Cabela’s completes variable funding facility with Royal Bank of Canada
Sidney, Neb. — Cabela’s announced that its wholly owned subsidiary, World’s Foremost Bank, has entered into a $411.7 million commitment with Royal Bank of Canada under an outstanding series of variable funding notes issued by Cabela’s Credit Card Master Note Trust. The commitment is for three years and accrues interest at a variable rate of commercial paper plus a spread.
“We are very pleased to have completed this variable funding facility with Royal Bank of Canada,” said Joe Friebe, president and CEO of World’s Foremost Bank. “We appreciate the opportunity to add Royal Bank of Canada to the group of liquidity providers for our Cabela’s Club Visa program. This is our third variable funding facility, which will allow us to spread our liquidity risks.”
Family Dollar names VP of food
Matthews, N.C. — Family Dollar Stores has named Trey Johnson to the newly created position of senior VP – food.
Johnson comes to Family Dollar from Sears Holdings where he created a limited assortment food concept for K-Mart. He also led the development of Wal-Mart’s Marketside format as its chief merchandising officer.
Bargain hunting welcomed part of shopper experience, survey finds
CHICAGO — Searching for the best bargains has become pastime among shoppers, according to research conducted by Mintel Inspire.
According to the latest data, Mintel found that nearly two-thirds (64%) of U.S. moms said they’re spending more time looking for sales, discounts and coupons, compared with last year; while 28% of U.K. consumers were classified by Mintel as "bargain hunters" due to their dedication to comparing prices and reading online reviews.
"It’s no longer enough to save money, shoppers want to have fun with the savings experience as well," Mintel Inspire managing editor Alexandra Smith said. "Consumers have come to expect reduced prices since the economic downturn, but retailers need to take that discounting a step further with promotions that engage and entertain."
Smith also said that while consumers presently are more open to try new products or venues, it’s the promotions that can entice them to purchase an item or visit a certain store.
"Allowing customers to choose the number and type of deals they receive, coupled with location-based offers will help reduce the potential for savings burnout," Smith noted.