Mass Merchant

SAN FRANCISCO — Gap Inc. has announced that Tom Wyatt, president of its Old Navy brand, has resigned in order to take a position at another company outside of the apparel retail business, effective Feb. 3. The company has named two senior executives at Old Navy to lead the division, reporting to Gap Inc. chairman and CEO Glenn Murphy, while a formal search for a new brand president is under way.

San Francisco -- Gap Inc. announced Thursday that Tom Wyatt, president of Old Navy, will leave the chain, effective Feb. 3, 2012. The company named two senior Old Navy executives — Nancy Green, executive VP and chief creative officer, and Tom Sands, executive VP of stores and operations — to assume his duties while a search is held for a permanent replacement.

Wyatt, 56, was appointed president of Old Navy in 2008. He is leaving the chain to become the CEO of Portland, Ore.-based childhood education company Knowledge Universe.

New York City -- Target Corp. is mulling a  new pricing strategy amid increased competition from online and brick-and-mortar rivals, according to reports by the Associated Press and Dow Jones.

The reports said that Target  has sent a letter to some of its key vendors as part of a potential new strategy to bolster its competiveness. The news comes just days before J.C. Penney is scheduled to announce a major overhaul in which pricing is likely to play a key role.

PLEASANTON, Calif. — Safeway announced Friday that Tom Keller, president of the company's Vons Division, will retire after more than 40 years of distinguished service in the food industry. He will leave his post on Feb. 1. Gary Rocheleau, currently VP retail merchandising execution, will lead the Vons Division on an interim basis.

Salisbury, N.C. -- Bottom Dollar Food announced grand opening dates for its first 14 stores in the greater Pittsburgh and Youngstown, Ohio, markets, with its first seven stores opening on Jan. 26. Seven additional stores will open on Feb. 9.

SAN BRUNO, Calif. — Walmart is offering consumers the chance to get their product sold on Walmart.com and in Walmart stores in its new contest, "Get on the Shelf."

The nationwide contest is the latest announcement from @WalmartLabs and similar to the popular American Idol television show, contestants will create videos of their latest inventions and the public will vote online for the winners.

MINNEAPOLIS — Target announced that it has temporarily suspended its efforts to sell its credit card receivables portfolio. The company said it remains committed to selling the portfolio on appropriate terms, but based on discussions with potential partners the company has determined that it is not in its best interests to finalize a transaction at this time.

Minneapolis -- Target Corp. on Wednesday announced it is temporarily suspending its efforts to sell its credit-card-receivables portfolio until later this year or early 2013. The company also outlined plans to pay J.P. Morgan Chase & Co. about $2.8 billion, along with a make-whole premium, to retire financing from 2008. The payment, along with a premium, is expected to reduce its fourth-quarter earnings by about 8 cents per share.