News

By Martin Walker and Martin Walker

Based on current worldwide demographic trajectories, in five years there will be more people over the age of 60 than under five. In 30 years, there will be more people over 60 than under 16. In fact, the fastest-growing age group worldwide in this century will be people over the age of 60.

Despite the challenges in its category, Birmingham, Ala.-based book retailer Books-A-Million has embarked on an aggressive growth plan that added 41 new units to its store count in October and November 2011. The expansion, which put the 250-store retailer squarely in the No. 2 bookseller slot after Borders’ liquidation earlier in the year, has been accompanied by a newly honed focus on improving its loss-prevention program system-wide.

The Co-operative Group’s new 24-hour flagship in London belongs to a class of stores that, while still relatively small, is fast-growing: It is illuminated completely with LEDs.

Atlanta -- The SpendTrend report released Wednesday by First Data Corp., which tracks same-store consumer spending by credit, signature debit, PIN debit, EBT cards and checks at U.S. merchant locations, showed that card spending growth has remained solid through mid December.

LAS VEGAS — The premier prizes in the supply chain world will be up for grabs in the coming months as the Voluntary Interindustry Commerce Solutions Associations (VICS) has begun soliciting entries for its 15th annual awards program. The awards will be presented at the VICS Collaborative Commerce Achievement Awards Dinner sponsored by Hewlett-Packard to be held June 4 at the Aria Resort & Casino in Las Vegas.

Deerfield, Ill. -- Walgreen Co. reported Wednesday that profit for the quarter ended Nov. 30 dropped 4.5% to $554 million, compared with $580 million in the year-ago period. The drugstore operator cited a slow flu season and the decision to leave Express Scripts pharmacy network among the reasons for the performance dip.

Revenue for the quarter climbed 4.7% to $18.16 billion – a chain sales record – but missed Wall Street’s forecasted $18.24 billion in revenue. Total same-store sales rose 2.5%; front-end comps increased 2.4%.

DEERFIELD, Ill. — As Walgreens prepares for life outside of the Express Scripts pharmacy network, executives over the course of a Wednesday morning first-quarter conference call continued to maintain they, along with healthcare payers and employers, will be better off for it.

Throughout the industry, retailers are reinventing strategies, changing formats and resizing footprints. While many are downsizing prototypes, Casual Male Retail Group is transitioning from traditional 3,500 sq. ft. Casual Male XL stores to a big-box Destination XL format. Dennis Hernreich, who holds the dual titles of COO and CFO for Casual Male Retail Group (CMRG), talked with Chain Store Age contributing editor Connie Gentry about the opportunities and challenges of transforming the business to better serve an expanded market.