FINANCE

Report: Wal-Mart Eyes $10 Billion in Sales for Marketside

BY CSA STAFF

New York City Wal-Mart Stores Inc. said its new small-format Marketside grocery-store concept could expand to a chain of more than 1,000 stores with more than $10 billion in annual sales, the Financial Times reported on its Web site.

The retailer plans to open 10 stores initially, with four slated to open in the Phoenix area this fall.

The Financial Times report was based on a job posting for the retailer, which the newspaper said was subsequently removed. The posting was on Marketside’s Web site.

A Wal-Mart spokesman said that Marketside is a very small-scale pilot project, and that the chain has no definite plans for it beyond that, according to Reuters.

In previous statements, Wal-Mart had said it was developing Marketside to attract shoppers looking for a quick option to purchase fresh groceries.

The new concept comes after British supermarket rival Tesco entered the U.S. marketplace last year with its small-format Fresh & Easy Neighborhood Markets.

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PacSun July sales down 3%

BY CSA STAFF

ANAHEIM, Calif. Pacific Sunwear of California posted July sales of $99.1 million for the four-week period ended Aug. 2, a decrease of 3% from $102.4 million during the same period last year. Same-store sales decreased 4%.

Sales for the 13-week second quarter were $312.7 million, a slight increase over last year’s $311.8 million. Same-store sales decreased 1%.

The company now expects to report earnings from continuing operations for the second quarter of fiscal 2008 in the range of five cents to six cents per diluted share.

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Survey says Home Depot top DIY retailer

BY CSA STAFF

COLUMBUS, Ohio Home Depot is still the top destination for do-it-yourself shoppers but is losing ground to the competition, according to a July retail survey from BIGresearch.

The report found that 28.5% of consumers surveyed chose Home Depot most often when shopping for home improvement products, with Lowe’s second at 22.9%. But Home Depot’s numbers were down from July 2007 when it was chosen by 31.6% of consumers, with Lowe’s up slightly from 22.2%. Wal-Mart was chosen by 6% of consumers, up from 5.4% during the same period last year.

The numbers reflect at trend that began six years ago for Home Depot. “Home Depot’s consumer share has declined since posting a high of 40.9% in July 2002,” said Pam Goodfellow, senior analyst at BIGresearch.  

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