Canada Considers Starbucks’ Music Retailer
New York City, Starbucks continues to aggressively expand the music retail side of its coffee empire. The Canadian federal government is currently reviewing the Seattle-based company’s proposal to establish a music retail business in Toronto.
Starbuck’s music retail operation, Hear Now, has flourished in Seattle, Santa Monica, Calif., and Austin, Texas, with two more stores on tap in San Antonio and Miami. The so-called record stores allow customers to sip coffee while downloading songs to create customized CDs.
OfficeMax Chooses New HQ
Shaker Heights, Ohio, OfficeMax has selected Naperville, Ill., as the site of its new corporate headquarters, thanks to a $20 million incentive by Gov. Rod Blagojevich. OfficeMax will bring 700 jobs to Illinois as a result of the move.
The move from the retail headquarters in Shaker Heights to Naperville will take place late next spring.
Wal-Mart Takes Controlling Stake in Seiyu
Tokyo, Japanese supermarket retailer Seiyu has announced that Wal-Mart Stores is raising its stake in Seiyu from 42% to more than 50% by December. The move will turn Seiyu into a Wal-Mart subsidiary and expand Wal-Mart’s foothold in the world’s second largest retail market.
Wal-Mart will purchase up to $597 million worth of $1 billion in new shares issued by Seiyu. The remaining shares will be acquired by a Japanese bank and other investors, according to Seiyu.
Wal-Mart, since arriving in Japan in 2002, has been gradually raising its stake in Seiyu, which operates more than 400 stores.