Finance & Capital Management

New York City -- New York City residents spent nearly $200 million at about a dozen Walmart stores in the New York metropolitan area in 2010, up about 20% from the amount reported in a previous 12-month period, the company said Monday, according to Crain’s New York.

Although Wal-Mart does have any stores in New York City proper, the chain is determined to break into the market and is working to overcome opposition from labor, community and small business groups.

FRAMINGHAM, Mass. -- The TJX Companies announced that its board of directors approved a new management structure as part of the company’s ongoing leadership succession planning. Carol Meyrowitz continues as CEO as well as a director of The TJX Companies and has entered into another two-year employment agreement. Ernie Herrman has been promoted to president of The TJX Companies from his post of senior EVP, group president.

Meyrowitz will now have Herrman and Jeffrey Naylor, senior EVP, chief financial and administrative officer, reporting to her.

Framingham, Mass. -- The TJX Cos. said Tuesday that it has restructured its executive management as part of the retailer’s ongoing leadership succession planning.  

Carol Meyrowitz has inked another two-year employment agreement as CEO. Ernie Herrman has been promoted to president of TJX Cos. from his post of senior executive VP group president.

Meyrowitz will now have Herrman and Jeffrey Naylor, senior executive VP CFO and chief administrative officer, reporting to her.

Boston -- Gordon Brothers Group, a global investment, lending and advisory firm, and WME, a leading talent agency, jointly announced the formation of a strategic partnership to identify, acquire and often revitalize undervalued, distressed or orphaned consumer product and retail brands.

Currently, Gordon Brothers Group and WME are evaluating a host of potential brands to acquire. Some of Gordon Brothers Group's current brand investments include Linens 'N Things and The Sharper Image.

Feeling confident that the worst is behind them, most retailers are ready to expand again as they turn their attention from steadying the ship to actively growing their business. That’s the big takeaway from Retail Horizons: Benchmarks for 2010, Forecasts for 2011 report. The annual study, sponsored by KPMG and the National Retail Federation Foundation, is widely acknowledged as the definitive state of the industry report.

CINCINNATI — Procter & Gamble announced that Robert Steele, vice chairman of global health and well-being, will retire effective Sept. 1.

Steele oversees oral care, feminine care, personal health care, pet care and snacks for P&G.

Between now and September, Steele will serve as vice chairman of healthcare strategy, reporting to P&G chairman, president and CEO Robert McDonald.

Washington, D.C. -- A report released Tuesday by the National Restaurant Association said that restaurant industry sales are expected to reach a record $604 billion and post positive growth in 2011 after a three-year period of negative real sales growth.

The Association’s 2011  Restaurant Industry Forecast projects an industry sales increase of 3.6% over 2010 sales, which equals 1.1% in real (inflation-adjusted) terms.

San Francisco -- Gap announced Tuesday that Marka Hansen president of Gap North America, has resigned, effective Feb. 4.

According to Glenn Murphy, Gap chairman and CEO, the decision to change leadership was mutual.

“After several conversations, Marka and I agreed this was the right time for a change in the organization in order to take Gap brand to a new level,” he said.

The apparel retailer said it has identified an internal successor to Hansen, who will be announced in the next day.