Strategy

New York City -- Retailers lost $37.14 billion to theft last year, or 1.58% of retail sales, up from 1.44% in 2009, according to preliminary results of the National Retail Security Survey. The annual survey is conducted by the University of Florida for the National Retail Federation, with funding from ADT Commercial.

As in previous years, employee theft accounted for the largest (approximately 44%) portion of the losses. Shoplifting and organized retail crime was second, with 33%. Administrative errors, vendor fraud and unknown causes make up the rest.

MINNEAPOLIS — Target last week announced that Target Canada has reached an agreement to transfer to Walmart Canada the leasehold interests in up to 39 sites, currently operated by Zellers.

Specific locations will be identified later this fall. Terms of this transaction were not disclosed.

NEW YORK — Tiffany & Co. announced that Patrick McGuiness has been appointed SVP and CFO  and that James Fernandez has been appointed to the newly-created role of COO. 

During a question-and-answer style interview in Monday’s USA Today, Target chairman, president and CEO Gregg Steinhafel shared his thoughts on a wide range of topics including Walmart, inflation, designers and competition.

Walmart doesn’t need a lot of help when it comes to growth, which is why last week’s announcement by Target to sell its larger rival 39 sites in Canada was a surprise. Walmart is on track to end this year with 333 stores, and on Friday Target said it had reached an agreement to transfer to Walmart Canada the rights for leasehold interests in up to 39 sites currently operated by Zellers. The sites are among the up to 220 possible sites whose leasehold interests Target is acquiring as part of a real estate transaction announced in January.

The most recent iteration of a pricing study conducted by Credit Suisse shows Target was 4.7% more expensive on a basket of items in Chicago and Dallas compared with 4% the prior month. 

Janney Montgomery Scott analyst David Strasser downgraded shares of Target to neutral from buy on Monday. In doing so he cited some familiar concerns about the challenging competitive environment, rising input costs and anticipated difficulties passing through price increases to cash-strapped shoppers thereby negatively affecting gross margins.

Canton, Mass. -- Dunkin' Donuts on Monday announced it has signed agreements with three franchisees to develop 12 new restaurants throughout Tampa over the next several years.

"The Sunshine State is a priority growth market for Dunkin' Donuts in 2011, and we're excited to expand our footprint in Tampa," said Grant Benson, CFE, VP franchising and market planning, Dunkin' Brands.

Urban street wear retailer Dr. Jay’s has updated its flagship store in Manhattan, with a fresh, bold look that invigorates the popular brand while enhancing the customer experience.

New York City -- Limelight Marketplace, an indoor mall in Manhattan, is getting a major facelift. The shopping venue will re-launch in September as a three-story department store called Limelight. Renovation costs will total almost $4 million.

"We want to display Limelight as a 'fashion-forward' venue with sophisticated and modish aesthetics," said developer and owner Jack Menashe. "The restored architecture makes Limelight the distinctive spot that it is -- allowing for an exciting shopping experience.”