News

MOORESVILLE, N.C. — Lowe's pledged $1 million to disaster relief and rebuilding efforts in communities affected by Hurricane Irene.

“This has been a record-setting year for disasters across the country, and Lowe’s will continue to provide funding, supplies and volunteers whenever possible," said Robert A. Niblock, Lowe’s chairman, president and CEO.

The leadership transition Costco announced this week was hardly unexpected considering outgoing CEO Jim Sinegal is 75, but it does underscore what arguably has been one of the greatest distinctions between Costco and Sam’s clubs for the past 25 years, namely the stability of senior leadership.

New York City -- Despite low consumer confidence, the volatile economy and a hurricane, many retailers reported better-than-expected sales in August. Hurricane Irene appeared to put a dent in the results of some retailers on the East Coast, but the storm did not appear to do as serious damage as some expected.

Total retail sales rose 4.4%, just missing the 4.6% rise that Wall Street analysts had expected, according to Thomson Reuters. Of the 19 out of the 25 retailers that Thomson Reuters tracks, 11 beat expectations.

As if escalating tensions with Target weren’t enough of a large format competitive concern for Walmart, Dollar General remains on a roll with its 9,641 value-oriented and conveniently located stores.

The company sounded like it lifted a line from Target’s August sales release earlier this week when it reported second quarter results that exceeded expectations due to an increase in customer traffic and average transaction size.

New York City -- Terry Lundgren, CEO of Macy’s, has been appointed to the Federal Reserve Bank of New York board of directors.

Lundgren was appointed a class B director starting Aug. 31 for the unexpired porting of a three-year term ending Dec. 11, serving the remainder of GE CEO Jeffrey Immelt’s CEO term.
 

BENTONVILLE, Ark. — Walmart U.S. President and CEO Bill Simon addressed attendees at the American Legion's 93rd National Convention on Wednesday, telling fellow Americans, veterans and Legionnaires that Walmart would create jobs in the U.S. by hiring more than 15,000 people to work in about 100 new and expanded Walmart stores by fiscal year's end.

BOCA RATON, Fla. — Office Depot announced that it is now expanding its retail store presence in the Caribbean territory as part of its franchise agreement with Benmore International.

NEW YORK — Despite low consumer confidence, the volatile economy and a hurricane, many retailers reported better-than-expected sales in August. Hurricane Irene appeared to put a dent in the results of some retailers on the East Coast, but the storm did not appear to do as serious damage as some expected.

Total retail sales rose 4.4%, just missing the 4.6% rise that Wall Street analysts had expected, according to Thomson Reuters. Of the 19 out of the 25 retailers that Thomson Reuters tracks, 11 beat expectations.