OPERATIONS

Staples: Many Canadian back-to-school shoppers want online options

BY Dan Berthiaume

Toronto, Ontario – More than four-in-10 (44%) Canadian back-to-school shoppers want more online options. A new survey from Staples Canada, the Staples Back-to-School Annual Study, also indicates that 70% of Canadian back-to-school shoppers consider a back-to-school budget important.

The survey also uncovered a number of regional differences in back-to-school preferences, such as:

  • Shoppers in British Columbia are the least inclined to bring their children along for school shopping (55%) whereas consumers from the Prairies are the most inclined (72%).
  • Shoppers in the Atlantic provinces are more likely to shop for supplies in June (51%) than Quebecers (28%).
  • Although Maritimers seem to welcome early back-to-school shopping, they are the most likely to find the season stressful (67%) as opposed to only 41% of Ontarians.
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FINANCE

CVS reaches $20M settlement with SEC

BY Dan Berthiaume

Woonsocket, R.I. – CVS Caremark Corporation has reached an agreement in principle to pay a fine of $20 million to resolve an investigation by the Securities and Exchange Commission (SEC) into certain public disclosures, securities transactions and aspects of the purchase accounting adjustment related to the October 2008 Longs Drug Stores acquisition the company made during the third and fourth quarters of 2009.

"We are pleased to be taking this important step to close the chapter on these matters from 2009 and look forward to resolving the SEC investigation in the near future," said Thomas M. Moriarty, executive VP and general counsel of CVS Caremark. "CVS Caremark remains committed to complying with all applicable laws and regulations. We will continue to focus on driving value for our customers and shareholders through our distinctive integrated pharmacy model."

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News

Retail hiring drives unemployment rate lower

BY CSA STAFF

WASHINGTON — The National Retail Federation has issued statements from president and CEO Matthew Shay and chief economist Jack Kleinhenz on the July employment numbers.

NRF pegged retail job gains at 37,000 in July, with increases in general merchandise, food and beverage and building and garden supply stores.

“In spite of continued rancor and uncertainty from policymakers in Washington, the private sector economy continues to add jobs,” NRF president and CEO Matthew Shay said. “While unemployment remains stubbornly high, with millions of Americans jobless or underemployed, retailers are adding to their ranks and payrolls.”

“Contrary to the record increases on Wall Street, employment continues to be a lagging indicator of the recovering economy,” NRF chief economist Jack Kleinhenz said. “Despite the underwhelming and discouraging job gains in July, NRF expects the economy to pick up in the third and fourth quarters. The employment trend is positive, yet lackluster.”

The Bureau of Labor Statistics report showed that the economy added 162,000 jobs in July, which lowered the unemployment rate to 7.4 percent.

The NRF represents retailers of all types and sizes, including chain restaurants and industry partners, from the United States and more than 45 countries abroad. Retailers operate more than 3.6 million U.S. establishments that support 1-in-4 U.S. jobs — 42 million working Americans. Contributing $2.5 trillion to annual GDP, retail is a daily barometer for the nation’s economy. NRF’s "This is Retail" campaign highlights the industry’s opportunities for lifelong careers, how retailers strengthen communities and the critical role that retail plays in driving innovation.

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