Retail

As part of its recent Fall Expo Event, Plug and Play, a Silicon Valley-based global investor and technology accelerator that specializes in growing tech startups, held a startup pitch competition with 19 companies that are part of its Brand and Retail Accelerator program.

New York -- British supermarket retailer Tesco suspended four executives, including its U.K. managing director, after revealing that its half-year profit was overstated by $407 million, the BBC reported. The retailer has launched an investigation headed by Deloitte.

Tesco CEO Dave Lewis, who took over the struggling company in September, said the decision to ask employees to stand aside was not an indication of guilt or that disciplinary action was warranted. He declined to speculate on what the investigation might turn up.

McLean, Va. - Digital identity solution provider ID.me has unveiled its new retail rewards marketplace, which helps retailers hyper-target influencers and consumer segments with exclusive offers that are protected from fraud. The new product extends ID.me’s coverage from niche affinity groups like the military and students to all consumers.

San Jose, Calif. – PayPal has released a version of its PayPal Here mobile payment card acceptance app and reader that is compliant with most major Android tablets. The PayPal Here service itself had previously been available for Android smartphones, but not tablets.

The release primarily allows users of tablet-sized Android devices to now use PayPal Here to accept card payments. There are no major new features.

New York – Chinese e-commerce giant Alibaba Group Holding Ltd. on Friday closed its first day of trading on the New York Stock Exchange with its shares up 38% from its I.P.O., closing at $93.89.

The stock opened for trade on Friday at $92.70 shortly, a 36% jump above its initial public offering price of $68 a share. More than 100 million shares changed hands in composite trading in the first 10 minutes of trading.

New York -- Brown Shoe Company’s Sam Edelman brand has opened a 3,500-sq.-ft. store in Beverly Hills, California.

The space has a sexy, stylish and whimsical vibe that’s meant to reflect the essence of the brand. The design, by Dagnell Folger of Architecture + Information, embraces the juxtaposition between raw and refined, mixing materials such as reclaimed wood and raw concrete with rose colored brass and black leather.

Stockholm -- The U.S. payments market is getting a new player: Klarna, a Swedish e-commerce company focused on simplifying buying, plans to expand to the U.S. market in early 2015. The nine-year old company has an impressive track record in Europe that includes more than 25 million users and 45,000 retailers including Asos, Spotify and Zara.