OPERATIONS

Wal-Mart shakes up e-commerce leadership

BY Staff Writer

Bentonville, Ark. — According to reports by Reuters and Bloomberg on Friday, Wal-Mart Stores is transferring management of its e-commerce business to store-level leadership in developed countries and said that two online executives are leaving the company.

According to the reports, e-commerce leaders in markets such as the United States, Canada and the United Kingdom, will now report directly to the heads of stores in those countries instead of global e-commerce executive Eduardo Castro-Wright.

The reports, based on an internal Wal-Mart memo provided to Bloomberg News, said that Raul Vazquez, who leads the developed markets group in global e-commerce, and Steve Nave, head of Walmart.com in the United States, are leaving the company.

The reorganization comes a year after Castro-Wright took charge at the online unit.

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FINANCE

Lowe’s profit dips in Q2, closed seven stores on Sunday

BY Katherine Boccaccio

Mooresville, N.C. — Lowe’s Cos. reported Monday that profit for the quarter ended July 29 was $830 million, down from $832 million in the year-ago period. The home improvement retailer closed seven underperforming stores on Sunday and trimmed its earnings forecast for the year.

“Despite some recovery in our seasonal business, our performance for the quarter fell short of our expectations," said Robert A. Niblock, CEO.

Net sales edged up 1.3% to $14.5 billion; same-store sales dipped 0.3%.

During the quarter, Lowe’s opened two stores, and said it expects to open about 25 stores in 2011, representing average sq. ft. growth of 1.3%.

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News

Barneys go Gaga for the holidays

BY CSA STAFF

NEW YORK — Barneys New York, announced that it has partnered with Lady Gaga for its 2011 holiday campaign.

According to a company press release, Barneys will convertan entire floor of its Madison Avenue flagship in New York City into a dedicated space for the holiday initiative. Starting in mid-November, "Gaga’s Workshop" will be brought to life throughout the fifth floor of the Men’s Store at the Madison Avenue flagship, and will also be supported in the store’s iconic Madison Avenue windows, the company reported.

Lady Gaga has worked with Barneys to designa range of exclusive, limited-edition, small gift items, which will be available for a limited time only at Gaga’s Workshop. In addition to Gaga’s Workshop in New York, a selection of items from the collection will also be available at Barneys New York locations nationwide and online at Barneys.com.

Barneys New York said it will donate 25% of sales from all items featured in Gaga’s Workshop to a charity of Lady Gaga’s choice in honor of this special program and in the spirit of the holiday season.

"Lady Gaga is a rare cultural phenomenon, not only because of her exceptional talents as a singer, songwriter and performer, but also with regard to her support of equality and individuality and status as a fashion icon," said Mark Lee, Barneys New York CEO. "Partnering with her in this unprecedented collaborative way to create the largest and most all-encompassing holiday theme that Barneys has ever mounted is a thrill. As a New York City landmark, we wanted to celebrate Lady Gaga as a fellow New Yorker and amazing talent."

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