricks and mortar struggle.