Strategy

For a company so often on the leading edge of offering its shopper affordable fashions in the apparel and home categories, there is one area where Target has been slow to keep pace with the prevailing trend.

SAN FRANCISCO -- Walmart’s U.S. VP of benefits, Chris McSwain, was elected chairman of the Integrated Benefits Institute, the organization announced Monday.

“Chris McSwain has played an important leadership role in the health benefits community, and we look forward to his continued leadership with IBI,” said Thomas Parry, president of the non-profit health and productivity research organization.

Get used to that headline. Increased sales of food during the coming year are expected to contribute 1.5% to Target’s same-store sales growth as the company continues it aggressive PFresh remodeling program.

Same-store sales in February advanced 1.8%, and the strongest performance came in the grocery category, where comps increased in the low teens while health care, beauty and other household essentials experienced gains in the mid-to-upper single-digit range. Also showing strength was the apparel category where comps increased in the low-to-mid single-digit range.

New York City -- J.Crew Group said Monday its $3 billion deal to be taken private by two investment firms is complete.

New York City -- Spain’s The Inditex Group of Spain will pay $400 million for a flagship Zara retail store at 666 Fifth Avenue in Manhattan.

According to a report by the Wall Street Journal, who cited people familiar with the matter, the transaction is one of the largest retail condominium deals ever. Zara bought out a 32,000-sq.-ft. lease from former occupant NBA store, which had less than three years remaining, according to the report.

Philadelphia -- Urban Outfitters reported Monday that net income for the quarter ended Jan. 31 dipped slightly to $75 million, compared with $77 million in the year-ago period.

For the full year, profit rose to $273 million from $220 million a year earlier.

Fourth-quarter net sales rose 14% to $668 million. Same-store sales for the quarter increased 4%. By brand, same-store sales rose 1% at Anthropologie, 28% at Free People and 5% for Urban Outfitters.

New York City -- American Eagle Outfitters is looking for a new chief executive, the Wall Street Journal reported.

James O'Donnell, 70, has been CEO since 2003 and is said to be retiring, according to the report. Chairman Jay Schottenstein, a longtime retailer who also chairs the board of discount footwear chain DSW, is heading the board's search. Schottenstein was CEO of the company from 1992 to 2002.

Washington, D.C. -- A report released Monday by the National Retail Federation and Hackett Associates said that import cargo volume at the nation’s major retail container ports is expected to be up 11% in March, as compared with the same month last year.

Paris -- A report released Monday by Reuters said that French luxury group LVMH will acquire Italian luxury jeweler Bulgari for $5.2 billion.

The offer, according to the report, is a 60% premium to Bulgari’s average share price, and indicates that the bounce-back of the luxury market could occur at a faster rate than Wall Street anticipated.

Rival bidders included the Richemont group and PPR, according to Reuters.

Dedham, Mass. -- Workforce management solution-provider Reflexis Systems said Monday that Sidney, Neb.-based Cabela’s has implemented Reflexis Task Manager and StoreWalk to increase efficiency and improve the store-level execution of its retail strategy.
 
The Reflexis cloud computing solutions, according to the company, enable retailers to streamline corporate-to-store communication, ensure consistent execution of in-store merchandising and promotional plans, and improve compliance with safety and operational policies.