Marketing

NEW YORK — William Ackman, founder and CEO of Pershing Square Capital Management, said that J.C. Penney Co. should start to see “real progress” in early 2013. Ackman made his comments in an interview Tuesday on CNBC’s “Squawk Box.” Pershing Square owns about 18% of JCPenney.

Ric Jurgens spent the past 43 years working for and building Hy-Vee into a strong regional chain and later this summer his accomplishments will be acknowledged by the Grocery Manufacturers Association when he receives the organization’s Hall of Achievement Award.

PITTSBURGH — Dick’s Sporting Goods plans to open a new format focused on runners later this summer.

The new concept called True Runner will be located on Walnut Street in an affluent area of Pittsburgh known as Shadyside, the company said. Dick’s offered no additional details on the opening date, store size or product assortment, but it is clear from the limited comments made by a company executive that the store will focus on running enthusiasts.

New York -- J.C. Penney Co. has asked a New York Federal court to dismiss a lawsuit filed by the visual merchandising firm Hudson + Broad over the Plexiglass LED square frame used in the chain’s new “Fair and Square” branding campaign, Women’s Wear Daily reported.

Pittsburgh -- Dick’s Sporting Goods said Thursday that it will debut a specialty running store, True Runner, with the first location opening in the retailer’s home city of Pittsburgh.

The high-service concept will cater to running enthusiasts with footwear, apparel and accessories, and is slated to open in summer 2012.

FORT WORTH, Texas -- Pier 1 reported that same-store sales rose 7.2% in the first quarter, helped by strong holiday assortments. First-quarter revenue was up 8% to $361 million, beating Wall Street's estimate of $360.7 million.

President and CEO Alex Smith said Thursday that the shoppers have been buying the retailer's Easter, spring, Mother's Day and Memorial Day products.

MEMPHIS, Tenn. — May sales at Fred's Inc. increased 6% to $152.1 million from $143.6 million in May 2011. Comparable-store sales for the month rose 1.3% compared with an increase of 0.2% in the same period last year.

Fred's total sales for the first four months of fiscal 2012 increased 4% to $652.6 million compared with $628 million for the same period last year. On a comparable-store basis, year-to-date sales increased 0.1% on top of an increase of 0.8% in the same period last year.

PHILADELPHIA — Pep Boys has put an end to the proposed merger between itself and investment firm The Gores Group.

The potential merger was first announced on Jan. 30, and The Gores Group has agreed to pay Pep Boys a fee of $50 million and to reimburse Pep Boys for certain merger-related expenses. The special meeting of Pep Boys’ shareholders, which was scheduled to be held on May 30, has been canceled.

Yankee Candle Company president and CEO Harlan Kent is the newest member of the specialty apparel retailer Rue21’s board of directors.

Rue21 is a rapidly expanding specialty apparel retailer that currently operates 810 stores in 46 states

Target couldn’t have written a better script for last weekend’s Indianapolis 500, won by Dario Franchitti in the number 50 Target Honda.

Fans of the IndyCar racing series know that Franchitti’s Honda normally bears the number 10, but in recognition of Target’s golden anniversary the car and his uniform bore the number 50. Franchitti had won the Indy 500 on two prior occasions so the fact that he was running well throughout the day was no surprise.