Staples Eyes Expansion
Framingham, Mass., Staples Inc. has announced that it is on track to deliver a 15% to 20% 3Q profit increase, will open 20 to 25 stores by the end of next year, and said it is upping its long-term goal of private-label sales to 30%.
In an announcement that precedes its analyst conference, Staples also said it is testing a stand-alone copy and print shop to compete with Kinko’s; four will open in Boston this month.
Wal-Mart Pulls Plug on Networking Site
Bentonville, Ark., Wal-Mart Stores has discontinued its teen social-networking initiative “The Hub” after 10 weeks, according to a report by CNNMoney.com. The site featured the chain’s back-to-school clothing and related offerings. Visitors also could build their own personal pages, similar to what is offered on Myspace.com.
Wal-Mart said that the on-line feature was a back-to-school marketing initiative and was intended to end when the back-to-school season was completed.