Strategy

New York -- Facebook will purchase the photo-sharing application Instagram for about $1 billion in cash and stock, company CEO Mark Zuckerberg said Monday. The deal, which is the social-networking company’s largest acquisition to date, is expected to close later this quarter.

Instagram was named iPhone app of the year in 2011.

Facebook will acquire Instagram's entire team as part of the deal.

PLEASANTON, Calif. — Safeway has named Robert Edwards president of the company. Edwards has served as Safeway's EVP and CFO since 2004.

Edwards, 56, will have overall responsibility for the company's retail operations, marketing, merchandising, corporate brands, manufacturing, distribution and finance functions.  He will continue as CFO until a successor is named to the position.

WOONSOCKET, R.I. — CVS Caremark has confirmed that Stuart McGuigan, SVP and CIO, will be leaving the company April 13.

CVS Caremark has initiated a search for his replacement, according to a company spokesperson.

McGuigan has served as SVP and CIO since December 2008. Before that, McGuigan was SVP and CIO of Liberty Mutual Group from September 2004 to December 2008, and was deputy CIO and SVP of Liberty Mutual from February 2004 to September 2004. From 2000 to February 2004, he was SVP information technology at Medco Health Solutions.

Toronto -- A spokesman for the Canadian Heritage Minister said Thursday that the government will conduct a review of Target’s store opening plans in the country to ensure its books, DVDs, music and other cultural products have enough Canadian content.

The review, which comes as Target is laying the groundwork to open in 2013 the first of 125 to 135 stores in former Zellers locations, falls under a “cultural heritage” provision in Canada’s foreign-takeover law.
 

FRAMINGHAM, Mass. — Staples has nominated Dr. Drew Faust, president of Harvard University, to its board of directors. The election of directors will take place at the company’s annual meeting, scheduled for June 4.

Washington, D.C. -- Douglas Development said that J. Crew and yoga and spinning studio The Art of SpYn will open at its Penn Quarter property, in Washington, D.C.

J. Crew is slated to open in August and The Art of SpYn is scheduled to open this spring.

Chesterfield, Mo. -- Bloomington Hills, Mich.-based mall owner Taubman said Thursday that it has broken ground on a high-end outlet mall in Chesterfield, Mo., in suburban St. Louis.

Taubman Prestige Outlets Chesterfield is slated to open in fall 2013 and will feature 450,000 sq. ft. of retail space with more than 100 stores, an open-air design, dog-friendly grounds, access to a levee-fitness trail and a food court.

Walmart is the nation’s largest food retailer, and 140 million people shop its stores each week, yet somehow the company ranked second to last on a ranking of the best and worst supermarkets in America.