News

Columbus, Ohio -- A slowing trend in retail same-store sales leveled out at 3.6% growth in December as shoppers' spending plans firmed up in time for the holidays while remaining value-focused, according to Kantar Retail.

MINNEAPOLIS — Joe Namath he’s not. Target chairman, president and CEO Gregg Steinhafel assured investors last month that December comps would exceed November’s 1.8% increase, but then Thursday morning reported a disappointing 1.6% increase and a reduced profit forecast.

Minneapolis -- Best Buy said today that it has completed the acquisition of mindShift Technologies, which provides managed IT, cloud, data center and professional services to more than 5,400 clients and 25,000 managed desktops in markets throughout the nation.

The acquired firm will operate under its current name, management team and capabilities, which include approximately 500 employees at offices in Boston; Long Island, N.Y.; Minneapolis; Morrisville, N.C.; New York City; Philadelphia and Washington, D.C.

 

DEERFIELD, Ill. — Walgreens on Thursday reported an approximate 150 basis-point negative impact on prescriptions filled based on prescription transfers, and other trend analysis of prescriptions managed by Express Scripts, as the chain posted its first monthly earning statement following the discontinuation of Walgreens relationship with Express Scripts. That represents an increase from a 110 basis-point impact in November, but falls short of the 200 basis-point impact projected by Credit Suisse research analyst Ed Kelly earlier this week.

Pleasanton, Calif. -- Safeway Inc. is exiting the Philadelphia market. The company announced it has reached a definitive agreement to sell 16 of its Genuardi's stores in the greater Philadelphia area to Giant Food Stores, LLC, a division of Ahold USA.

The deal is valued at $106 million.

In addition, Safeway plans to close three Genuardi's stores and sell the remaining eight Genuardi's stores, which it will continue to operate while it is working with potential buyers.

CHICAGO — Investment research firm Morningstar has named the outgoing CEO of Costco Wholesale as its 2011 CEO of the Year, the company said Wednesday.

Costco CEO Jim Sinegal, who retired on New Year's Day, received the recognition for what Morningstar called his "exemplary corporate stewardship, independent thinking" and creating "lasting value for shareholders."

San Jose, Calif. -- Apparel retailer Guess has implemented the VeriFone GlobalBay iPad Retailing solution, from VeriFone Systems, in a dozen stores in the United States, taken the technology on the road to Asia, and plans to expand the deployment widely in 2012. The apparel retailer is using the VeriFone solution to enable consumer interaction with iPads mounted on rolling stands that serve as self-service kiosks to its online and in-store products to enhance the overall shopping experience and generate additional sales.

In October of 2007, the U.K. newspaper, the Observer, reported that child workers, some as young as 10, were discovered working in an Indian textile factory in slave-like conditions to produce clothes for Gap Kids.