News

MINNEAPOLIS — A new era is emerging at Best Buy as the company tries to come back from the fallout over disgraced former CEO Brian Dunn and re-establish itself is the dominant player in the CE space. To that end, the company's board of directors has elected Hatim Tyabji to succeed Richard Schulze as chairman of the company, effective at the conclusion of the annual meeting on June 21. Tyabji, currently chairman of the audit committee, has served as a director of Best Buy since 1998.

NEW YORK — New research that will appear in the upcoming issue of the Journal of Marketing Research explores consumer sentiment over the extension of a premium brand outside of its typical category.

COLUMBUS, Ohio — Big Lots is recognizing Armed Forces Day by offering a special discount for armed forces personnel and their families. On Saturday, May 19, all active, reserve, and retired service members will receive a 10% discount on their qualifying in-store purchases by presenting military identification. The discount can also be applied to sale and clearance items.

HOLLYWOOD, Calif. — Paul Frank is partnering with Babies"R"Us to launch all-new Small Paul designs that will be available exclusively at Babies"R"Us stores nationwide beginning May 23. The joining of these two brands, which are both distinguished and playful in nature, is sure to create buzz among moms and fans of all ages.

The line will include apparel and accessories, available in sizes 0 to 5T, as well Small Paul-branded bags, backpacks, footwear and hosiery, and plush toys.

By Steve Castro-Miller, [email protected]

As retail real estate professionals from around the world prepare for the annual RECon convention in Las Vegas, it seems pretty clear to me that the anticipation for this year’s event is on the rise. This is a noticeable change from some recent years, where the recession eliminated any enthusiasm we once saw in the “glory days.”

As part of Chain Store Age’s lead-up coverage to RECon 2012, to be held May 20-23 in Las Vegas, we talked with Forest City’s Joseph Boehm about what his expectations are for the big real estate show. Visit Forest City’s booth at RECon, Central Hall, C10 Union Street.

What are your expectations for RECon 2012 in terms of activity, attitude, priorities?

Toronto -- Golf Town, Canada's largest specialty golf retailer, will acquire Golfsmith International Holdings Inc. for approximately $97.2 million. The Canadian company will pay $6.10 per share in cash, which represents a 30% premium over the Austin, Texas-based Golfsmith’s Friday closing stock price of $4.71.

Golfsmith operates 85 stores in the United States.

Wal-Mart Stores fell to the number two spot on the Fortune 500 list after holding the number one spot for two years. It was ousted by Exxon Mobil, which benefitted from rising oil prices.To see the full list, click here.

There was an increase in the number of circulars retailers released in the month of April, while page counts increased only slightly.