Walmart to grow Neighborhood Markets to 500 strong by 2016
In its annual meeting with analysts on Wednesday, Wal-Mart Stores U.S. president Bill Simon said the retailer would accelerate small-store growth stores and announced plans to have 500 Neighborhood Market stores and 12 Express stores by fiscal 2016. The latter would measure, on average, 10,000 sq. ft. to 15,000 sq. ft.
“This gives us the opportunity to build more stores for less money," Simon said. Walmart currently operates 217 Neighborhood Markets and 10 Express stores.
Setting a goal of $9 billion in sales by fiscal 2014, Walmart executives made it clear they plan a major e-push into e-commerce. The Bentonville, Ark., retailer is also testing same-day delivery in select U.S. cities, an attempt to take on the consumer love affair with Amazon.com.
Wal-Mart Stores president and CEO Mike Duke stressed business momentum and financial results in his address to the investment community on Wednesday. He told analysts that Walmart would bring the same discipline to capital expenditures and to the investments that the company is making in areas such as e-commerce and shared services, systems and global processes.
“Walmart is strong, and we are getting stronger,” said Duke. “I believe that the combination of momentum, investment and discipline will continue to deliver growth, leverage and returns for our shareholders.”
Duke said the Walmart U.S. business is making progress on a number of fronts that are driving strong comp sales, stressing its focus on holiday 2012 programs, as well as more long-term strategies such as ongoing financial goals of growth, leverage and returns: “We will generate growth through comp sales from existing business, new stores and e-commerce. Our international business will continue to be a growth engine. And at Sam’s, we’re pushing hard to accelerate growth in membership and top line sales,” Duke said.
I have to say one opened in
I have to say one opened in our Town and I am not impressed. Apparently I am not alone because I do not not see many cars there, other than at the gas station this one has.
Scotts Miracle-Gro names senior VP independent channel
The Scotts Miracle-Gro Co. has appointed Phil Jones, formerly president of its west coast region, to lead its retail channel for independent garden centers and hardware co-op stores as senior VP independent channel.
"We continue to refine our business model to build key capabilities and improve our competitiveness to meet our long-term goal of driving category growth and enhancing our industry leadership," said Barry Sanders, president and chief operating officer. "While independent garden centers and hardware co-ops were the initial drivers of growth for our business, our performance in this channel has not met expectations in recent years.
Jones was named regional president in June 2009, responsible for leading the company’s business development, marketing and sales efforts in the western United States. Jones’ focus on independent garden centers and hardware co-op stores resulted in the top sales growth for the region within this channel for the past several years. Previously, Jones was VP consumer roundup.
Reporting to Jones will be Stephen Markert, VP channel sales, who will oversee independent garden center sales and marketing strategies. Josh Meihls, director of national accounts will oversee hardware co-op sales and marketing.
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Sears Holdings completes divestment of Hometown, Outlet businesses
Sears Holdings has successfully separated out its Sears Hometown and Outlet Stores businesses.
Sears Hometown will be its own company, trading on the Nasdaq Capital Market under the symbol "SHOS." Sears Holdings will continue to be listed on the Nasdaq Global Select Market under the symbol "SHLD." Sears Holdings received aggregate gross proceeds from the separation transactions of $446.5 million, consisting of a cash dividend of $100 million paid by Sears Hometown prior to the separation and aggregate gross proceeds from the rights offering of $346.5 million.
As previously announced, the rights offering was fully subscribed, with more than 95% of the outstanding shares of common stock of Sears Hometown being subscribed for pursuant to the exercise of basic subscription rights and the balance being subscribed for pursuant to the over-subscription privilege. Accordingly, Sears Holdings distributed a total of 23,100,000 shares of Sears Hometown common stock to the holders of subscription rights who validly exercised their subscription rights and paid the subscription price in full.
In addition, as part of the separation transactions consummated Thursday, Sears Hometown entered into an asset-based senior secured revolving credit facility with a group of financial institutions to provide (subject to availability under a borrowing base) for aggregate maximum borrowings of $250 million, borrowings under which were used to fund the dividend paid to Sears Holdings.
I still ownder why the
I still ownder why the stockholders will dmeand the removal of CEO Lampert.