Discount Store

NEW YORK — Despite concerns about the economy and rising household expenses, nearly 3-out-of-5 consumers (59%) will put aside economic worries and spend the same or more this holiday season, according to Deloitte’s 26th annual survey of holiday spending intentions and trends. While this is a slight decline from 2010, it represents an eight percentage point increase from 2009.

New York City -- The U.S. retail industry will perform in line with sluggish U.S. GDP growth through 2012 as persistent unemployment, stock market volatility and economic gloom weigh on consumer confidence and spending, according to a new report by Moody's Investors Service.
 

Fort Worth, Texas -- RadioShack Corp. reported Tuesday that profit for the quarter ended Sept. 30 plummeted to $300,000, compared with earnings of $46 million in the year-ago period. The retailer cited the transition from T-Mobile offerings to Verizon Wireless as a major reason for the performance decline, although that was offset somewhat by new mobile service and sales centers in Target stores. The company launched Verizon Wireless in more than 4,400 stores on Sept. 15, as well as ramped up its Target Mobile centers rollout in the same period.

New York City -- A Tuesday report by Women’s Wear Daily said that the outlet division of Saks has named a former Barneys executive as its new VP.

Saks Off 5th has named Peter Rizzo, former Barneys executive VP, as its new senior VP and creative director for merchandising.

Savannah, Ga. -- Citi Trends announced the resignation of Elizabeth R. Feher, the company’s executive VP and chief merchandising officer.

Ed Anderson, the company’s board chairman, will temporarily resume his previous role as executive chairman and, in that capacity, oversee merchandising and marketing while the retailer searches for a chief merchant.
 

CHICAGO — At an event Tuesday in Chicago, Supervalu announced that it will open a Save-A-Lot store in the Lawndale neighborhood of Chicago, bringing thae total number of Save-A-Lot stores in the Chicagoland area to 14. Supervalu, which said it is opening the store as part of its commitment to helping eliminate food deserts nationally, made the announcement alongside First Lady Michelle Obama and Chicago Mayor Rahm Emanuel. The Lawndale store will open by the end of November. 

Target is facing new holiday pricing pressure as Walmart announced the launch of its Christmas price guarantee.

Customers who purchase eligible products at Walmart anytime between Nov. 1 and Dec. 25, and then find those same products advertised for less at another store, will receive a Walmart gift card for the difference through Dec. 25. 

One thing retailers learn, some of them the hard way, is to take no competitor lightly. Consider the case of Dollar General and a toy promotion it is running for the holidays.