News

ROCKVILLE, Md. — Walmart and Target are targeting multi-cultural and health-conscious consumers with their private-label products directed at multicultural and health-conscious consumers.

Walmart held an invite only media event at the San Bruno, Calif. headquarters of its global e-commerce subsidiary and several things were clear as news reports trickled out from the event.

For starters, Walmart is in full blown experimentation mode and probing many different aspects of how to serve digitally empowered customers even as customers are still figuring out how they want to be served.

New York -- Consumer spending increased in February by the most in five months as incomes rose and the job market improved.

The Commerce Department said on Friday consumer spending rose 0.7% last month, after an upwardly revised increase from 0.2% to 0.4% in January.  

Wayne, N.J. -- Toys “R” Us on Friday reported that its sales and profits declined in the fourth quarter and the full year. The company also revealed in a regulatory filing with the U.S. Securities and Exchange Commission that it is withdrawing its plan to go public, blaming “unfavorable market conditions” and its “executive leadership transition” for the decision.  

New York -- An SEC filing on Friday revealed that the total compensation for CVS Caremark Corp. CEO Larry Merlo jumped 44% last year to $20.3 million.

Merlo’s base salary rose slightly but the major increases came from stock and option awards and nonequity incentive-plan compensation.

WAYNE, N.J. — Toys“R”Us reported that sales for the the fourth quarter decreased $155 million to $5.8 billion and that net earnings fell to $239 million from $343 million in the prior year.

CHARLOTTE, N.C. — Belk announced that the company, and its associates, customers and vendors contributed more than $19.3 million to local communities in the fiscal year ending Jan. 31. Of the total amount, Belk corporate dollars funded $6.2 million to more than 250 nonprofit organizations, with a focus on education, breast cancer research and awareness, and community strengthening.

HOFFMAN ESTATES, Ill. — Sears Hometown and Outlet Stores has elected James Gooch to its board of directors and as chair of the audit committee of the board of directors.