News

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Arlington, Va. -- The Retail Industry Leaders Association said Thursday that the Federal Reserve’s proposed rule on swipe reform is a step in the right direction.

“Although Federal Reserve’s proposal is not entirely conclusive, it does validate the long-held claims of merchants and consumers that the electronic payments market is broken and needs to be fixed,” said Katherine Lugar, RILA executive VP for public affairs.

Boca Raton, Fla. -- Office Depot said Thursday it will sell its Japan business to Japanese distribution company Kakuyasu.

The transaction also includes an agreement for Kakuyasu to license Office Depot’s trade names, obtain sourcing services and continue to support Office Depot’s global customers in Japan. Kakuyasu is one of the fastest growing and leading multichannel businesses in Japan with fiscal-year 2009 sales of $775 million.

Fort Worth, Texas -- Pier 1 Imports reported Thursday that profit for the quarter ended Nov. 27 dropped 45.9% to $21 million, compared with $38.8 million a year earlier.

The decrease was due mostly to a $55.9 million income tax benefit a year ago, but the results still beat Wall Street expectations.

Revenue rose 8.2% to $353.8 million from $327.1 million, surpassing Wall Street's estimate of $352.8 million. The improvements were the result of increases in store traffic, conversion rate and average ticket.

Wayne, N.J. -- Toys "R" Us announced that its stores nationwide will remain open for 88 consecutive hours beginning at 6 a.m. on Tuesday, Dec. 21 and continuing through 10 p.m. on Christmas Eve. It’s is the first time that the company’s stores across the country will stay open 24-hours per day during the final countdown to Christmas.  

Camp Hill, Pa. -- Rite Aid Corp. reported Thursday that it narrowed its third-quarter loss to $81.5 million, compared with a $86.1 million loss a year ago. But revenue slid and the drugstore operator again lowered its full-year forecast.

Revenue fell 2% to $6.2 billion, in line with Wall Street expectations. Same-store sales dropped 1.3%.

New York City -- A survey released Wednesday by Accenture revealed that the growing use of smartphone technology and the economic downturn have encouraged cost-conscious consumers to explore alternative retail channels, such as online and smartphones, to secure bargains.

New York City -- A report released Wednesday by American Express Business Insights found that the more recent increases in luxury retail spending is tightening in the waning days of 2010.

Atlanta -- Mobile-commerce enabler Outlier, a subsidiary of Qualcom, announced J.C. Penney as its latest retail partner for Outlier's recently released mobile application, Swagg. The application, providing shoppers with mobile access to retail special offers and customer loyalty programs.

Jacksonville, Fla. -- Shopping center owner and operator Regency Centers said Thursday it has acquired Willow Festival shopping center in what is the second largest retail real estate transaction in metro Chicago in 2010.

The 405,227-sq.-ft. Northbrook, Ill., shopping center is anchored by Lowe's, Whole Foods Market and Best Buy. The property was purchased on Dec. 15 for $64 million as an off-market transaction with the center's original developer Hamilton Partners, a privately owned real estate development firm.