Strategy

CAMP HILL, Pa. — Rite Aid maintained its same-store sales momentum, posting gains across front-end and pharmacy comparable sales for the sixth consecutive quarter: Overall same-store sales were up 2.5%, reflecting a 2.7% across the front-end and a 2.4% uptick across pharmacy, for the first quarter ended June 2.

Ideeli will be able to further expand its capabilities, thanks to a $30 million investment from Credit Suisse and current institutional investors. According to the company, the new capital will be used to strengthen its infrastructure and fuel the flash-sales retailer's growth prospects.

Week in and week out, Walmart wins on the pricing front with the biggest unknown being the magnitude of the spread between it and competitors, several reports out this confirmed.

Deb Weinswig at Citigroup looks at prices in three U.S. markets every two weeks and her most recent assessment showed Walmart beating Kroger by 12.1%, Safeway by 17.4%, Supervalu by 20.6% and Target by 4.8%.

Walmart’s EVP merchandising services, Pam Kohn, addressed members of the Bentonville/Bella Vista Chamber of Commerce earlier this month. A recap of her remarks is available by clicking here.



 

The purchasing power of Walmart shoppers is on the rise as gas prices come down and the improved spending outlook has the company’s share price setting new highs. What’s there to worry about?

Plenty, according to a survey of top executives conducted by the Business Roundtable, an organization that represents companies who combined employ more than 14 million people and generate $6 trillion in annual sales. Member companies include the likes of Walmart, General Electric, AT&T, ExxonMobil and American Express.

Improved procurement processes at Gymboree are being eyed as a means for the specialty retailer to reduce expenses.

Gymboree, operator of 1,155 stores, said it retained the procurement management firm LogicSource after the firm conducted a detailed analysis of Gymboree’s procurement spend and identified significant savings opportunities. LogicSource will give Gymboree access to its broad-reaching procurement industry expertise, provide a comprehensive vendor network, and drive efficiencies through smart centralization, according to LogicSource.

Richfield, Minn. -- The interim CEO of Best Buy told shareholders Thursday that the company is committed to changing its fundamentals in order to operate closer to its potential.

Mike Mikan is trying to right the electronics retailer’s ship as it attempts to recover from the sudden – and unseemly – departure of CEO Brian Dunn as well as the ensuing resignation from chairman and founder Richard Schultz over the last two months.

Davenport, Iowa -- Department store retailer Von Maur said Thursday it has begun construction on an expansion of its e-commerce fulfillment center to support continued growth in its web presence.

Projected for completion in October 2012, the expansion will add an additional 73,000 sq. ft. to the company's current 46,000-sq.-ft. center in Davenport, Iowa.

San Francisco -- The Gymboree Corp. and procurement management firm LogicSource announced Thursday an agreement under which LogicSource will provide procurement and management expertise to deliver cost savings to Gymboree.

Terms of the agreement were not disclosed.

Beachwood, Ohio -- Blackstone's flagship real estate fund and DDR Corp. announced Thursday hat a joint venture formed by the two entities has closed on the acquisition of a portfolio of 46 shopping centers previously owned by EPN Group.

The joint venture has assumed approximately $635 million of senior non-recourse debt and has originated an additional $320 million non-recourse loan facility, which has a five-year term.