Corporate Governance

Springfield, Mass. -- Big Y Supermarkets plans to get rid of self-checkouts in all of its 61 stores by the end of 2011.

New York City -- Saks has named Denise Incandela to the newly created role of chief marketing officer for Saks Fifth Avenue.

Incandela, who joined Saks Fifth Avenue in 1999, will continue as president of Saks Direct.
 

Bentonville, Ark. -- Wal-Mart Stores on Wednesday launched initiatives intended, it says, to help women around the globe in the next five years.

The retailer has spent the last year developing a plan -- with help from both governmental and non-governmental organizations and philanthropic groups -- which will direct $20 billion over a five- year period on goods and services from U.S. businesses owned by women, as well as double the amount it pays women-run suppliers overseas.

Bentonville, Ark. -- Wal-Mart Stores said Wednesday that its technology unit, @WalmartLabs, has acquired Boulder, Colo.-based mobile and social advertising firm OneRiot.

OneRiot’s technology will become part of WalmartLabs’ mobile and social shopping efforts, allowing the retailer to hone its social media skills and develop a variety of shopping and retail-related applications.
 

Framingham, Mass. -- Staples said Tuesday that its board of directors had approved a new $1.5 billion stock buyback program, replacing a previous program approved in June 2007. The prior program had $295 million in authorization remaining.

Under this program, the company will repurchase shares in both open market and privately negotiated transactions. The company's management will determine the timing and amount of the transactions based on its evaluation of market conditions and other factors, Staples said.
 

Washington, D.C. -- A report released Wednesday by the Commerce Department said that retail sales were flat in August, the weakest showing in three months.

Apparel retail sales fell 0.7% in August, following a 0.3% decline in July.  Department store sales declined 0.3%.  General merchandise stores such as Wal-Mart and Target fared better, with 0.1% gains. Analysts said Hurricane Irene likely disrupted sales in late August along most of the East Coast.

Moscow -- Multiple sources in Moscow on Wednesday said that Victoria’s Secret will open its first Russian store in Moscow on Sept. 30.

According to local paper Vedomosti Business Daily, experienced American brand franchisee Moneks will open four Victoria’s Secret stores in and around Moscow prior to year’s end.

DALLAS — While the still struggling economy may have rendered most Americans cautious spenders, such luxury retailers as Neiman Marcus remain resilient. The company reported that total revenues for the fourth quarter were $919.7 million compared with $826.3 million for the prior year. Comparable revenues increased 11%. Operating earnings for the fourth quarter of fiscal year 2011 were $17.5 million compared with $4.5 million for the fourth quarter of fiscal year 2010.

CINCINNATI — Consumer sentiment toward the economy continues to be negative, acknowledged David Dillon, Kroger chairman and CEO, a factor that may drive many consumers toward more of the value-driven store brands in which Kroger is investing.

"The sluggish economy continues to strain household budgets while increasing consumer anxiety," Dillon said. "In fact, customers tell us their expectation for the economy are more pessimistic now than at any time this year."

PHOENIX, Ariz. — The Global Market Development Center announced that its members have elected two new board members to serve in two-year terms on their board of directors: Mike Petocchi, business group manager HBC/cosmetics with Wegmans Food Markets; and former GMDC chairman of the board, Jim Wonderly, VP grocery non-foods/GM Ahold USA.