Mass Merchant

FRAMINGHAM, Mass. — TJX’s net income for the second quarter ended Aug. 3 rose a better-than-expected 14%. The off-price retailer also increased its profit outlook for the year.

The company earned $479.6 million for the quarter, which ended on Aug. 3, up from $421.1 million in the same quarter last year.

DALLAS — Closeout retailer Tuesday Morning announced the appointment of Michael Rouleau to CEO, effective immediately. Rouleau, who was appointed interim chief executive in March 2013, will also continue to serve on the company's board of directors, which he joined in November 2012.

DALLAS — Closeout retailer Tuesday Morning has named Michael Rouleau as the company’s CEO. Rouleau, who was appointed interim chief executive in March 2013, will also continue to serve on the company's board of directors, which he joined November 2012.

Minneapolis -- Target announced plans to open a store in King of Prussia, Pa., in July 2014. 

The new store, located on West DeKalb Pike, will be part of the Valley Forge Shopping Center. This will be the first Target store in the city of King of Prussia.

“Pennsylvania continues to be a strong market for Target, and we’re eager to expand our presence in the state this year,” said Samir Shah, Target’s senior VP of stores, Northeast. 

NEW YORK — Canadian shoppers aren’t wowed by Target Corp., according to a customer-satisfaction rating survey by Forum Research. As reported in The Globe and Mail, the survey ranked Target at the bottom of a list of major retailers operating in Canada. (Satisfaction as measured by the survey relates to service, prices and/or merchandise offering.)

Over all, Target scored a mean 2.7 out of 4, compared with Costco’s 3.5, Wal-Mart’s 3.1 and a 3.2 average.

The Valley Forge Shopping Center on West DeKalb Pike is adding Target to its tenant roster July 2014, making it the first Target store in the city of King of Prussia. 

The King of Prussia store will be approximately 165,000 sq. ft. and will include a selection of fresh produce, fresh packaged meat and pre-packaged baked goods, as well as a Starbucks, Target Optical and Target Pharmacy.

Yesterday’s release of disappointing sales and profits at Walmart was hardly unexpected, but it heightened concerns about the health of the consumer and sparked a broader market sell-off.