Marketing

Issaquah, Wash. -- Jim Sinegal, the much-admired CEO and co-founder of Costco Wholesale Corp., plans to step down effective Jan. 1. The chain said its board has elected the company's current president and COO, Craig Jelinek, to succeed Sinegal.

“Costco has a very strong culture and a deep bench of management talent," said Sinegal. "I have total confidence in Craig's ability to handle his new responsibilities and feel we are fortunate as a company to have an executive of his caliber to succeed me as chief executive of Costco."

New York City -- Lord & Taylor will unveil a new concept called Lord & Taylor Home on Friday, at Fashion Center shopping center in Paramus, N.J.  A second location, in Shrewsbury, N.J., is expected to open in several weeks. Lord & Taylor is owned by NRDC Equity Partners, which also owns Canada’s Hudson Bay Co.

The leadership transition Costco announced this week was hardly unexpected considering outgoing CEO Jim Sinegal is 75, but it does underscore what arguably has been one of the greatest distinctions between Costco and Sam’s clubs for the past 25 years, namely the stability of senior leadership.

BENTONVILLE, Ark. — Walmart U.S. President and CEO Bill Simon addressed attendees at the American Legion's 93rd National Convention on Wednesday, telling fellow Americans, veterans and Legionnaires that Walmart would create jobs in the U.S. by hiring more than 15,000 people to work in about 100 new and expanded Walmart stores by fiscal year's end.

NEW YORK — Macy’s reported that its same-store sales rose 5% in August, beating estimates. The retailer said sales would have been higher by 1.5% points without the impact of Hurricane Irene. Industry analysts had warned that the storm would impact department stores and specialty retailers the most as consumers focused on buying generators and other emergency and recovery items versus back-to-school and discretionary products.

Omaha, Neb. -- Wal-Mart Stores said it will build its first neighborhood market in Nebraska, a 34,000-sq.-ft. store opening in northwest Omaha.

Walmart last week opened the first of five market stores opening by Nov. 2 in Wichita, Kan. It was the retail giant's first venture into that city with the smaller market stores.

The full range of products to be sold at the new Walmart market includes fresh meats, vegetables, dairy products, dry goods and staples, bakery and deli items, canned and packaged goods, and pet and household supplies.

BOCA RATON, Fla. — Office Depot has announced the two small business finalists in its annual “Official Small Business of NASCAR, Courtesy of Office Depot” sweepstakes.

Nashville, Tenn. – Genesco, parent to the Journeys, Lids and Johnston & Murphy banners, reported Wednesday a loss of $392,000 for the quarter ended July 31, compared with a loss of $3.2 million in the year-ago period.

Sales rose 29% to $471 million, from $364 million. Same-store sales surged 14%, with the Lids Sports Group up 12%, the Journeys Group up 15%, the Johnston & Murphy Group up 17%, and the Underground Station Group up 10%.

The company said it is raising its fiscal 2012 guidance, based on the performance.