Strategy

CHICAGO — The Network of Executive Women is honoring Michael Duke, president and CEO of Wal-Mart Stores, with its William J. Grize Diversity Hall of Fame Award, on June 28 during Women's Day at the LPGA in Rogers Ark. The award, named after the late CEO of Ahold USA, who was an early advocate of industry diversity, is bestowed upon industry leaders who have demonstrated "an enduring commitment to the advancement of women and to creating a diverse and inclusive workplace," NEW announced.

HOFFMAN ESTATES, Ill. — Sears Holdings Corp. revealed in a Monday filing with the Securities and Exchange Commission that the previously announced spinoff of its Sears’s Outlet and Sears’s Hometown and Hardware stores will now combine the two chains into one separate company.

The move, part of Sears’ initiative to cut expense and regain profits, will result in the newly named Sears Hometown and Outlet Stores Inc. and a public offering that is expected to raise $400 to $500 million for Sears.

WASHINGTON — The National Retail Federation is responding to a report from the Federal Reserve, which revealed that debit card swipe fees collected by the nation's largest banks have significantly dropped since reform regulations took effect last fall.

WOONSOCKET, R.I. — CVS Caremark’s president and CEO Larry Merlo told analysts Wednesday morning that he was “very pleased” with its first quarter, as results across both the retail and pharmacy benefit management segments came in at the high end of expectations and its integrated assets continue to demonstrate success and improve patient lives.

SUFFERN, N.Y. — The Ascena Retail Group will acquire Charming Shoppes Inc., parent company of Lane Bryant, for about $890 million.

The move gives Ascena -- which owns the Dressbarn, Maurices and Justice chains -- entry to the steadily-growing large-size women's clothing market. In addition to Lane Bryant, Charming Shoppes also owns the Fashion Bug and Catherines Plus Sizes banners. It operates more than 1,800 stores nationwide. In 2011, nearly 85% of Charming Shoppes’ sales involved plus-sized apparel.

Target turned 50 this year, and chairman, president and CEO Gregg Steinhafel weighed in on the expect more, pay less (EMPL) value proposition, his 32-year career and miscellaneous other topics in a Q&A interview with the company’s online magazine known as “A Bullseye View.” To read a transcript of his comments click here.



 

Target’s annual shareholders’ meeting will be held June 9 in downtown Chicago at the location of a soon-to-open CityTarget store on State Street. The venue is an interesting choice that speaks volumes about the potential for the new urban format.

Retailers are in business to sell products customers want, except when they’re not, which appears to be the case with the retailer’s decision to stop selling Amazon.com’s hugely popular Kindle devices.

Target has done quite well for itself in California, but that doesn’t mean it’s been easy. Ironically, the state with the most extensive network of Target stores also happens to be the one identified as the worst state in which to do business, according to a recent survey.

New York -- Edward Lampert, chairman of Sears Holdings, presented an ambitious plan on Wednesday to improve the company’s performance that includes updating store layouts and signage and investing in its rewards program, Reuters reported.

“We are not here to just survive. We are here to transform,” Lampert told shareholders at the company's annual meeting, according to the report.

Sears is focusing on better inventory management, having the right fashions and being more customer friendly, the report said.