Strategy

The revelation this week that Target chief marketing officer Michael Francis had jumped ship to become president at JCPenney was a surprising development that sucked some of the oxygen out of the retailer’s Minneapolis headquarters. Target is all about marketing and Francis was instrumental in shaping some of the most interesting customer communications the marketing world saw during the past decade. He was so highly thought of that earlier this year he was tapped to lead Target’s entry into Canada, arguably the company’s most significant longer term growth driver.

The pricing gap between Target and Walmart narrowed last month to a scant 1.7% as Walmart took prices up slightly during August while Target did the opposite, according to a monthly survey by the retail research team at Credit Suisse.

Wayne, N.J. — Ahead of the holiday season, Toys"R"Us announced that it will expand its layaway program and incorporate flexible payment options in order to spur holiday sales. The retailer is offering its layaway service along with Bill Me Later to enable customers to complete purchase through a series of smaller payments over time.

Toys"R"Us introduced layaway in 2009 for such big-ticket items as bicycles and swing sets and on Oct. 15 will expand the program to include playthings in 450 of its 600 stores.

EDEN PRAIRIE, Minn. — Supervalu announced that it has committed $1 million to sponsor 1,542 youth sports teams in markets where its Acme, Albertsons, Cub Foods, Farm Fresh, Jewel-Osco and Shaws/Star Market stores operate. 

WINSTON-SALEM, N.C. — HanesBrands announced that it has promoted Richard Moss to chief financial officer effective immediately.

Moss, 53, who has served as the company’s treasurer since January 2006, was chosen to fill the open CFO position after an extensive review of internal and external candidates, HanesBrands reported. Moss will oversee the company’s global finance, investor relations and corporate development functions.

Berlin, N.J. — The 134-store arts and crafts chain A.C. Moore said Tuesday it has agreed to be acquired by an affiliate of arts and crafts distributor Sbar’s Inc. for about $40.8 million.

Last January, the company said it had formed a committee to review strategic alternatives, including a potential sale.

Menomonee Falls, Wis. — Kohl’s Corp. said Tuesday it will hire 40,000 seasonal workers for the 2011 holiday shopping period, about 5% more than in 2010.

The plan equates to about 35 additional associates per store at its 1,127 stores, each working about 20 hours per week.

In addition, Kohl's said it plans to hire 2,500 seasonal workers at DCs and 500 seasonal and full-time credit operations workers.

Menomonee Falls, Wis. — Kohl’s Corp. said Tuesday it will hire 40,000 seasonal workers for the 2011 holiday shopping period, about 5% more than in 2010.

The plan equates to about 35 additional associates per store at its 1,127 stores, each working about 20 hours per week.

In addition, Kohl's said it plans to hire 2,500 seasonal workers at DCs and 500 seasonal and full-time credit operations workers.

Indianapolis — The Finish Line, Inc. said Tuesday it has named Sally McKelvey as VP strategy for the Finish Line brand.

McKelvey previously served as senior director, operations financial planning and analysis, at 7-Eleven.

McKelvey is charged with leading the evaluation, development and implementation of strategic growth initiatives for the Finish Line brand. She will analyze, recommend and implement programs that will provide growth opportunities, increase operational productivity and enhance profitability for the company.

Cherry Hill, N.J. — Noted fashion designer and retailer Michael Kors has opened a new store in Cherry Hill, N.J. — at the Cherry Hill Mall, a property owned by Philadelphia-based Pennsylvania Real Estate Investment Trust.

The store opening is part of the mall’s $200 million complete renaissance, which includes the addition of white-linen restaurants, a new parking deck, the addition of an upscale retail wing, a redesigned and relocated food court now called Cherry Hill Cafés, and extensive interior and exterior renovations.