Sears CEO lays out plans to boost performance
New York — Edward Lampert, chairman of Sears Holdings, presented an ambitious plan on Wednesday to improve the company’s performance that includes updating store layouts and signage and investing in its rewards program, Reuters reported.
“We are not here to just survive. We are here to transform,” Lampert told shareholders at the company’s annual meeting, according to the report.
Sears is focusing on better inventory management, having the right fashions and being more customer friendly, the report said.
Sears has been under heavy criticism for not making investments in its stores. The company lost $3.14 billion in 2011. Same-store sales fell 2.2%.
Although Lampert downplayed reports that Sears was looking to sell its Lands’ End business, he said there was always a possibility that the business "could be separated," according to the Reuters report.
Target to open CityTarget format at Beverly Connection in Los Angeles
Minneapolis — Target said it will open its new smaller format concept, CityTarget, at the Beverly Connection in Los Angeles, in March 2013. The 99,000-sq.-ft. will be located on the second floor of the shopping complex, at the corner of La Cienega and Beverly Boulevard.
The Beverly Connection location is the third CityTarget store planned for Los Angeles. Target previously announced that it would open two small-format urban stores in the Westwood Market Place in Westwood, Calif., in July 2012 and at Figueroa and 7th in downtown Los Angeles, in October 2012.
In addition to the three Los Angeles CityTarget stores, Target will open a total of four additional small-format stores in the next two years with locations in Chicago, Seattle and San Francisco opening in 2012 and in Portland in 2013.
Study ranks McDonald’s and Wal-Mart among Top 10 companies for leadership
Philadelphia — McDonald’s and Wal-Mart Stores are among the Top 20 companies in the world for leadership, taking the No. 6 and No. 8 spots respectively, according to an annual study by global management firm Hay Group. The two chains were the only retailers to make the list.
The seventh annual Best Companies for Leadership Study ranks the best companies for leadership around the globe and examines how those firms nurture talent and foster innovation in their ranks. This year, General Electric topped the list, followed by Procter & Gamble, IBM, Microsoft and Coca-Cola (the full list can be found at http://bitly.com/J13EDW).
According to Hay Group, the companies that make the list create workplace environments and processes that enable innovation to thrive. All of the Top 20 companies reported that their leaders regularly celebrate innovation, compared to just 49% of other companies.
In addition, 90% of the Top 20 companies reported that if individuals have an excellent idea, they can bypass the chain of command without the threat of negative consequences, compared to only 63% of other companies. And all of the Top 20 companies (versus 68% of all other companies) say they provide structured opportunities for younger employees to promote innovative ideas
The Best Companies for Leadership recognize innovation is key to their future growth and ability to survive in a fiercely competitive global market,” said Rick Lash, director in Hay Group’s leadership and talent practice and co-leader of study.
The Top 20 Leadership companies consistently outperform their peers, according to Hay. Over a 10 year period, these companies produced a 5.39% shareholder return, compared with a 2.92% shareholder return generated by the S&P 500.