News

What will you do with your 5%?
Another week and another full page ad in Target’s circular touting the REDcard Rewards program launched last fall. Nothing unusual about that right? The 5% savings program has been promoted heavily since its arrival last October to the point where it is impossible to look anywhere in a store and not seen 5% Rewards signs.
New York & Company names new CEO
NEW YORK -- New York & Company announced that it has promoted Gregory Scott, president, to the role of CEO effective Feb. 12. As previously announced, Richard Crystal, current chairman and CEO, will retire from the company and its board of directors effective Feb. 11. Grace Nichols, who has served as a director since March 2008, will assume the role of non-executive chair of the board effective Feb. 12. Scott will remain a director of New York & Company’s board, which will be comprised of ten members.

Walmart offering free tickets for America I Am exhibit

BENTONVILLE, Ark. -- Walmart announced that it is offering 20,000 free tickets to the America I AM: The African-American Imprint tour, of which Walmart is a presenting sponsor. America I AM, a four-year touring exhibition that celebrates nearly 500 years of African-American contributions to this country, will make its Washington, D.C. debut at the National Geographic Museum on Feb. 2.
TJX makes some management changes

FRAMINGHAM, Mass. -- The TJX Companies announced that its board of directors approved a new management structure as part of the company’s ongoing leadership succession planning. Carol Meyrowitz continues as CEO as well as a director of The TJX Companies and has entered into another two-year employment agreement. Ernie Herrman has been promoted to president of The TJX Companies from his post of senior EVP, group president.

Meyrowitz will now have Herrman and Jeffrey Naylor, senior EVP, chief financial and administrative officer, reporting to her.
P&G's Steele to retire, business units to be consolidated

CINCINNATI — Procter & Gamble announced that Robert Steele, vice chairman of global health and well-being, will retire effective Sept. 1.

Steele oversees oral care, feminine care, personal health care, pet care and snacks for P&G.

Between now and September, Steele will serve as vice chairman of healthcare strategy, reporting to P&G chairman, president and CEO Robert McDonald.
Kroger banners support kids with charitable campaigns

LOS ANGELES — Kroger banners Ralphs and Food 4 Less/Foods Co have kicked off their respective charitable campaigns to benefit children in the markets they serve.
Sears says 'I do' to Tutera bridal jewelery line

HOFFMAN ESTATES, Ill. -- Sears announced that it has partnered with wedding and entertaining expert David Tutera for the debut of the David Tutera Bridal Jewelry Collection. All settings in the Eternal, Heirloom, Radiance and Legacy designs, of which the premiere collection is comprised, will be available at Sears stores nationwide as well as online at http://www.sears.com/DavidTuteraJewelry beginning Feb. 1.
Creative Channel Services provides in-store training for Costco

LOS ANGELES -- Costco has engaged Creative Channel Services' CyberScholar Retail Network to increase in-store product knowledge and enhance shopper experiences, the company reported. The warehouse retailer has integrated CCS' CyberScholar portal into its U.S. employee development strategies for consumer electronics (CE) product lines.
Black & Decker makes painting easier with RapidRoller

TOWSON, Md. — Black & Decker has announced the availability of its RapidRoller paint roller. According to the company, the RapidRoller provides a convenient, easy-to-use solution for painting projects, and helps consumers complete those projects up to two times faster than with traditional rollers.

RapidRoller's features include a handle that holds and dispenses paint and an exclusive three-position pivoting roller frame that allows users to paint up to the edge, in tough-to-reach corners and narrow locations like hallways, closets and bathrooms.
Expansion High on Agenda

Feeling confident that the worst is behind them, most retailers are ready to expand again as they turn their attention from steadying the ship to actively growing their business. That’s the big takeaway from Retail Horizons: Benchmarks for 2010, Forecasts for 2011 report. The annual study, sponsored by KPMG and the National Retail Federation Foundation, is widely acknowledged as the definitive state of the industry report.
Report: J. Crew $10 million settlement of TPG buyout suit unravels

New York City -- A report released Monday by Bloomberg said that J. Crew Group’s $10 million settlement of an investor lawsuit over the proposed takeover by private-equity firms TPG Capital and Leonard Green & Partners LP has fallen apart.

Citing a lawyer for the shareholders, the report said that J. Crew officials undermined a deal in which the clothier agreed to extend the period to solicit competing offers to the $3 billion buyout bid. The accord also included a $10 million payment to plaintiffs.
Report: Restaurant industry sales trend positive in 2011

Washington, D.C. -- A report released Tuesday by the National Restaurant Association said that restaurant industry sales are expected to reach a record $604 billion and post positive growth in 2011 after a three-year period of negative real sales growth.

The Association’s 2011 Restaurant Industry Forecast projects an industry sales increase of 3.6% over 2010 sales, which equals 1.1% in real (inflation-adjusted) terms.