Finance & Capital Management

Walmart and other retailers have fought unsuccessfully for years to level the e-commerce playing field in the United States by requiring Amazon.com and other online-only merchants to collect sales tax. Doing so would eliminate the Internet pure play retailers’ most significant competitive advantage, and for a glimpse of just how significant that would be, look no further than Canada.

Minneapolis -- In a video released by Best Buy and reported by Bloomberg, Best Buy Co. interim CEO Mike Mikan told employees on Thursday that his No. 1 priority in his new role is to execute the changes the company announced last month and plan a new direction for the retailer.

“In the days and weeks ahead, I’ll be working with our leadership team on a long-term vision, a path toward the future that will connect Best Buy with customers across multiple channels while improving performance,” Mikan said.
 

Woodland Hills, Calif. -- NewMark Merrill Cos. has announced the acquisition of Twin Peaks Mall in Boulder, Colo., as well as six new property management contracts totaling more than one million sq. ft.

The new property management assignments include six California centers: Simi Valley Town Center, Lancaster Plaza, Visalia Center, Topanga Willows, Paseo Marketplace in Thousand Oaks, and Page Plaza in Hemet.

Much was made this week of the nomination of Google executive Marissa Mayer to the Walmart board and for good reason. She will add a new layer of depth and expertise to Walmart’s board, but she won’t be the only digital darling on the board.

Houston - Stage Stores said Thursday it has made Michael Glazer’s role as interim president and CEO a permanent one.

Glazer, a board member for the chain, was named interim chief following Andy Hall’s resignation in March.

According to Stage chairman William Montgoris, Glazer’s familiarity with the company’s growth and expansion strategy helped him secure the permanent role. “It became clear the company and its shareholders would be best served by making his appointment permanent," Montgoris said.

New York -- A report released Thursday by Bloomberg showed that household confidence improved last week to match the highest level in four years. 

The Bloomberg Consumer Comfort Index was minus 31.4 in the period ended April 15, compared with minus 32.8 over the previous seven days. The reading equaled that from two weeks earlier as the best since March 2008.

Despite the strong showing, the monthly expectations measure fell from a one-year high, showing ongoing concerns that too many Americans are still unemployed.

Buffalo Grove, Ill. -- Siemens Building Technologies Division announced that Michaels Stores recently rolled out a series of Siemens advanced extensions to the Site Controls’ energy management system (EMS). The extensions will provide Michaels a cash-on-cash payback of 20 months, and an ROI exceeding 90%. In addition, the investment will drive further reductions in Michaels’ carbon footprint, the environmental equivalent of 5,600 cars from the road each year.

HONG KONG — TV manufacturer TCL Multimedia Technology Holdings has entered into an agreement with Ikea for the development of its innovative concept of complete TV solutions that includes TV, sound system and furniture.

According to a TCL press release, the partnership will enable Ikea to offer customers designated electronic products integrated into furniture that are operated by only one remote controller, boasting the seamless blend of advanced technology and creative interior design.