Credit Suisse: Target should cut its losses and exit Canada — soon by Jonathan Ratner at National Post. “We think it may be more prudent for Target to cut its losses and devote 100% of its resources on the U.S. — which comprises over 97% of the company’s current sales…Mr. Exstein estimates the liquidation value of the 189 Zeller’s locations Target acquired will be significantly lower than the US$1.86-billion it paid in 2011.” Read more
NRF: Back to school spending expected to be up 3% by Krystina Gustafson at CNBC. “According to the National Retail Federation’s annual survey, total spending on back-to-school items is expected to reach $74.9 billion—up about 3 percent from $72.5 billion in 2013.” Read more
“Supervalu CEO: ‘I have no desire to be a big retailer. None.’ “ by Jim Hammerand & Mark Reilly at Minn./St.Paul Bus. Journal. “Supervalu Inc. CEO Sam Duncan told investors Wednesday that the company’s involvement in a deal for 18 Twin Cities Rainbow Foods stores was “strictly as a wholesale play” — a sign that Supervalu doesn’t plan on building itself into a major retailing force again.” Read more
Carl Icahn on Family Dollar CEO Levine: “The CEO shouldn’t be the CEO.” by Ely Portillo at Charlotte Observer. “Sometimes these things take a long time,” said Icahn, speaking during an interview on CNBC. “I do believe there’s great synergy between Dollar General and Family Dollar. Family Dollar’s management is lacking.” Read more
“At Whole Foods, a ‘Survivor’-like ritual” by Abha Bhattarai at Washington Post. “If there’s someone who’s not working hard, who’s not putting in everything they can, the team can say, ‘You know what? We don’t want you to drag us down,’ ” said Libba Letton, who handles corporate communications for the chain of specialty grocery stores. New hires are voted in — or out — by their teams after their first 90 days at the company. A two-thirds majority is required to keep an employee on board.” Read more
Target’s Jeff Jones Tweets Pic of Himself Sitting in Front Row at MLB All-Star GameSee the Tweet/Pic
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“Nordstrom lauded for catalog showing models with disabilities” by Ben Miller at Puget Sound Bus. Journal. “A Nordstrom spokesperson told the AP that “we serve diverse customers and it’s an opportunity for them to see themselves when they’re looking through the book or online. … We don’t promote it or go out and talk about it. We just think they look great.” Read more
Canada: “Loblaw shuffles management; Shoppers president to exit” by Marina Strauss at Globe & Mail. “Domenic Pilla, president of Shoppers whose acquisition closed in late March, is leaving the retailer at the end of the year. He would “like to continue his career by pursuing opportunities to lead a widely-held public company,” the company said. He will be replaced by Mike Motz, currently executive vice-president and chief merchandising officer.” Read more
San Francisco: Another day, another innovation center (Visa) by Andrew Ross at SF Gate. “The credit card company also used the occasion to herald its entry into the mobile payments world with Visa Checkout…Neiman Marcus, United Airlines, Pizza Hut, Staplesand TicketMaster. Wells Fargo, Bank of America, Chase, Citi and U.S. Bank are among the 180 credit card issuers and financial institutions that have signed up.” Read more
“New P&G at-home device takes on dry cleaner” by Alexander Coolidge at Cincinnati.com. “The machine is on pre-order exclusively at Bloomingdale’s for a suggested retail price of $499. Swash machines also will be available at select Delta Sky Club lounges and will appear in retail stores like Best Buy and Bed Bath & Beyond in September. ” Read more
“Google opens D.C. lobbying office (with meatballs!) on Congress’s doorstep” by Stephanie Green at Mercury News. “The office’s 54,000 square feet, for 110 employees, is a mere satellite compared with the company’s headquarters in Mountain View. Still, it’s home to several dining areas, a video-game room, a treadmill with a computer (the “walking desk”) and space-age capsules for afternoon naps. People are encouraged to bring their dogs to work. Cats can stay at home.” Read more
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