Finance & Capital Management

Santa Monica, Calif. -- Global e-commerce sales are expected to rise 17.5% this year to $963 billion, up from $820.5 billion last year, according to a study by Siemer & Associates.

Currently, online accounts for just 6.5% of all retail sales worldwide but is growing four times faster than traditional retail. E-commerce sales are expected to account for 9.3% of retail sales by 2016.

Washington -- The retail industry added 28,000 jobs in June, according to the National Retail Federation. NRF said the industry had marked increases in every sector except furniture and home furnishings and health and personal care stores.


New York -- Belle Foods plans to close 13 stores by Aug. 3, including six in Alabama, according to a report by the Birmingham Business Journal. The shutters are part of a reorganization following the chain’s Chapter 11 bankruptcy filing.

Of the 13 store closures, 12 are Food Worlds and one is a Piggly Wiggly.

New York -- The co-founder of Target, Douglas Dayton, died Saturday after a long battle with cancer. He was 88.

With his four brothers, Dayton took over and reshaped the Dayton Co., which was founded by their grandfather, George Draper Dayton, as Dayton’s department store in Minneapolis.

Department store executive and Target co-founder Douglas Dayton died Saturday of cancer at 88.

Dayton was the inspiration for the first Target stores and oversaw the development and early growth of the concept of an upscale discount store. Dayton served as Target's first president in 1961 and a year later he opened the first Target stores in the Twin Cities communities of Roseville, Crystal, St. Louis Park and Knollwood.

BOCA RATON, Fla. — Office Depot has nominated former president and CEO of Collective Brands Michael J. Massey to its board. If elected, he would fill the vacancy created by current director Brenda Gaines, who has decided not to stand for re-election at this year’s annual meeting of stockholders. 

The Limited helped changed the way women shop for apparel 50 years ago and this month it is commemorating the occasion with digitally inspired promotions the company’s founders could never have imagined.

PAWTUCKET, R.I. — Hasbro has acquired a majority stake in Backflip Studios, a company that develops mobile games such as DragonVale, NinJump and Paper Toss.

David Jimenez was named SVP of visual and store experience at Williams-Sonoma to drive further growth and innovation at the operator of 587 upscale home goods stores.

In addition to the appointment of Jimenez, the company named three other executives to new leadership roles in the supply chain area.

NEW YORK — Barnes & Noble CEO and director William Lynch has resigned, effective immediately, and the company has restructured its leadership team as a result.