Strategy

PHILADELPHIA — Shoplifting, employee or supplier fraud, organized retail crime and administrative errors cost the retail industry $41.7 billion in the United States in 2011, representing 1.6% in sales, according to the Global Retail Theft Barometer released Tuesday by Checkpoint Systems. Of that, $18.4 billion was attributed to employee theft, $14.9 billion to shoplifters, $6.6 billion to internal error and $1.8 billion to suppliers.

COLUMBUS, Ohio — SB Capital Group, a Schottenstein affiliate, said Monday it has acquired 15 JCPenney Outlet Stores from JCPenney Co., and will rebrand the units as JC’s 5 Star Outlet.

According to SB Capital, the stores will operate for up to a 21-month transitional period as JCPenney Outlet Stores, as the stores are converted to JC's 5 Star Outlet. J.C. Penney will continue to supply the stores with overstocks and end-of-season merchandise, and all existing store staffs and management have been retained.

EDEN PRAIRIE, Minn. — Supervalu reduced it full-year profit forecast Wednesday morning, even though the company reported better-than-expected second-quarter sales and profits as a result of strategies president and CEO Craig Herkert said are yielding results.

WASHINGTON — The Grocery Manufacturers Association has named Robert Burns, Ph.D., as VP health and nutrition policy. Burns was most recently owner of Nutrition Implications, a consulting firm focused on helping companies develop strategic approaches to nutrition and health, including engagement with external stakeholders and development of research and communications initiatives.

WESTBOROUGH, Mass. — BJ's Charitable Foundation announced that it has donated $389,200 to 55 nonprofit organizations in the 15 states where BJ's Wholesale Clubs are located. The donated funds will be dispersed to organizations that focus in four areas: hunger prevention, self-sufficiency, health care and education, the company reported.

TOPEKA, Kan. — Payless ShoeSource announced that it is inviting nonprofit organizations to join the retailer in its big holiday giving program, Payless Gives Shoes 4 Kids, where it will deliver more than $1.2 million of free shoes to children of families in need across the U.S., Canada, Puerto Rico and in 11 Latin American and Caribbean countries this holiday season.  

BENSALEM, Pa. — Charming Shoppes announced that it has launched Sonsi.com to give customers around the world online access to fashion brands Lane Bryant, Cacique, Catherines, Fashion Bug and Loop 18, as well as more than 300 brands.

MOORESVILLE, N.C. — Lowe's Monday announced that it would close several stores and discontinue a number of planned new store projects as the company looks to bounce back from a second quarter of declining earnings and flat same-store sales.

The company closed 10 locations on Oct. 16 and said it would close another 10 within the month, following an inventory sell-through.

NEW YORK — Deloitte Monday released some disappointing news for retailers who were hoping that consumer spending might get a boost in the months leading up to the holiday season. The Deloitte Consumer Spending Index (Index) plunged in September to its lowest level since May 2009, primarily due to a significant fall in home prices and deterioration in real wages.

The Index, which comprises four components — tax burden, initial unemployment claims, real wages, and real home prices — fell to 2.39 from 2.51 the previous month. 

Dario Franchitti and the Target Chip Ganassi race team continued their dominance of the Izod IndyCar Series this year, but any planned championship celebration of a third consecutive championship was marred by the death of fellow driver Dan Wheldon this past Sunday.