Spending report: Card spending growth up in August
Atlanta A report released Friday by payment system provider First Data Corp. said that card spending growth was solid during the month of August. The First Data SpendTrend report, which tracks same-store consumer spending via credit, signature debit, PIN debit and EBT cards at U.S. merchant locations, found that dollar volume growth, excluding automobile sales but including fuel, was 7.9% and transaction growth was 8.3% in August, a decrease from July’s growth of 8.5% and 9.2%, respectively.
However, average tickets declined 0.4% across many major merchant categories, as merchants continued to discount prices to attract consumers and boost sales.
For the third consecutive month, credit transaction growth accelerated. Year-over-year credit transaction growth was 3.7%, an increase from July’s growth of 1.9%. Credit average tickets grew 1.3%, compared with August 2009. Conversely, PIN debit and signature debit growth slowed in August compared with July.
Toys’R’Us expands Express initiative for 2010 holiday season
WAYNE, N.J. Following the successful pilot program of its pop-up stores last year, Toys“R”Us announced Thursday the expansion of its Toys“R”Us Express stores, with plans to operate 600 locations in malls and shopping centers nationwide during the 2010 holiday season.
The major expansion of the Toys“R”Us Express initiative will double the number of Toys“R”Us locations available for holiday shopping needs, the company said. Last year, the company operated its first pop-up stores with nearly 90 Toys“R”Us Express locations across the country, many of which have remained open through 2010. This year, Toys“R”Us will open more than six times the amount of these approximately 4,000-sq.-ft. locations.
“By doubling the number of Toys“R”Us locations nationwide, now more than ever we will be available when and where customers want to shop with us this holiday season,” said Jerry Storch, chairman and CEO, Toys“R”Us. “We are pleased that this significant expansion of our Toys“R”Us Express initiative also creates thousands of new jobs beyond our usual seasonal workforce build.”
Target declares quarterly dividend
MINNEAPOLIS Target’s board of directors declared a quarterly dividend of 25 cents per share, payable Dec. 10 to shareholders of record Nov. 20.
The fourth quarter dividend will be the company’s 172nd consecutive dividend paid since October 1967 when the company became publicly held.