Kroger to expand in Kentucky
Mount Washington, Ky. Kroger plans to break ground Tuesday on a store slated to open in Mount Washington, Ky. in November.
The 76,000-sq.-ft. store will feature expanded produce, meat and deli departments, a fresh seafood department, a Nature’s Market health food section, a drive-through pharmacy, an in-store bank and a gas station.
Kroger will hire 150 people to staff the store.
Survey predicts 13.2% drop in foot traffic in Q2
Chicago ShopperTrak Friday reported the second quarter will be a continued challenge for retailers as both traffic and sales levels are expected to post steady declines vs. the same period last year.
According to the company’s Retail Traffic Index, total U.S. foot traffic will slip a sharp 13.0% ,while the company’s National Retail Sales Estimate is forecasting a 2.4% retail sales drop for the three-month period.
“Looking ahead, Q3 should get a slight boost from the annually solid back-to-school shopping season and as always Q4 will benefit from the holidays — but our data seems to support the thinking of most economists which is real recovery most likely won’t begin until early 2010,” said Bill Martin, co-founder of ShopperTrak.
Jones Apparel CEO salary up 68% to $5.4M
New York City Wesley R. Card, president and chief executive of Jones Apparel Group, received compensation valued at $5.4 million in fiscal 2008, up almost 68% from a year earlier, according to a regulatory filing on Friday.
The company paid Card a base salary of about $1.6 million, up 20% from the previous year. Card voluntarily elected not to accept an $810,000 cash-incentive award, which was based on corporate performance, because of current business conditions and the impact it would have on the company’s associates.
Card also received restricted stock awards valued at roughly $3.6 million on the day they were granted.
Additionally, Jones paid Card $208,566 in all other compensation, which included an apartment in New York and a car allowance and services.
In February, Jones Apparel Group said it posted a bigger fourth-quarter loss because of hefty charges, higher promotions and a weak holiday season. At that time, the company said it would eliminate 185 positions, or 4% of its wholesale and corporate full-time work force.