Walgreens Announces Executive Promotions
Deerfield, Ill., Walgreen Co. announced Thursday that Stanley B. Blaylock and Mia M. Scholz have been promoted from divisional to corporate VPs.
Blaylock, 44, also will retain his title of VP of specialty pharmacy for Walgreens Health Services, the managed-care division of Walgreens.
Scholz, 41, was promoted to corporate VP of accounting and controller.
Study: Teen spending out of fashion
MINNEAPOLIS Teen spending in fashion declined 24%, according to a recent Piper Jaffray study. The survey found that spending decreases were most common among young women where spending was down 18%, as compared to a decline of 9% for young men.
Despite the drop in spending, the survey found that fashion is still important to teens.
“The fashion category still represents 42% of the total teen budget for the fall 2007 season despite moderation in spending habits,” said Jeff Klinefelter, senior retail research analyst at Piper Jaffray. “However, we found that spending expectations remain largely unchanged, as nearly 50% of the students plan to spend the same amount of money on apparel this season. We believe the discrepancy between budget dollars and expectations may be due to a decline in contributions from parents.”
Of the places where teens prefer to spend their money, Hollister topped the list for the sixth consecutive time, followed by West Coast Brands, American Eagle, Abercrombie & Fitch and Forever 21.
Gap Inc. to open in the Philippines
SAN FRANCISCO Gap Inc. announced Tuesday that it is partnering with the Rustan Group of Companies to bring the Gap and Banana Republic brands to the Philippines. Under a franchise agreement, Gap Inc. plans to open approximately eight Gap stores and four Banana Republic stores throughout the country.
The first Gap store is expected to open by the end of this year, and the first Banana Republic stores by spring 2008. All stores are scheduled to be open by 2012.
“The Philippines represents a natural market for Gap Inc. to expand its international presence,” said Ron Young, senior vp of international strategic alliances for Gap Inc. “The country has a strong, steadily growing economy, and consumers in this market have a great interest in iconic apparel brands such as ours.”
Gap Inc. reported that the Rustan Group will hold exclusive rights to operate Gap and Banana Republic stores in the Philippines. In addition, the company said tha the Rustan Group will purchase merchandise from Gap Inc. or suppliers designated by Gap Inc., and must adhere to Gap Inc.’s quality standards to preserve the reputation of the Gap and Banana Republic brands.