News

NEW YORK — The second day of JCPenney’s launch event in New York City revealed the retailer’s long-term financial plans to generate profit and shareholder value while reinventing itself.

COO Mike Kramer outlined the company's financial outlook, including an enhanced profit formula derived from the simplified business model unveiled the day before, based on a new three-tier pricing strategy, newly organized promotions and an overhaul of the merchandise assortment.

Rona, the largest chain of home improvement retailers and distributors in Canada, has appointed Dave Carr to the position of VP retail, Western Canada, and François Hardy to the position of VP dealer-owner network development.

After beginning as an employee of a TOTEM store lumberyard in 1992, Carr quickly climbed the ranks to become assistant manager, then store manager. After managing several stores in Alberta, Carr became a regional manager, then general manager, and finally VP of TOTEM in 2008, three years after Rona's acquisition of the company.

MOORESVILLE, N.C. — Lowe’s has announced that Richard Dreiling has joined its board of directors. He will serve on the board’s audit and governance committees. The announcement brings Lowe’s board of directors to 12 members, 11 of whom are independent.

GRAND RAPIDS, Mich. — Meijer announced Friday the appointment of J.K. Symancyk to the newly created role of COO for the company, along with the addition of Peter Whitsett to the Meijer team as EVP merchandising and marketing.

Walmart chief merchandising officer Duncan Mac Naughton was given additional responsibility for marketing on Friday, according to an internal company announcement that was obtained by Reuters. Citing the announcement, the news agency said chief marketing officer Stephen Quinn would report to Mac Naughton rather than U.S. stores division president and CEO Bill Simon as was the case previously. To read more click here.

Seattle -- Starbucks Corp. reported that its fiscal first-quarter profit rose 10% for the quarter ended Jan. 1, 2012. But the company issued a modest forecast for the year that was slightly below Wall Street expectation, citing ongoing struggles with higher costs for coffee beans, dairy products and other ingredients.

If you are a shopping center owner or manager, I’m talking to you! It’s that time of year again – when Chain Store Age begins collecting data to publish our annual report on America’s top developers and fastest-growing acquirers and third-party managers.

Results of the survey, which is now in its 23rd year, are published in the April/May edition of Chain Store Age, with bonus distribution to the International Council of Shopping Centers’ RECon show in Las Vegas in late May.

MINNEAPOLIS — Target has announced the names of the 50 recipients that were selected to receive a $100,000 grant to purchase much-needed resources and improve their learning environments. The $5 million donation from Target to K-through-12 schools in 31 states across the country is part of the company’s commitment to education, which includes plans to give $1 billion for education by the end of 2015.

Asda, Walmart’s U.K. subsidiary, has big plans for 2012 that include investing more than £500m ($784 million) in its stores in 2012.

The company said it will invest the money in opening 25 new stores and three depots, as well as expanding and remodeling 43 of its existing stores. According to the company, this investment will create up to 5,000 new jobs in the United Kingdom. The company noted that current Asda associates would have the opportunity to enhance their careers through the company’s apprenticeship program.

According to reports, Wal-Mart Stores is among the seven member companies named to the committee that will represent Eastman Kodak Co., which filed for bankruptcy earlier this month. 

Bloomberg reported that the seven companies, which also include the Pension Benefit Guaranty Corp. and Sony Pictures Entertainment, will be part of the unsecured creditors committee. 

Walmart has a claim against Kodak for about $11.4 million, Bloomberg reported, citing court papers.