From Chain Store Age | Sears Holdings Corp. in a regulatory filing reported that its newly named CEO Louis J. D’Ambrosio will be compensated $7.2 million and a charter airplane for his commute from Pennsylvania to Illinois. Get the full story>>
Filed under: Retail
Visit our Filed page for categories. To browse by specific topic, see our Inside page. For a list of companies covered on this site, visit our Companies page.
7-Eleven: 40,000 stores and counting
7-Eleven is sending a clear message: We’re not just Slurpees and cheap coffee anymore and we’ve grown.
On Friday, the company became the retailer with the most number of stores worldwide and unveiled an array of new offerings.
The Dallas-based convenience store chain announced its global domination by opening its 40,000 store this week. Get the full story »
Penney beats Street amid questions of rising prices
J.C. Penney Co. raised investor concerns about how much more profitable it can be after the department story operator said many of its expenses would stay flat as a percentage of sales this year.
Analysts also questioned how well Penney’s price-conscious shoppers will contend with higher gasoline and clothing prices. Get the full story »
Sears continues to struggle as 4Q profit sinks
Sears' same-store sales fell 1.2 percent at U.S. stores open at least one year. (AP Photo/Paul Sakuma)
Sears Holdings Corp.’s fourth-quarter profit fell 13 percent as the retailer continues to struggle with declining sales of appliances and apparel and its namesake Sears department stores.
In his annual letter to shareholders Thursday, Sears Chairman Edward Lampert called the financial results “unacceptable” and outlined a vision for the Hoffman Estates-based retailer operating smaller stores and expanding online. Get the full story »
Sears names IBM veteran its CEO
Sears Holdings Corp. named IBM veteran Lou D’Ambrosio CEO and president, effective Thursday.
D’Ambrosio succeeds W. Bruce Johnson, who has served as interim CEO and president since January 2008. Get the full story »
Walmart market coming to Presidential Towers
Wal-Mart Stores Inc. plans to open a Neighborhood Market store at the Presidential Towers apartment complex in the West Loop in what would be the discount chain’s first small grocery store in Chicago.
The world’s largest retailer intends to spend $1 million to build out 26,491 square feet on one level at the residential tower at 555 W. Madison St., according to a building permit filed on behalf of Walmart.
The Bentonville, Ark.-based discount chain has been making a push to expand into urban centers of the north to jump start sales growth. On Tuesday, the retail giant reported that sales at U.S. stores open at least one year, a key metric of retail health, fell for the second year in a row. Get the full story »
Sears Canada’s fourth-quarter profit falls
Retailer Sears Canada posted a 28 percent drop in its quarterly profit, hurt in part by lower demand for appliances.
“The 2010 results were disappointing due to several external factors including increasing household debt, at an all time high, which affects sales in major expense items such as appliances,” Chief Executive Dene Rogers said in a statement. Get the full story »
Wal-Mart shares drop after sales miss forecasts
Wal-Mart Stores failed to meet its promise of reigniting sales at its U.S. stores, a disappointment for a new leadership team charged with turning things around in the face of pressure from even cheaper discounters.
The retailer’s shares closed down 3.1 percent, despite the company’s reporting earnings that beat analysts’ expectations. U.S. sales are also still being hurt by a poorly executed decision, since reversed, to pare down the number of items Wal-Mart offers. Get the full story »
Free streaming video for Amazon Prime members
Amazon.com Inc. on Tuesday added a streaming-video service offering for its $79-a-year Amazon Prime members, an expected move by the online retailer as it looks to more directly compete with Netflix Inc. Get the full story »
Macy’s profits higher, raises outlook
Macy’s Inc. posted a higher-than-expected profit after sales surged during the holiday quarter, and the department store chain forecast continued gains this year.
For its new fiscal year, Macy’s expects sales at stores open at least a year to rise 3 percent. It forecast earnings of between $2.25 and $2.30 a share, which would be an increase from the just-ended year. Get the full story »
Wal-Mart in its worst-ever sales slump
Shoppers wait in line to pay for their purchases at a Wal-Mart store. (Robyn Beck/AFP/Getty)
Wal-Mart Stores Inc. is in the midst of its worst U.S. sales slump ever. The world’s largest retailer said today sales at its U.S. discount stores open at least a year fell 1.8 percent during the chain’s most important quarter.
The world’s largest retailer earned $5.02 billion, or $1.41 per share, up from $4.82 billion, or $1.26 per share, a year earlier.
Wal-Mart’s struggles are the result of a misstep: To jump-start lethargic growth and counter the rise of competitors such as cheap-chic rival Target Corp., executives veered away from the winning formula of late founder Sam Walton to provide “every day low prices” to the American working class. Wal-Mart, the world’s biggest retailer by sales, instead raised prices on some items while promoting deals on others. Get the full story »
SuperValu to open 5 Save-a-Lots on South Side
Supervalu Inc., the supermarket giant that owns Jewel-Osco, is opening five Save-A-Lot discount grocery stores on the South Side this week. It’s also closing a Jewel store, signs of the rapidly changing and increasingly cutthroat grocery business.
Wal-Mart, NASCAR broaden licensing deal
Wal-Mart Stores Inc. has entered a retail and licensing deal with NASCAR under which it will offer exclusive products related to the stock car racing circuit in 1,500 of its U.S. stores.
The program, dubbed “Race Time,” begins in time for the Daytona 500 race Sunday, which opens the 2011 NASCAR season, 10 years after famous driver Dale Earnhardt was killed in a racing accident. Get the full story »
Borders sales begin Saturday at closing bookstores
(Nicholas Kamm/AFP/Getty Images)
Borders will begin holding closing sales this Saturday at 200 of its stores, including 15 locations in the Chicago area.
A U.S. Bankruptcy Court in New York gave Borders the go-ahead on Thursday to shutter roughly 30 percent of its stores. The Ann Arbor, Mich.-based bookseller filed for Chapter 11 bankruptcy protection on Wednesday.
The company said in a press release that more than $350 million in books, magazines, music, movies, calendars and other merchandise will be liquidated at discounts ranging from 20 percent to 40 percent. Borders Rewards programs remain in effect in stores and online, and the retailer is also honoring gift cards. Get the full story »
Chicago businesses spending more at restaurants
Spending by Chicago businesses on dining and retail goods rose in the fourth quarter of 2010 from a year earlier, showing “an overall corporate spending resurgence,” according to data released by American Express Business Insights. Get the full story »
