Strategy

Bentonville, Ark. -- Wal-Mart Stores said Tuesday it has lowered its holiday layaway fee from $15 to $5, saying that the move is in response to customer feedback.

Customers may begin to open layaway accounts under the new fee arrangement on Sept. 15, and it runs through Dec. 14.

According to Duncan Mac Naughton, chief merchandising and marketing officer, Walmart U.S., “this is a direct response to feedback we received since announcing this year's Holiday Layaway program. [It] makes Walmart more competitive in the marketplace.”

Lynnwood, Wash. -- Zumiez Inc. reported Thursday that net income for the quarter ended July 28 slipped to $2.1 million, from $2.6 million in the year-ago period, largely due to costs associated with its acquisition of Blue Tomato.

Revenue surged 20.4% to $135.1 million from $112.2 million, which includes contributions from Blue Tomato. Same-store sales increased 9.5%.

The company said it is on track to open 50 new stores in fiscal 2012, including up to 10 stores in Canada.
 

NEW YORK — The Jones Group has entered into an exclusive, world-wide license agreement with Altair, a division of  Marchon Eyewear for the creation, production, marketing and global distribution of ophthalmic eyewear and sunglasses under the Anne Klein brand. The Anne Klein ophthalmic eyewear and sunglass collections are currently produced and marketed under a world-wide license agreement with Luxottica Group S.p.A., which will expire on Dec. 31.  

Norwalk, Conn. -- GE Capital said Friday that it is serving as administrative agent on a $150 million senior secured credit facility to support the combination of Golf Town and Golfsmith, owned by parent company Golfsmith International. 

GE said the credit facility will be used to support working capital and to refinance existing debt.
 
"GE Capital structured the financing that will enable us to make … our ongoing operations a success," said Sue Gove, president and COO of Golfsmith International. 

ROANOKE, Va. — Advance Auto Parts  has promoted Rusty Tweedy to area SVP, responsible for store operations in the Mid-Atlantic regions. Tweedy will report to Kurt Schumacher, SVP national field operations. Effective with this promotion, the company is adding a fourth operational area which will enable the company’s field and commercial sales leaders to be more aligned and focused on driving profitable growth.

New York -- The Thomson Reuters/University of Michigan consumer sentiment index climbed to a better-than-expected 74.3, compared to 72.3 in July and representing a three-month high.

Aggressive retail discounting and record-low interest rates boosted the results, but unemployment remains a big concern. 

“Confidence is lackluster,” Jim O’Sullivan, chief U.S. economist for High Frequency Economics Ltd., told Bloomberg. “It typifies the economy right now. It’s not strong, but not collapsing either.”

MINNEAPOLIS — Target has donated $150,000 in cash and products to assist with Hurricane Isaac relief efforts. A $120,000 cash donation was given to the American Red Cross in support of response efforts. An additional $20,000 in product donations and $10,000 in Target gift cards will be given to other nonprofit organizations in affected areas for essentials such as water and food.

Dallas -- Cypress Equities said Friday that Iconic Salon Suites will open at Village on the Green in north Dallas.

Iconic Salon Suites will occupy a 6,800-sq.-ft. retail space beside Jos. A. Bank, and joins recent additions such as Allstate, Plush Nails & Spa and Chiro One Wellness Centers.