Report: 10,000 stores expected to close by end of ’09
New York City Grant Thornton LLP’s Corporate Advisory and Restructuring Services said Tuesday that it expects as many as 10,000 retail stores to close by the end of 2009.
The company also offered five tips toward surviving the wave of store closures: to better balance and integrate brick-and-mortar stores with online resources, to grow private-label offerings, to bump up green investments, to incorporate loyalty programs and to increase efficiencies.
GameStop names new CFO
GRAPEVINE, Texas GameStop announced that Catherine Smith has joined the company as EVP and CFO. The company announced also that David Carlson, GameStop’s founding EVP and CFO, who will retire effective March 1, 2010.
Most recently Smith served as EVP and CFO of Dallas-based Centex Corp. Smith has also served as CFO of Kennametal, a global supplier of tooling, engineering components and advanced materials; Bell Systems, a business segment of Textron; and the Intelligence and Information Systems Business of Raytheon Company.
Designs on drug business yield sales
A bunch of new designers are set to hit Target stores this fall with new lines from Anna Sheffield, Jay Hersh, Anna Sui and Carlo Falchi infusing the shopping experience with excitement. But an even more meaningful impact on the business is likely to come from what EVP merchandising Kathy Tesija is calling, “an unprecedented integrated marketing campaign to drive even greater awareness for our pharmacy services and convert more Target guests into Target pharmacy guests.”
Much of the awareness is expected to result from the retailer’s first ever television ads for pharmacy, but there will also be extensive online advertising and an online component that features pharmacists answering common questions.
“These efforts will help contributed to store wide sales growth as loyal pharmacy guest are some of our best guest in terms of frequency and basket size,” Tesija said.
Target has already benefitted from an emphasis on pharmacy and the retail contends it is gaining market share from other channels and seeing big increases in prescription volume as a result of it $4 and $10 generic drug programs.