FINANCE

CVS Caremark discloses SEC inquiry

BY CSA STAFF

New York City — CVS Caremark Corp. is disclosing another government inquiry into its business, as the company said the Securities and Exchange Commission has requested documents related to its Caremark pharmacy benefits management unit, the Associated Press reported.

The company said it received a subpoena from the SEC on Feb. 28.

The agency asked for corporate records on several issues, including public disclosures in 2009 related to pharmacy benefits management and its Medicare Part D prescription-drug benefit businesses.

The SEC also requested information about ownership and transaction in securities made by some of CVS Caremark’s officers.

The chain disclosed the subpoena on Thursday. CVS Caremark said it is complying with the SEC’s request and providing documents. The company said it does not believe any of the issues will have a significant effect on its results or financial condition.

CVS Caremark expanded its Medicare Part D business on April 29, when it acquired Universal American Corp.’s Medicare Part D business in a deal valued at $1.25 billion.

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STORE SPACES

Sears to compete in national Energy Star competition

BY CSA STAFF

Hoffman Estates, Ill. — Sears Holdings said its that Sears Grand in Cape Girardeau, Mo., has been selected to participate in the U.S. Environmental Protection Agency’s Energy Star National Building Competition: Battle of the Buildings to help improve the energy efficiency of commercial buildings and protect the environment.

Sears will battle it out against hundreds of other teams representing buildings across the country to work off the waste through improvements in energy efficiency with help from EPA’s Energy Star program.

"Sears is honored to be a part of the EPA’s Energy Star National Building Competition for the second consecutive year," said Michael Brown, director, environmental sustainability, Sears Holdings. "We are also excited to get the chance to improve upon our second-place finish in last year’s competition."

The 2011 Energy Star National Building Competition includes 245 teams from 26 different types of commercial buildings.

Competitors will measure and track their building’s monthly energy consumption using EPA’s Energy Star online energy tracking tool, Portfolio Manager, to make improvements to their building’s energy performance; and share their progress. Of the initial pool of 245 competitors, a small group of buildings will be selected as finalists in July. Among the finalists, the building that demonstrates the greatest percentage-based reduction in energy use intensity will be recognized as the winner on Nov. 2.

To try to reduce the amount of energy being used the Cape Girardeau Sears Grand store has taken or will take the following actions:

  • Completed an interior lighting retrofit, which converted lighting from HID (high-intensity discharge) to more efficient fluorescent lighting.
  • Completed an occupancy sensor installation through the building, which will keep lights off when not in use.
  • Will maintain strict energy disciplines throughout the competition, having store employees treat the store as they do at their own homes by turning off lights when they leave the room and closing doors to keep cold winds out.
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News

Crate and Barrel rolls out shopkick app chainwide

BY CSA STAFF

Palo Alto, Calif. — Shopkick, a leading location-based shopping app, announced that all Crate and Barrel locations across the United States will offer walk-in rewards and special deals to shoppers simply for visiting. For shoppers, that means shopkick walk-in rewards are now available in 39 states, plus Washington, D.C., and Puerto Rico, up from three states at launch in August 2010.

The national rollout comes less than five months after Crate and Barrel initially launched its shopkick trial.

The shopkick app, combined with the first walk-in location technology, the shopkick Signal — an inaudible sound emitted from a patent-pending device located in each participating retailer — verifies a user is in-store, and then rewards them for visiting in the form of a currency called kickbucks.

Verifying presence in-store assures retail partners that the marketing dollars input to the shopkick program are being spent to reward customers who are actually inside the store, something not possible with traditional location-based applications because they rely on GPS technology that has an error radius of typically 500 yards on mobile phones when apps are first started.

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