Convenience Stores

Channeling his inner Sam Walton this week, Walmart CEO Doug McMillon rattled the company with the unexpected appointment of a relatively unknown newcomer to replace Bill Simon as CEO of its largest and most profitable division.

Dublin, Ohio - Brandon Solano, 43, has been named senior VP of marketing of The Wendy’s Company. Solano will report to Wendy's chief marketing officer Craig Bahner and will lead the company's brand marketing efforts.

Prior to joining Wendy's, Solano served three years as VP of franchise development at Domino's, leading retail store expansion, global retail re-imaging and franchise recruiting. From 2008 to 2011, Solano spearheaded product innovation at Domino's. Prior to Domino's, Solano served as marketing director for The Hershey Company.

Seattle -- Starbucks that its consolidated net revenue growth accelerated 11% in the third quarter, to $4.2 billion. Consolidated operating income increased 25%, to $769 million.

The coffee giant raised the number of net new stores it expects to open in its Americas region from 600 to 650.

Global same-store sales increased 6%, marking the 18th consecutive quarter of global comp growth of 5% or greater. Same-store sales in the United States rose 7%.  

Once again, weak ammunition, shooting, optics and firearm sales at Cabela's caused comparable-store sales to slip 14.2%. But CEO Tommy Millner focused on positives, such as new store performance.

New York -- Target Corp. on Sunday, July 27, will unveil its small-store format, TargetExpress, in Minneapolis.

The 20,000-sq.-ft. store is located on the street level on an apartment building near the University of Minnesota campus and is also close to the retailer’s headquarters.  

Oak Brook, Ill. — Inland Real Estate Income Trust announced the acquisition of the 86,800-sq-ft. Pick ‘n Save Shopping Center in West Bend, Wisconsin. Lou Quilici, senior VP of IREIT Business Manager & Advisor, Inc., assisted Matthew Tice, VP of Inland Real Estate Acquisitions in the purchase of the property.

Sales at Tractor Supply’s 1,331 stores topped $1.5 billion during the first quarter but decelerating comp store growth and cool spring weather weighed on profit growth.

Sales at the nation’s largest rural lifestyle retailer increased 8.8% to $1.58 billion from $1.46 billion while same store sales advanced 1.9% on top of a prior year gain of 7.2%. Profits during the company’s second quarter ended June 28 increased 8% to $133.4 million, or 95 cents a share, compared to $123.6 million, or 87 cents a share.

Framingham, Mass. - Cumberland Farms, is launching its free SmartPay Check-Link Business payment program, which enables business owners to save 10 cents on every gallon of gas for their fleet of vehicles. SmartPay Business offers two ways to save – the SmartPay Business Card and the SmartPay Business Mobile App.