Corporate Governance

Costco shoppers may soon have other options for payment. American Express says it is ending its 16-year-old exclusive relationship with Costco next year.

Costco is one of the few big U.S. merchants that accepts only American Express cards. Cards branded by Visa Inc., MasterCard Inc. and Discover Financial Services can’t be used at its warehouse stores.

Phoenix – The $8.7 billion private equity acquisition of PetSmart Inc. that was announced in December 2014 is one step closer to fruition. Argos Merger is providing a $1.9 billion senior note unsecured offering to finance the purchase.

Zulily achieved $1.2 billion in annual sales during 2014, but Wall Street was none too happy with that.

The flash-sale website operator expects first-quarter sales of $300 million to $320 million, compared with the $371 million estimate from analysts surveyed by Thomson Reuters. For the full year, it expects $1.5 billion to $1.65 billion, compared with an analyst estimate of $1.75 billion.

Minneapolis – Target Corp. has agreed to pay almost $4 million in fines for overcharging customers at stores in Contra Costa, Sonoma, Marin, Santa Cruz and Fresno counties in California. The payment will settle a complaint filed by the San Diego City Attorney’s Office in conjunction with the district attorneys of the affected counties.

The complaint said that Target charged consumers more money at the cash register than was advertised on price tags in aisles, and also misrepresented the weight of packaged food.

Charlotte, N.C. -- Crescent Communities has unveiled plans for a mixed-use, transit-oriented development that will bring Uptown Charlotte its first Whole Foods Market. The company’s plans for the 5.4-acre site at the Lynx Light Rail’s Stonewall Station, in Charlotte, North Carolina, define a new model of urban living for the area and complement its Tryon Place mixed-use development to redefine the city’s Stonewall corridor.

New York -- In a big loss for American Express, Costco Wholesale Club will no longer accept American Express cards at its U.S. stores starting on March 31, 2016, ending a 16-year-old exclusive relationship with the credit card giant. Costco is one of the few big U.S. retailers that accepts only American Express cards, with by Visa Inc., MasterCard Inc. and Discover Financial Services cards not accepted at its stores.

Wal-Mart Stores is giving a big boost to its Canadian operations even as Target shuts downs its failed Canadian venture.

Washington, D.C. -- Retail sales (excluding automobiles, gas stations, and restaurants) will increase 4.1% in 2015, up from 3.5% in 2014, according to the National Retail Federation’s 2015 economic forecast. The increase would mark the biggest annual growth since 2011 when retail sales for the year increased 5.1%. Non-store sales in 2015 are expected to grow between 7% and 10%.