Sam’s Club to Offer $10 Membership
Bentonville, Ark. For the first time in its history, Sam’s Club, a division of Wal-Mart Stores, is offering a $10 membership, good for 10 weeks, for those who are not currently members.
The warehouse-club retailer will hold two weekend events Oct. 17 to Oct. 19 and Oct. 24 to Oct. 26 for consumers to sign up for this membership during regular club hours.
“With a temporary 10-week membership we’ll be able to give those who sign up a good chance to see what we can do for them everyday, and through the holidays,” said Mike Turner, VP, membership at Sam’s Club.
The chain launched a national radio campaign this week and plans newspaper advertising to support the special membership deal.
Burlington Coat Factory cuts 1Q loss
BURLINGTON, N.J. Burlington Coat Factory reported that net sales for the first quarter ended Aug. 30 were $707 million, compared with $678.8 million for the comparative period ended Sept. 1, 2007, a 4.2 % increase. Comparative-store sales increased 0.2% for the quarter.
The company recorded a net loss of $32.5 million for the quarter compared with a net loss of $50.4 million for the same period last year.
NRF ask Congress to consider 2nd stimulus package
WASHINGTON The National Retail Federation is urging Congress to hold a lame duck session to address the nation’s economy as soon as possible after the November elections, and to include tax relief for consumers in any economic stimulus package that is adopted.
“The United States is in the midst of a national crisis,” NRF president and ceo Tracy Mullin said. “Extraordinary measures are needed to address this profound economic emergency that has affected every American.”
“Consumer confidence has been badly eroded by the foundering economy and instability of the financial markets,” Mullin said. “Because consumer spending represents two-thirds of GDP and supports tens of millions of jobs, it is difficult if not impossible to foresee an improvement in overall economic growth until consumer confidence and spending improve.”
Mullin said she believes a second round of stimulus checks would provide a much-needed boost in consumer spending.
Mullin’s comments came in a letter sent today to House Speaker Nancy Pelosi, D-Calif.; House Minority Leader John Boehner, R-Ohio, Senate Majority Leader Harry Reid, D-Nev., and Senate Minority Leader Mitch McConnell, R-Ky.