Report: Best Buy to move loss-prevention employees to sales floor
New York — Best Buy is moving about 2,000 loss-prevention employees in its U.S. locations to focus on selling, Bloomberg reported.
Employees who greeted shoppers entering Best Buy stores and checked receipts when they left will join the ranks of the company’s sales force, according to the report.
India paves way for foreign retailers
New Delhi, India — India’s government said Thursday that it has OK’d plans to permit foreign retailers to open stores that sell more than one brand, paving the way for retailers such as Wal-Mart Stores and Carrefour SA to expand their presence in the country.
The approved plan calls for overseas companies to put half of their investment in infrastructure such as processing, manufacturing, storage, warehouses and packaging.
The announcement follows the government’s December 2011 decision to reverse a ruling that allowed overseas companies to own 51% of Indian retail stores. Wal-Mart called the latest decision an important first step for India to further liberalize the retail industry.
Foreign companies are currently allowed to invest in supply chains and wholesale stores, which sell to local retailers and businesses.
Walgreens to close 76 USA Drug-affiliated stores
Deerfield, Ill. — Walgreens announced plans to close more than half of the stores it is acquiring in its deal with USA Drug.
The company — which said in July it would purchase the mid-South drug store chain for approximately $438 million — confirmed it would close approximately 76 stores across the region. USA Drug operates 144 stores under the USA Drug, Super D Drug, May’s Drug, Med-X and Drug Warehouse banners.
"Although we have not completed the purchase of the USA Drug chain, we are taking steps in anticipation of the completion of the transaction, which is expected to occur in mid-September," Walgreens spokesman Jim Graham said. "After careful planning and market analysis, on Monday we began to notify employees of our intent to close [the stores]. Our decisions about store closures are based on a number of considerations, including size of the market and proximity to other Walgreens and USA Drug stores and affiliates. We expect to close the stores by November."
In its initial acquisition announcement, Walgreens said that the acquired drug stores would continue to operate under their current brand names after the transaction closes, and decisions would be made over time regarding the best, most effective way to harmonize Walgreens and the acquired brands.