Finance & Capital Management

By Randy Frischer and Patricia Brandstetter

New York -- Mary L. Schapiro, the first woman to be permanent chairman of the U.S. Securities and Exchange Commission, announced she will step down on Dec. 14.

Schapiro was appointed head of the SEC by President Obama in 2008, one month after the Bernie Madoff scandal emerged, and she officially took office in 2009 at the peak of the financial crisis. Many experts say her four years were the toughest stretch any SEC chief has faced.

ARLINGTON, Va. — Retail Industry Leaders Association president Sandy Kennedy has responded to the White House report predicting the massive tax increases consumers could face if policymakers fail to avert the fiscal cliff.

The report was authored by the National Economic Council and the National Council of Economic Advisors.

Protests by organized labor failed to materialize in a meaningful way at Walmart stores over the weekend and the retailer went on to achieve record results.

Retailers may as well start devising their 2013 Black Friday plans now based on the popularity of this year’s early openings on Thanksgiving.

The Thanksgiving evening openings by the likes of Walmart, Toys ‘R’ Us, Target, Sears and Kmart were denounced in some quarters as being anti-family, but a few vocal critics didn’t speak for the majority of shoppers who turned out in droves and spent with gusto.

Silicon Valley startup Shopilly named Dickson Chu to its board of directors.

Shopilly was founded this year to streamline and organize multi-channel retailer communications across hundreds of brands and thousands of daily messages. The company described Chu as someone who has more than 25 years experience at the intersection of financial services, customer insights and the strategic use of technology.　 Most recently he was SVP of merchant solutions at LivingSocial where he was charged with creating a new business unit.

Dallas -- Zale Corp. reported a bigger-than-expected first-quarter loss on Tuesday, but said it is on track to turn a profit again.

The jewelry retailer lost $28.3 million for the quarter that ended Oct. 31, compared to a year-ago loss of $31.9 million.

Revenue rose 1.8% to $357.5 million. Same store sales rose 3.9%. It was the chain’s eighth consecutive quarter of positive same-store sales.

Whatever your political views may be, it’s hard not to think about the impact of the recent presidential election on the consumer psyche, and ultimately our industry. Whether President Obama or Mitt Romney would have been better for the economy in the long run is an issue I’ll gladly leave to the political experts and historians. But I do think that, in the near term, we are less likely to see the big holiday spending numbers that some analysts were predicting.