Strategy

New York -- Walgreen Co. said Tuesday it will pay $6.7 billion for a 45% stake in European health and beauty retailer Alliance Boots, which is based Nottingham, England, with an option to buy the rest of the company in about three years. It is the first international venture and biggest deal ever for the U.S. chain.

PHOENIX — PetSmart shareholders should be pretty pleased with their investment now that the company's board of directors has raised the quarterly dividend. The board has approved an 18% increase to PetSmart's quarterly dividend, from 14 cents to 16.5 cents per share beginning in the second quarter of fiscal 2012.

SUFFERN, N.Y. — Ascena Retail Group has completed its acquisition of Charming Shoppes. The company also plans to cease operating and close down Charming Shoppes’ Fashion Bug business by early 2013, and is exploring a potential sale of Charming Shoppes’ Figi’s business, which markets food and specialty gift products.

In 2011, Charming Shoppes closed 124 Fashion Bug stores. The chain had previously announced its intention to continue to close certain Fashion Bug stores.

MINNEAPOLIS — Target has released its 2011 Corporate Responsibility Report, and while the company was happy to offer insight into its past performance, its focus is on the future. In that vein, the company has introduced new corporate responsibility goals:
 

• To increase its sustainable seafood selection by ennsuring its fresh and frozen seafood offerings are 100% sustainable and traceable by the end of fiscal year 2015.

• Enhance at least 50 owned-brand packaging designs to be more sustainable.

CARLISLE, Pa. — The Federal Trade Commission has approved Giant Food Stores' proposal to acquire 15 Genuardi's stores from Safeway.

The news follows Giant's Jan. 5 announcement that it would acquire the Genuardi's stores, all of which are located in the greater Philadelphia market. Giant also noted that under the terms of a consent order approved by the FTC, the Genuardi's located in Newtown, Pa., will be purchased by Newtown Market and will be operated as a McCaffrey's supermarket.

CARLSBAD, Calif. — Callaway Golf Company has named Harry Arnett as SVP marketing. In this role, Arnett assumes leadership of the company's global marketing, communications and go-to-market functions.  The announcement was made by Chip Brewer, president and CEO, Callaway Golf.

PLANO, Texas — Investors who were holding out for some of Michael Francis' Target marketing magic to rub off on JCPenney will be left wondering what could have been, as the company announced Francis' departure effective Monday.

CEO Ron Johnson will assume direct responsibility and oversight of the company's marketing and merchandising functions.

Johnson said, "We thank Michael for his hard work at JCPenney and wish him the best in his future endeavors."

New York -- Tesco PLC is leaving the Japanese retail market after nine years. The company will sell 50% of Tesco Japan to Aeon Co., Japan’s largest retail group.

Tesco said it will form a joint venture with Aeon and invest £40 million ($63 million), then sell the remaining 50% to Aeon at a later date.

New York -- Macy’s Herald Square has extended its shopping hours to make it easier for shoppers while the flagship undergoes its extensive, four-year renovation.

Starting Monday, the store opens at 9 a.m., instead of 10 a.m., Monday through Friday. The Saturday and Sunday schedule remains the same, 10 a.m. to 9:30 p.m. and 10 a.m. to 8:30 p.m., respectively. 
 

Greensboro, N.C. -- Tanger Factory Outlet Centers and Gordon Group Holdings have entered into an agreement to develop an upscale outlet center at Foxwoods Resort Casino in Mashantucket, Conn., on the Mashantucket Pequot Indian Reservation.

Foxwoods Resort Casino is the largest casino complex in the United States by gaming square footage. Foxwoods attracts approximately 16 million annual visitors, an average of more than 40,000 people per day.