Trading Partners

By Jim Hogan, [email protected]

The retail industry is a bellwether for U.S financial health given that consumer spending is roughly 60%-70% of the economy. While the economy has sent mixed signals of late -- consumer confidence down, unemployment up -- consumer credit has swung up decidedly and leading companies in a wide swath of retail segments can point to positive year-over-year same store sales. This is prompting some retailers -- particularly discount stores--to begin opening new stores.

MINNEAPOLIS — Nash Finch Company, a Minneapolis-based food distributor, has joined with Leevers Foods, a North Dakota based grocery operator,  to provide funding for resource rooms for the Devils Lake, ND School District and St. Joseph’s Elementary School. The resource rooms will be fully operational and available to students when school starts this year, and each room will be equipped with 10 iPads. The two companies are also establishing and an annual scholarship, The Leevers Family Scholarship Fund.

New York -- On Thursday, Saks’ top shareholder Carlos Slim sold 1.5 million of his shares in Saks Inc., remaining the retailer’s No. 1 shareholder but reducing his holdings to 25 million shares.

The Mexican billionaire, through Inmobiliaria Carso SA De CV, sold the 1.5 million shares on Monday and Tuesday.
 

Minneapolis -- A Thursday report by Bloomberg, citing unnamed sources, said that Best Buy Co. has rekindled its talks with co-founder Richard Schulze about an agreement that would allow Schulze to launch due-diligence efforts toward his proposed acquisition of the company.

Best Buy reportedly reached out to Schulze shortly after announcing quarterly earnings on Aug. 21 that missed Wall Street estimates, according to one of the unidentified sources, who also said that both parties could reach an agreement later this week.

ARLINGTON, Va. — The Retail Industry Leaders Association criticized the proposed swipe fee settlement and urged class plaintiffs to reject the proposal. Announced in July, the proposed settlement stems from lawsuits challenging the anticompetitive swipe fee practices of Visa and MasterCard.

New York -- A group of Rona Inc.'s dealers on Wednesday released an open letter on Wednesday that criticized the proposed takeover of the Canadian home-improvement retailer and distributor by Lowe’s Cos., Reuters reported.

The letter, which was addressed to Lowe's CEO Robert Niblock, was signed by merchants that operate 164 affiliate or franchise Rona stores.

Arlington, Va. -- The Retail Industry Leaders Association criticized the proposed swipe fee settlement and urged class plaintiffs to reject the proposal. Announced in July, the proposed settlement stems from lawsuits challenging the anticompetitive swipe fee practices of Visa and MasterCard.

CHICAGO — SymphonyIRI Group Inc., a provider of innovative solutions and services for consumer, retail and healthcare companies, has named Beverly Grant as president of retail solutions. She will report to Mark Parise, president of IRI, SymphonyIRI.

Chicago — Suitors are lining up to carve out divisions of Supervalu following the company's announcement last month that strategic divestitures were on the table as the Eden Prairie, Minn.-based grocer seeks to turn around its business performance. A Crain's report published Monday identified Klaff Realty as one of the first companies to express an interest, in this case the Jewel-Osco piece of the business.

LONDON & ROTTERDAM, Netherlands — Unilever has completed the sale of its North America frozen meals business, conducted under the Bertolli and P.F. Chang’s brand names, to ConAgra Foods Inc., for total cash consideration of $267 million, subject to adjustment.