Discount Store

Target Corp. on Wednesday announced its board has authorized a $5 billion share buyback plan.   The retailer will begin repurchasing shares under the new plan upon completion of its current $10 billion program, which is expected before the end of fiscal 2016 in January. Under that program, the company has purchased $8.8 billion worth of shares.   Target also declared a dividend of 60 cents per common share for the fourth quarter, unchanged from the third quarter.  

With its deal to buy Jet.com officially close, Walmart CEO Doug McMillon decided to answer a question that many folks have been asking: Why Jet.com?   In a blog on its website, McMillon listed the top five reasons it bought the online startup. The top reason: to better serve Walmart customers and reach new ones.  

As more retailers announce their seasonal hiring plans, filling omnichannel-supporting roles will be a priority.  

Kmart continues to shrink.   The chain is closing another 64 stores, Marketwatch.com reported.   The latest round of closings are in addition to a decision by Kmart parent Sears Holdings Corp. last April to close 68 Kmart stores this year, the report said.   Kmart operated 941 stores as of Jan. 30, meaning it has now announced plans to close about 14% of its locations.

A first-of-its kind arrangement has saved Aeropostale.    A consortium made up of Authentic Brands Group (ABG) and two of the nation’s largest real estate companies — General Growth Properties and Simon Property Group — announced it has finalized the acquisition of the teen apparel retailer. It is the first time that mall operators have participated in a deal to acquire a retail chain.  

Saks Fifth Avenues’ value-luxury brand opened its fourth Virginia outlet this week in Springfield, just outside of Alexandria.   The new store occupies a 30,000-sq.-ft. space on two levels in the PREIT-owned Springfield Town Center, its first mall location in the Washington, D.C., area.   

Dollar General announced a major hiring initiative to support its continued expansion.   The discounter said that within the next month it intends to hire 10,000 new employees to support planned store openings and fill current vacancies. The chain will hold approximately 600 localized hiring events through September. It is looking to hire both full-time and part-time positions, including store managers, assistant store managers, lead sales associates and store associates.  

Smithfield Properties has sold five properties in Chicago to the Acadia Realty Trust for $150 million, reported the deal’s broker, Mid-America Real Estate Corp.   The properties were:   • North Kingsbury Center on the corner of North Avenue and North Kingsbury Street, with tenants including Old Navy, Pier 1 Imports, Blick Art Materials, and Modani Furniture.