Strategy

BOCA RATON, Fla. — Office Depot announced that it is now expanding its retail store presence in the Caribbean territory as part of its franchise agreement with Benmore International.

BENTONVILLE, Ark. — Walmart U.S. President and CEO Bill Simon addressed attendees at the American Legion's 93rd National Convention on Wednesday, telling fellow Americans, veterans and Legionnaires that Walmart would create jobs in the U.S. by hiring more than 15,000 people to work in about 100 new and expanded Walmart stores by fiscal year's end.

The increases in average transaction size and customer traffic that Target credited with driving its 4.1% same-store sales increase during August is unwelcome news for Walmart. This is especially true since the biggest gains continue to come in categories where Walmart is traditionally strongest and is intent on demonstrating price leadership.

As if escalating tensions with Target weren’t enough of a large format competitive concern for Walmart, Dollar General remains on a roll with its 9,641 value-oriented and conveniently located stores.

The company sounded like it lifted a line from Target’s August sales release earlier this week when it reported second quarter results that exceeded expectations due to an increase in customer traffic and average transaction size.

Walmart suppliers interested in learning more about the sales opportunity presented by serving Hispanic customers domestically and internationally will have several opportunities to do so in the weeks and months ahead.

The leadership transition Costco announced this week was hardly unexpected considering outgoing CEO Jim Sinegal is 75, but it does underscore what arguably has been one of the greatest distinctions between Costco and Sam’s clubs for the past 25 years, namely the stability of senior leadership.

New York City -- Lord & Taylor will unveil a new concept called Lord & Taylor Home on Friday, at Fashion Center shopping center in Paramus, N.J.  A second location, in Shrewsbury, N.J., is expected to open in several weeks. Lord & Taylor is owned by NRDC Equity Partners, which also owns Canada’s Hudson Bay Co.

New York City -- Toys “R” Us will open fewer holiday pop-up stores this year, Reuters reported.

In 2010, the chain opened some 600 temporary Toys “R” Us stores nationwide. But spokeswoman Kathleen Waugh said the company has decided to open fewer stores this holiday season, according to the report.

New York City -- Terry Lundgren, CEO of Macy’s, has been appointed to the Federal Reserve Bank of New York board of directors.

Lundgren was appointed a class B director starting Aug. 31 for the unexpired porting of a three-year term ending Dec. 11, serving the remainder of GE CEO Jeffrey Immelt’s CEO term.
 

City of Industry, Calif. -- Hot Topic announced that two new executives have joined the company, Don Hendricks as CIO and Jeff Allison as senior VP planning and allocation.

Hendricks, who will lead all information technology for Hot Topic, most recently served as CIO at Gymboree Corp.

Allison, will lead the merchandise planning and allocation teams for both the Hot Topic and Torrid brands, most recently served as senior VP planning and allocation for Chico’s FAS.