Corporate Governance

GRAND RAPIDS, Mich. — Frederik Meijer, the founder of the supercenter retail chain of the same name, died Nov. 25. He was 91.

ST. LOUIS — Supervalu banner Save-A-Lot will open a new 330,000-sq.-ft. food distribution center in Lexington, N.C., on Wednesday.

The distribution center initially will service more than 70 stores within a 150-mile radius, Save-A-Lot noted.

The distribution center, which will employ 35 employees, is part of the company's commitment to expand in the region. Currently, there are nearly 30 Save-A-Lot stores in North Carolina, including one in Lexington; the company plans to open an additional three stores in the state by March 2012.

Washington, D.C. -- A report released Tuesday by the Conference Board showed that consumer confidence experienced its biggest gain in more than eight years, jumping to 56 in November from a revised 40.9 reading in the month prior. The leap was the biggest since April 2003 and exceeded the most optimistic forecast by Bloomberg News.

The improvement in consumer attitude may help sustain household purchases, which account for about 70% of the economy, after sales climbed on both Black Friday and Cyber Monday.

Redwood City, Calif. -- Actian Corp. said Tuesday that c-store chain Sheetz has selected its Vectorwise data analytics engine to optimize costs, maintain high quality and ensure a positive customer experience.

“Data growth is occurring at record rates,” said Jarrid Magalich, technical services manager at Sheetz. “It’s important for Sheetz to have a plan to manage this growth, maintain and improve current service levels – even with a growing user base – and reduce infrastructure costs wherever possible.”

Pittsburgh -- Dick's Sporting Goods said Tuesday that it will build a new distribution center in Goodyear, Ariz., that will service the western United States. The new DC, which is expected to bring approximately 120 jobs to the area, is slated to open in early 2013.

The distribution center will be designed to ultimately support approximately 160 stores as Dick's Sporting Goods grows its store base in the western United States over the next five to 10 years and is eventually expected to employ up to 300 associates.

St. Louis -- Grocer Save-A-Lot, a subsidiary of SuperValu, said Tuesday it will open a 330,000-sq.-ft. distribution center in Lexington, N.C., on Nov. 30.

The $24 million project is designed to support Save-A-Lot’s growth in region.

The new DC will employ 35 employees initially and is a collaboration with the state of North Carolina and its One North Carolina Fund, the North Carolina Department of Commerce, Davidson County and the City of Lexington.

Indianapolis -- The Finish Line said Tuesday that its chief administrative officer and corporate secretary Gary D. Cohen, will retire from the company effective March 29, 2012.

Cohen will step down effective December 1, but will remain with the company during a transition period ending March 29, 2012.

Cohen, 59, has been with Finish Line since 1997, first serving as general counsel and later in his current role.
 

It seemed like such a great idea at the time. On Nov. 17, we reported that mall owner Forest City had hatched this innovative plan to monitor shopping patterns at two of its shopping centers by tracking patrons’ cell phones during the holiday 2011 season, beginning Black Friday.

By Julie S. Lucht, [email protected]

New York City -- Tiffany & Co. reported Tuesday that profit for the quarter ended Oct. 31 surged 63% to $89.7 million, compared with $55.1 million in the year-ago period. Strong global sales propelled the strong performance, but the jeweler cautioned that fourth quarter earnings, which include the key holiday selling season, could fall below expectations.

Revenue rose 21% to $821.8 million from $681.7 million a year ago, handily beating Wall Street’s expected $801.8 million in revenue.