Finance & Capital Management

Camp Hill, Pa. -- Rite Aid Corp. announced plans to build its first new distribution center in 15 years, a 900,000-sq.-ft. facility in Spartanburg, South Carolina.

The new, $90 million center, set to open in 2016, will employ nearly 600 people after it becomes fully operational and will support the inventory and fulfillment needs of approximately 1,000 Rite Aid stores in the southeastern United States.

Toronto – Lowe’s Canada plans to open 25 new stores in Canada during the next three years. This includes three new stores set to open later this year in Lethbridge, Saskatoon and Sault Ste. Marie

A bigger push to sell its offerings online helped drive record sales in 2014 for Swedish retailer Hennes & Mauritz, as well as prompt expansion plans for the retailer. 

The Stockholm-based retailer said net profit rose 17% to $760 million in 2014, ahead of analysts’ forecasts. Same store sales increased 26% in 2014, the retailer reported.

Barcelona – Spain-based apparel retailer Mango has recruited Toni Ruiz to become its new CFO effective mid-February. Ruiz, 45, will sit on Mango’s board of directors.

Ruiz has spent much of his professional career at Leroy Merlin, part of Groupe Adeo, where he has worked from 1999 until now, occupying various positions, including financial management in Spain and control and planning at international level.

Hangzhou, China – The Chinese regulatory agency State Administration for Industry and Commerce (SAIC) has reportedly criticized Alibaba Group Holding Ltd. for not making enough effort to prevent the sale of counterfeit items on its e-commerce platform. According to the Wall Street Journal, the SAIC issued a report starting Alibaba offers insufficient product information and does not use an effective system to rank sellers.

As Lowe’s prepares to open its previously announced 25 new stores in Canada during the next three years, speculation is mounting that the retailer could snap up some of Target's locations when the company withdraws from the Canadian market later this year.   But Lowe's is not saying whether three new Lowe's stores set to open later this year in Lethbridge, Saskatoon and Sault Ste. Mari will be located in former Target locations.  

New York -- In its ongoing efforts to reduce costs, Sears Holding Corp. is cutting jobs.  

The struggling retailer will cuts 115 jobs, including 100 at its Hoffman Estates, Illinois, headquarters, the Chicago Tribune reported.
 
 

Rite Aid Corp. announced plans to build its first new distribution center in 15 years, a 900,000-sq.-ft. facility in Spartanburg, South Carolina.

The new, $90 million center, set to open in 2016, will employ nearly 600 people after it becomes fully operational and will support the inventory and fulfillment needs of approximately 1,000 Rite Aid stores in the southeastern United States.