News

The folks in the electronics and entertainment area at Walmart had to be smiling this week at Best Buy’s admission that it lost market share to discounters during the third quarter. The share loss resulted in a 5% same-store sales decline at U.S. stores that was well below guidance that called for flat to modest growth. Earnings per share of 54 cents were well below consensus estimates of 60 cents and full-year guidance was reduced to a range of $3.20 to $3.40 from a range of $3.55 to $3.70.

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.

ATLANTA - Pointing to the power of technology to improve communications to frontline employees, Home Depot Executive VP of U.S. Stores Marvin Ellison described a tool called "My Success" during the company's recent  investor and analyst conference.

ATLANTA - Mobile-commerce enabler Outlier, a subsidiary of Qualcom, announced JCPenney 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.

FORT WORTH, Texas - Pier 1 Imports reported a third-quarter comparable-store sales increase of 10.2% versus last year’s increase of 13.7% and net income of $21 million, or 18 cents per share, compared with last year’s third quarter net income of $38.8 million, or 37 cents per share.

Alex Smith, president and CEO, commented, “With sales and margins exceeding our expectations and the overall leveraging of expenses, we are reporting net income for our fifth consecutive quarter.”

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.

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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.