ShopperTrak Reports Retail Sales Rise
Chicago ShopperTrak RCT Corp. reported Tuesday that year-over-year retail sales for the week ending Sept. 13 were up 5.0%, while week-over-week sales fell 8.4% as compared to the previous week ending Sept. 6.
ShopperTrak cited typical post-Labor Day sales dips in combination with the arrival of Hurricane Ike as reasons for the sharp week-over-week drop in sales (the biggest drop since an 8.4% drop in May). On a year-over-year basis, the report showed that retail sales fared much better (+5.0% as compared to 2007) as consumers may have shopped early in the week in preparation for Ike’s arrival, a shopping event which did not occur during the same week last year.
Walgreens throws hat into Longs buyout ring
DEERFIELD, Ill. Walgreens has proposed to acquire all of the outstanding shares of Longs Drug Stores for $75 per share in cash for a total purchase price of approximately $3 billion including the assumption of debt. The offer, which is subject to standard regulatory approvals and the completion of due diligence, represents a $3.50 per share premium over the cash purchase price to be paid to Longs shareholders under the proposed acquisition by CVS/Caremark announced on Aug. 12.
“We believe the combination of Walgreens and Longs is a highly compelling transaction that is superior to the pending transaction with CVS/Caremark, accelerates Walgreens expansion into high growth markets and delivers meaningful cost synergies,” said Walgreens chairman and ceo Jeffrey Rein.
Walgreens is working with Lubert-Adler Management Company, LP and Klaff Realty, LP to address any potential store sales in connection with the transaction.
Goldman, Sachs & Co. is serving as financial advisor to Walgreens on this transaction, and Weil, Gotshal and Manges LLP is serving as its legal advisor.
Netflix, Amazon to run widgets on Yahoo!
SUNNYVALE, Calif. Yahoo! is allowing companies like Apple and Netflix to add widgets to its pages enabling users to manage their queue of movies from those company without leaving the Yahoo! page they’re on.
According to reports, the changes, which are the first major alterations to Yahoo’s pages in more than two years, will take place over the next few months.