Target, Inc.

By Sven Hammar, CEO, Apica

Target announced that Steve Eastman, president of Target.com, left the retailer to pursue other opportunities. Eastman’s departure follows a late August relaunch of Target.com.

New York City -- Target Corp. secured a new $2.25 billion unsecured credit facility, the retailer disclosed Friday in a filing with the Securities and Exchange Commission.

Target could borrow up to as much as $500 million under the credit agreement. The agreement with Bank of American and Citibank will expire in October of 2016 unless it is extended.

The current facility replaces a prior $2 billion credit agreement.
 

Minneapolis -- Target Corp. said Thursday that the president of Target.com, Steve Eastman, has departed the company to pursue other opportunities.

The retailer said the decision is unrelated to the performance of its online business. However, the crash of its website last month during the launch of its exclusive Missoni collection led to much criticism.

Eastman is the second major executive to leave Target this month.

Promotions during September saw mixed outcome with some retailers increasing the number of pages and inserts, while the rest decreased the volume of promotions. The contrasting promotional strategies among the retailers led to the overall change being minimal. 

Like August, the largest decrease was Lowes, which saw a 61% drop in number of number of pages per market and 54% decline in inserts per market. This was a result of Lowes not having promotions in the second and third week of both August and September.

MINNEAPOLIS — Target announced that has partnered with FishWish to help reach its goal selling only sustainable and traceable seafood in its stores by 2015. 

Albany, Ore. -- Atlanta-based Jones Lang LaSalle said Tuesday it has been named as the property and leasing manager for Heritage Mall, a 407,354-sq.-ft. regional shopping center located in Albany, Ore.

Bossier City, La. -- Covington, La.-based Stirling Properties, developer and property manager of Stirling Bossier Shopping Center, in Bossier City, La., announced the addition of Old Navy, Ulta Beauty, Maurices, Mattress Firm, The Joint and GNC to the center’s tenant lineup.

BILLERICA, Mass. and MINNEAPOLIS — Customers looking to get their hands on the new iPhone 4S can trade in their old versions for special trade-in values at more than 1,400 Target stores nationwide. Through a partnership with NextWorth, Target is offering customers locked in trade-in values for old iPhones that can be redeemed when they pick up their new iPhone 4S starting Oct. 14. 

According to NextWorth, old iPhones need only be in good working order to qualify for the values quoted below:

• iPhone 4 (16GB & 32GB): $200

CHICAGO — The Network of Executive Women has elected five new members at large to its board of directors.

New board members are Mike Byron, president of supplier diversity for Supervalu; Sarah Chartrand, SVP diversity, talent management and organizational development for Ahold USA; Marnette Perry, SVP Kroger; Suzanne Sears, VP global market development at Kimberly-Clark; and Karen Stuckey, SVP merchandising and general merchandise manager of the home division for Walmart Stores.