Finance & Capital Management

Bentonville, Ark. -- Wal-Mart Stores Inc. said Monday that it has kicked off its "12 Days of Giving" campaign, awarding over $1.5 million to nonprofits that were nominated by Facebook users. By the end of the campaign, 145 grant recipients in all 50 states, Washington, D.C., and Puerto Rico, will be honored. Twenty-five nonprofits that have stepped up to fight hunger are receiving a total of $130,000 on the first day of giving.

New York City -- The board of Sears Holdings Corp has approved the spinoff of Sears’ Orchard Supply Hardware Stores Corp.

Sears announced its intention to spin off the 89-store hardware store chain in June, saying both companies could better focus on their goals as separate firms.

Target faces increased competition from dollar stores, as their value proposition still resonates with cash-strapped consumers. Dollar General, for example reported that net income for its third quarter was $171 million, 50 cents per diluted share, compared with net income of $128 million, or diluted EPS of 37 cents, in the third of fiscal 2010. The company reported that same-store sales increased 6.3% for the quarter. 

Indianapolis -- Simon Property Group announced that, in 50/50 partnership with Genting Berhad, it has opened Johor Premium Outlets, its first Premium Outlet Center in Southeast Asia.

The center encompasses 173,000 sq. ft. of GLA featuring 80 stores and is strategically located in Johor Bahur, Malaysia. A grand opening celebration will take place on December 11.

Deerfield, Ill. -- Cosi announced the appointment of Carin L. Stutz as the company's new CEO and president beginning Jan.1. She also will join the Cosi board of directors.

Stutz, 55, joins Cosi from Brinker International, where she was president of global business development, leading all aspects of franchise development and operations for 240 Chili's and Maggiano's restaurants around the globe.

 

Let’s face it – the Internet has made comparing prices before you buy a no-brainer. Recent surveys show that consumers are more cost conscious than ever before, which means they will accept nothing less than the lowest price. Increased competition and mounting expense pressures have prompted retailers to turn over every rock in an effort to control costs. Every area of a retailer’s business is now under intense scrutiny and divisions previously thought of as “expense” centers, are being required to either generate revenue or be eliminated.

Cherry Hill, N.J. -- Philadelphia-based Pennsylvania Real Estate Investment Trust said that True Religion has opened at Cherry Hill Mall, located in Cherry Hill, N.J.

The 1,500-sq.-ft. fashion denim store is located by the Grand Court.

Mumbai, India -- A Monday report by Reuters said that the world’s third-largest retailer Tesco Plc has delayed its plans to set up wholesale stores in India, as it faces mountains of political red tape and controversy in the country.

Reuters, citing a report in the Business Standard newspaper, said that the supermarket giant will instead focus on setting up warehouses and back-end infrastructure.