News

New York City -- Two of Russia's largest grocery store chains, Pyaterochka and Kopeika, said on Monday that they would merge their operations in a move that would better position them to compete with Wal-Mart Stores, which is expected to enter the Russian market, according to the New York Times.

Phoenix -- Vestar Development Co. and Rockwood Capital on Tuesday acquired Tempe Marketplace for $280 million by buying out an original partner. In conjunction with the closing, Tempe Marketplace received a new $200 million permanent financing package from GACC.

Vestar was the developer of Tempe Marketplace and had previously partnered with DLJ/Credit Suisse. Both Rockwood and Vestar made significant investments in the acquisition. Under terms of the deal, Vestar will be the managing partner.

Mooresville,  N.C. -- Sales at Lowes.com are running about 35% ahead of last year, according to CEO Robert Niblock, who spoke to analysts during the retailer's recent Analyst and Investors Conference. Still, the Mooresville, N.C.-based home improvement giant has ideas on how to improve its digital business.

During the event, Niblock explained an important part of the retailer's vision: "Whenever, wherever the customer wants to interact with us, we're going to try and make it convenient for them."
 

Dublin, Ohio -- Pharmaceuticals distributor Cardinal Health said Tuesday it renewed a deal to provide drugs to Walgreens’ pharmacies through 2013.

Cardinal Health did not disclose terms of its agreement with the chain. The companies renewed their deal early, as their last contract was signed in early 2008 and was set to last for three years.

Tampa, Fla. -- Retail consultants RPE announced the successful implementation of retail applications from JDA Software Group at Vineyard Vines. The specific applications were chosen to quickly address concerns relative to inventory control, business intelligence/analysis and point-of-sale.