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NEW YORK — Wal-Mart Stores confirmed that it is investigating its operations in Mexico for possible violations of the U.S. law that prohibits bribery overseas. The acknowledgement came in response to a lengthy article by The New York Times on Saturday that alleged the giant discounter first learned of allegations of "widespread bribery" by its workers in the country in 2005 and that top executives subsequently covered them up. 

New York -- Wal-Mart Stores confirmed that it is investigating its operations in Mexico for possible violations of the U.S. law that prohibits bribery overseas. The acknowledgement came in response to a lengthy article by The New York Times on Saturday that alleged the giant discounter first learned of allegations of "widespread bribery" by its workers in the country in 2005 and that top executives subsequently covered them up. 

New York -- The average vacancy rate at strip malls across the United States edged down for the first time in nearly seven years in the first quarter, falling to 10.9% from 11% in the prior quarter, according to preliminary data by real-estate research company Reis Inc., Reuters reported. It was the first decline in nearly seven years.

But the firm warned consumer spending is still not strong enough to lift retail real estate out of its slump.

New York -- Lowe's is going on the offensive, and investing in a wide array of initiatives to win shoppers from rival The Home Depot.

“Everything we did [in the past] was store-centric. Today, we are all about the customer. So, it's about meeting the customer on their terms, no matter how they choose to interact with Lowe's: Whether it is in their room, at their jobsite, on the phone or on the web,” Robert Hull, CFO, Lowe’s, told Reuters.

DALLAS — Former Sears chief marketing officer, Monica Woo, has joined Mozido, a leading global provider of low-cost, multi-channel financial services platform for mobile network operators, financial institutions, consumer packaged goods corporations and retailers, as EVP, global chief marketing and strategy officer. 

In this capacity, Woo will be responsible for Mozido's overall brand strategy, communications, and customer experience across channels, as well as key business-building initiatives.

New York -- Sears Holdings Corp's chief marketing officer, Monica Woo, left the company earlier this year after only five months on the job, Reuters reported.

According to the report, Woo has joined financial services company Mozido as chief marketing and strategy officer.

Woo resigned from Sears on Jan. 20, the report said. Before joining Sears, she was the chief marketing and strategy officer of online grocer FreshDirect.
 

Philadelphia -- A Wednesday report by Reuters said that discounter Five Below is said to be considering an initial public offering. 

The report, citing unnamed sources, said that the Advent International- and LLR Partners-owned chain has hired underwriters and is in discussions with bankers.

Five Below is in a growth mode and could potentially command a market valuation of over $1 billion.

New York -- Rovio, the maker of Angry Birds, is partnering up with a major U.S. retail chain to open dedicated Angry Birds in-store shops in thousands of locations nationwide, Reuters reported. The shops, which will feature branded toys, tee shirts and books, are being timed to debut with the launch of Angry Birds Space, the Finnish company’s latest downloadable game. The report said the partnership will be more extensive than Rovio’s existing agreement with Barnes & Noble.

Hoffman Estates, Ill. -- In a move to ensure that vendors continue to supply Sears its goods, Sears Holdings Corp.'s top shareholder ESL Investments, a hedge fund owned by Edward Lampert, has agreed to assume some payment obligations.

In a filing with the U.S. Securities and Exchange Commission on Wednesday and reported by Reuters, Sears said ESL made a deal on Jan. 26 with a financial institution to acquire 80% interest in an agreement designed to ensure payment to vendors in the event of a bankruptcy filing by a company.

New York City -- Abercrombie & Fitch Co. was ordered by U.S. District Judge Gary Feinerman in Chicago to answer a class-action lawsuit by shoppers who claimed the retailer voided holiday gift cards that said they had "no expiration date," Reuters reported.

In December 2009, Abercrombie ran a promotion in which it issued nearly 200,000 gift cards valued at $25 each to shoppers who spent at least $100 on a single purchase.