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HOFFMAN ESTATES, Ill. — Kmart is offering Shop Your Way members a chance to save at the pump while checking off their school supply and grocery shopping lists at select stores. 

The retailer cited the AAA Daily Fuel Gauge Report, which states that the average national price of a regular gallon of gas is $3.62, compared to the national average of $3.48 a year ago. And Kmart wants to make sure the recent spike in gas prices which has coincided with the back-to-school shopping season doesn’t negatively impact foot traffic to stores. 

Chicago -- Fashion Outlets of Chicago, a 530,000-sq.-ft. retail destination located just minutes from O'Hare International Airport and 15 miles from downtown Chicago, will open its doors for the first time on Aug. 1.

Seattle -- Nordstrom said it plans to open a Nordstrom Rack at 505 Fulton Street in Brooklyn, N.Y. The approximately 41,000-sq.-ft. store is scheduled to open in spring 2014.  The developer for the project is United American Land LLC.

The store will feature a unique design that will blend the architecture of the site — the landmark Offerman building — with the contemporary style of an adjacent, newly built structure. The single-level store will occupy the second floor retail space.

ABILENE, Texas — Law firms Brodsky & Smith LLC and Levi & Korsinsky are investigating potential claims against the board of directors of Alco Stores Inc., in relation to a merger agreement between Argonne Capital Group, LLC and Alco. Under the terms of the transaction, announced July 25, Alco shareholders will receive $14 in cash for each share of Alco stock they own.

NEW YORK — Hudson’s Bay Company has reached a deal to buy Saks Inc. The Canadian retail conglomerate, which operates Lord & Taylor in the United States and Hudson Bay in Canada, will purchase Saks and its 41 stores for a total of about $2.9 billion. Purchase price includes $16 per share of Saks as well as the assumption of Saks’ debt.

New York — Nearly 70% (68%) of consumers plan to spend up to $500 this back-to-school shopping season compared with 63% in 2012 and 48% in 2011, according to a new spending forecast from e-commerce platform provider PriceGrabber.  Additionally, 17% of respondents plan to spend between $500 and $1,000, and 15% of shoppers said they have no back-to-school shopping budget this year. Conducted from June 17 to July 8, 2013, the survey includes responses from 2,191 U.S. online shopping consumers.

New York – The Great Atlantic and Pacific Tea Co. (A&P), which exited bankruptcy last year, is reportedly looking to sell itself. A report in the Wall Street Journal indicates that an internally distributed company memo from A&P chairman Gregory Mays to store managers states a sale of A&P is one of several options for funding growth, along with raising capital and refinancing.

Abilene, Kan. -- Alco Stores Inc. has entered into an agreement to be acquired by private investment firm Argonne Capital Group LLC.

The Atlanta-based Argonne will acquire all the outstanding share of Alco's common stock for $14 per share in cash. The proposed transaction, expected to close later year, would total about $47 million.

Alco's board of directors has unanimously approved the merger agreement and is recommending that shareholders approve it.