Tyler Florence to keynote International Home & Housewares Show
ROSEMONT, Ill. Tyler Florence, celebrity chef and Food Network star, will deliver the keynote address for the International Home & Housewares Show on March 22.
Florence, who hosts a number of Food Network shows and specials including “Tyler’s Ultimate,” will speak on the business of being a celebrity chef.
Lowe’s looking at Sam’s Club sites
The Canadian division of Sam’s Club, the club warehouse stores belonging to Wal-Mart, will close all six of its stores in March so it can focus on opening more Wal-Mart “supercentres” across Canada. The decision, announced on Feb. 26, may provide some new opportunities for Lowe’s, the U.S. home improvement retailer also looking to expand in Canada.
Maureen Rich, a Lowe’s spokeswoman, confirmed that the company is “in talks with Wal-Mart regarding the sites.” The six Sam’s Club stores are all located in Ontario, Pickering, Vaughan, Richmond Hill, London, Etobicoke and Cambridge.
Lowe’s Canada, headquartered in Toronto, Ontario, is currently building three units in the province, all scheduled to open by the end of August. The Mooresville, N.C.-based retailer already operates 11 stores in Canada. Eventually, the company has said, it wants to open 100 stores north of the U.S. border.
Rich told Home Channel News that Lowe’s Canada “continues to evaluate [other] sites” as well as the Sam Club’s locations.
Slower growth means more cash
With fewer new stores opening this year and next, and share repurchase activity on hold, Target stands to more rapidly accumulate a stockpile of cash. The company’s capital budget this year will fall within a range of $2 billion to $2.5 billion, well below last year’s levels, and the suspension of share repurchase activity means, “that we are likely to enjoy one of our strongest years ever in generation of free cash flow,” according to CFO Doug Scovanner. “Specifically, I expect Target to again generate more than $4 billion in cash from operation in 2009.”