FINANCE

Young Customers More Enriching for Retailers on Valentine’s Day

BY CSA STAFF

New York City, When it comes to Valentine’s Day, young customers are the most enriching for retailers.

Customers over the age of 50 spend an average of $45 on Valentine’s Day, whereas those between the ages of 18 and 34 spend about $145, according to Robert Passikoff, president of Brand Keys, Inc.

Regardless of age, however, Passikoff said, gift giving during Valentine’s Day has become more of a major retail holiday in the past few years.

“The event gets bigger every year,” Passikoff said. “This year we’re seeing consumers report higher after-Christmas redemption rates of gifts cards going for purchases for the closest major holiday, Valentine’s Day. And this year the average price placed on love is $113.00.”

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OPERATIONS

Ex-Wal-Mart Exec Pleads Guilty to Fraud

BY CSA STAFF

Fort Smith, Ark., Tom Coughlin, former vice chairman of Wal-Mart Stores, pleaded guilty to fraud and tax charges on Tuesday, admitting that he stole money, gift cards and merchandise from the world’s largest retailer.

Coughlin, 57, faces a maximum of 28 years in prison after pleading guilty to five counts of wire fraud and one count of filing a false tax return. He also could be fined $1.35 million. The judge ordered a presentencing report that will take up to 14 weeks to prepare. In documents filed with the court, Coughlin specifically admitted defrauding the company to pay for the care of his hunting dogs, lease a private hunting area, upgrade his pickup truck, buy liquor and a cooler, and receive $3,100 in cash.

The former executive said his guilty plea was in the best interest of his family, friends and community.

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OPERATIONS

Boscov’s Inc. Chairman, President Announce Retirement

BY CSA STAFF

New York City, Boscov’s Inc. chairman Edwin Lakin and president Albert Boscov announced their retirements Monday from the $1.1 billion retail company. Boscov, 76, is the son of Solomon Boscov, a Russian immigrant who founded the chain in 1911 by selling goods from a horse-drawn wagon.

Ken Lakin, the son of Edwin Lakin and nephew of Albert Boscov, who has been running the department stores as CEO, was named chairman and CEO of the corporation, the holding company for the department stores.

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