RILA: Celebrating President Obama’s signing of swipe-fee reform legislation
Arlington, Va. The Retail Industry Leaders Association (RILA) issued the following statement from RILA president Sandy Kennedy following the bill-signing ceremony on Wednesday at the White House. Earlier today, President Obama signed into law legislation that contains meaningful swipe-fee reforms that will bring relief to consumers and merchants who currently face excessive swipe fees imposed by credit-card companies and big banks.
“Today is a great day for retailers who have fought for years to bring fairness and transparency to a broken system,” said Kennedy. “The swipe-fee reforms signed into law today by President Obama will benefit America’s retailers, small and large, and their customers by reining in the excessive debit swipe fees imposed by credit-card companies and big banks.
“We applaud leaders in Congress, specifically Senator Durbin and Representatives Welch and Shuster for standing up for America’s retailers and consumers and we look forward to working with the Federal Reserve to ensure that the goals of reform are preserved as the rulemaking process moves forward.”
The swipe-fee reform language included in the Dodd Frank Financial Reform Conference Report was based on an amendment introduced by Senator Richard Durbin (D-Ill.) and passed by the Senate in a broad bipartisan vote on May 13. Representatives Peter Welch (D-Vt.) and Bill Shuster (R-Pa.) were instrumental to consideration of swipe-fee reform in the U.S. House of Representatives.
Target offering ‘Black Friday’ deals in the summer
MINNEAPOLIS Target has become the latest retailer to offer “holiday season” deals in the summer. The company announced that it will offer its first-ever “Back in Black Friday” sale on Target.com on July 23. The exclusive online-only sale will begin at approximately 12:00 a.m. (PDT) and conclude at 11:59 p.m. (PDT) on Target.com/BlackFriday.
“At Target.com, we are committed to offering our guests tremendous value every day. With our first-ever Back in Black Friday, guests will find incredible bargains before the holiday season with the added convenience of online shopping,” said Steve Eastman, president Target.com.
According to the company, the online-only sale will offer an average of a 40% off regular prices on must-have items across all categories, including apparel, electronics, toys, housewares, movies, music, books and more.
TJX to bring Marshalls to Canada
FRAMINGHAM, Mass. TJX Companies announced plans to bring Marshalls to Canada. The company anticipates that the first Canadian Marshalls stores will open in the spring of 2011. Marshalls will become TJX Canada’s fourth off-price retail division, along with its other banners Winners, HomeSense and STYLESENSE.
Carol Meyrowitz, president and CEO of The TJX Companies, stated, “I am delighted to announce that we are bringing our Marshalls chain to TJX Canada, where we have our highest financial returns, with the planned opening of six stores in 2011. Canada has been a very successful market for TJX since we first entered in 1990, and we are excited to continue growing our Canadian business. We believe Marshalls will offer Canadians yet another avenue to great brands, great fashions and excellent values for the entire family. This is another example of our emphasis on international expansion, and we believe that Marshalls will be extremely well received in Canada. Ultimately, we estimate the Canadian market can support 90 to 100 stores.”
Marshalls in Canada will be managed by TJX Canada, the operating group managing Winners, acquired in 1990, HomeSense, launched in 2001, and STYLESENSE, launched in 2008. Operations, distribution and management will be leveraged from the existing organization. The company said it is not yet ready to announce specific locations for the initial stores.