International Business

Target continues to make leadership changes in the U.S. and Canada following Gregg Steinhafel’s ousting from the company in an effort to drive U.S. traffic and sales, improve its ailing Canadian operations and advance its ongoing digital transformation.

Framingham, Mass. – Staples Inc. attributed a 44% drop in net earnings during the first quarter of fiscal 2014 to lower sales caused by store closures and a rise in the value of the dollar. Net earnings of $96 million were 44% below net earnings of $170 million reported a year earlier.

Store closures and weak demand for traditional office supplies and computers hurt Staples in the first quarter of fiscal 2014.

The company attributed a 44% drop in net earnings during the quarter to lower sales caused by store closures and a rise in the value of the dollar. But according to reports, the office products company and second largest internet retailer in the United States is facing stiff competition from big box retailers such as Walmart and e-commerce giants such as Amazon.

Minneapolis – Tony Fisher, president, Target Canada, is departing the company. Mark Schindele, senior VP merchandising operations, will assume the role of president, Target Canada.
 

New York – J. Crew is reportedly planning to expand into Asia. According to the Wall Street Journal, J. Crew will open two new stores in Hong Kong on May 21.

The Hong Kong stores will be J. Crew’s first Asian stores since it closed its stores in Japan in 2008. In 2012, J. Crew said it planned to open stores in Hong Kong, and the U.K., and opened three U.K. stores in 2013. The retailer plans to open five or six stores in Hong Kong in the next few years, and may also open new stores in Japan.

Milford, Conn. - The Subway restaurant chain is poised to open about 3,000 new locations worldwide this year. Subway currently has more than 41,000 stores in 105 countries worldwide.

"Location, location, location is still the mantra," said John Devine, director of Subway Real Estate. "We continue to provide our customers with convenient locations to enjoy our great menu offerings. At the same time, we continue to offer landlords and developers a proven, stable and trusted tenant for their real estate."

Minneapolis – Target Corp. cut the compensation of former CEO Gregg Steinhafel to $13 million in fiscal 2013 from $20.6 million in fiscal 2012. According to a regulatory filing, Target decided to reduce Steinhafel’s total compensation after holding meetings and calls with shareholders owning 40% of total company shares and two proxy advisory firms.

Robert Price, former SVP and CMO for CVS, has been named president of Edible Arrangements International.

The operator of more than 1,100 stores worldwide is looking to Price to help significantly grow the brand's global presence.