FINANCE

Tesco-Meijer Deal Reported

BY CSA STAFF

London, Tesco declined to comment on press reports that it was considering a joint venture with Grand Rapids, Mich.-based Meijer. According to a report in a British trade journal, Tesco allegedly would take a 49% interest in Meijer for about $4.5 billion in a deal that could be announced within weeks.

A spokesperson for Tesco said only that the company did not comment on market rumors, but emphasized that CEO Terry Leahy had never ruled out a push into the United States. Tesco is the U.K.’s largest food retailer and operates more than 2,000 stores in 13 countries worldwide. Meijer operates 170 stores in five Midwestern states.

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Jo-Ann Stores Splits Exec Roles

BY CSA STAFF

Hudson, Ohio, Jo-Ann Stores split the role of chairman and CEO within its organizational hierarchy. The company said the change would allow it to accelerate its ongoing strategic transformation while bringing sharper focus to the execution of the strategy and the management of day-to-day operations.

Under the new structure, Alan Rosskamm, currently chairman, president and CEO, will serve as executive chairman with primary responsibility for the strategic direction, vision and culture of the company. An immediate nationwide search will be launched to fill the new position of president and CEO.

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RadioShack and Wal-Mart Lead Wireless Retail Pack

BY CSA STAFF

Port Washington, N.Y., According to a new report from The NPD Group, consumer satisfaction with the wireless retail shopping experience is low across the board, with only 24% of recent mobile-phone purchasers stating that they had an excellent or good experience. While NPD’s survey confirms that the vast majority of mobile phone and service purchases are made at carrier-owned stores, consumers who purchased from other types of stores, including mass merchants and electronics retailers, reported higher levels of satisfaction. RadioShack and Wal-Mart were the top two retailers in terms of overall shopping experience, and also ranked high in other metrics including helpful sales staff, variety and selection of wireless products, and store layout.

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