Industry executives make Forbes 400 list
John Menard, the press-shy owner of Menards home improvement chain, was ranked in 44th place on the Forbes 400 list, an annual ranking of wealthy Americans. Menard, who founded the industry’s third largest retail company in 1972, has amassed holdings of $7.3 billion, according to Forbes.
Forbes also listed Maggie Hardy Magerko, president of 84 Lumber, the industry’s largest family-owned chain of lumberyards. The magazine estimated her worth at $2 billion.
Bernie Marcus and Arthur Blank, co-founders of Home Depot, were listed at $2 billion and $1.5 billion, respectively.
Four members of the Walton family, relatives of Wal-Mart founder Sam Walton, are also on the Forbes 400 list, with fortunes ranging from $16.1 to $16.3 billion. Edward Lambert, chairman of Sears Holdings, is listed at $4.5 billion.
Kmart launches Martha Stewart bed, bath decor line
New York As part of a previously announced rebranding effort for Sears Holdings’ Kmart stores, the retailer introduced a new line of Martha Stewart bed and bath home decor items at a Manhattan store this week
The home goods area of the Astor Place Kmart store was roped off and labeled the “Bluelight District,” playing host to journalists and Sears Holdings representatives.
The day-long event highlighted a new line of higher quality Martha Stewart bed items, furnishings, decor, window treatments and other items.
A“Mr. Blue Light” mascot was on hand, further illustrating Kmart’s retro brand campaign to focus on its classic “Blue Light Special” in-store promotions. Additionally, the company introduced new house label “Abbey Hill” home decor items as part of the event.
Kmart is a wholly owned subsidiary of Sears Holdings, which operates 3,800 full-line and specialty retail stores in the United States and Canada.
Tim-Br Marts names new vp-merchandise
Canadian buying group Tim-Br Marts has named Randy Martin vp–merchandise.
Martin formerly served as director of hardlines and imports for Tim-Br Marts. In his new position, he will lead buying teams in the company’s Calgary, Mississauga and Halifax offices, and he will be overseeing all facets of vendor programs in purchasing.
Martin has worked in the retail lumber, building materials and hardware industry for 30 years, having served in positions at Home Depot and Totem Building Supplies.
Tim-Br Marts represents more than 600 member locations in Canada.