Retail

Minneapolis -- Scott Kennedy was named president of Target financial and retail service to replace long time finance executive Terry Scully.

Scully spent nearly 35 years with Target and is moving into a strategic advisory role to ensure the smooth transition of the recently sold credit card portfolio to TD Bank Group. Scully, 60, will officially retire in March 2014. Filling his shoes as head of financial and retail services is Scott Kennedy, 44. He joined Target in 2005 and currently serves as VP of pay and benefits.

By Greg Kefer, [email protected]

The latest study on the risk posed by supply chain disruptions by Deloitte just hit the news. Executives were surveyed regarding feelings (or fears) about their exposure to unexpected events in their global supply chains. As you can imagine, most feel unprepared and report disruptions have become more costly. Negative outcomes in the global supply chain like costly margin erosion and demand change are all too common for most companies.

Lake Buena Vista, Fla. -- Walt Disney World Resort announced the multi-year transformation of Downtown Disney into Disney Springs, which will feature an eclectic and contemporary mix of stores, dining options and entertainment experiences  from Disney and other noteworthy brands.

Minneapolis -- Christopher & Banks Corp. narrowed its fiscal fourth-quarter loss as the company received a boost from an extra week of sales and cut costs.

The retailer posted a loss of $4.1 million for the 14 weeks through Feb. 2, compared with a loss of $53.2 million in the 13 weeks the year before.

Revenue was up 10%, to $116 million from $105.6 million. Same-store sales jumped 18.5%.

Total expenses fell 25% to $120 million.

Kearney, Neb. -- The Buckle said that its fourth-quarter net income increased 9%, topping Wall Street expectations.

For the quarter ended Feb. 2, the retailer earned $61.4 million, up from $56.1 million in the same quarter last year.
       
Net sales for the 14-week quarter ended February 2, 2013 increased 7% to $360.6 million from net sales of $337.1 million for the prior year 13-week fiscal quarter ended January 28, 2012. Same-store net sales for the quarter were flat.
 

Minneapolis -- Target Corp. has made two e-commerce acquisitions aimed at expanding its presence in the growing cooking and kitchenware market. The retailer said it has acquired CHEFS Catalog and assets of Cooking.com in two separate transactions.  

New York -- Retail spending in the United States rose a better-than-expected 1.1% in February, the highest increase since September, according to figures released Wednesday by the Commerce Department.

Sales, excluding gasoline, building materials and autos, rose 0.4%. Industry experts said that consumer spending is holding up even in the face of the higher payroll tax.

Houston -- Brixmor Property Group said that Petco will open a new 12,150-sq.-ft. store at Merchants Park, in Houston.

Brixmor, based in New York City, is the owner of Merchants Park.