BUSINESS
January 25, 2010 | By Dawn C. Chmielewski
Wal-Mart Stores Inc., the world's largest retailer, will eliminate some 11,200 jobs at its Sam's Club stores as it brings in an independent marketing firm to perform in-store product demonstrations. Outsourcing the in-store demonstrations to Shopper Events, a marketing firm based in Rogers, Ark., will trim about 10,000 jobs, or 9% of the company's workforce, the company said. Most of these positions are part time, the company said. The retailer also will eliminate about 1,200 jobs in business membership recruiting, or about two positions at each of its U.S. warehouse clubs.
BUSINESS
January 22, 2010 | By Andrea Chang
Hoping to tap into consumers' new frugality, luxury department store chain Bloomingdale's plans to launch an outlet store concept this year. The decision, announced Thursday by parent company Macy's Inc., calls for four outlets to open this summer or fall, with more locations expected for 2011 and beyond. The first stores are scheduled to open in Paramus, N.J.; Miami; Sunrise, Fla.; and Woodbridge, Va. "We have been studying the opportunities for entering the off-the-mall outlet business for some time, and the timing now is right given the consumer's particular focus on value in addition to fashion and quality," Terry J. Lundgren, chief executive of Macy's Inc., said in a statement.
BUSINESS
January 12, 2010 | By Andrea Chang
Wal-Mart Stores Inc., the world's largest retailer, said Monday that it would close 10 underperforming Sam's Club stores, including four in California. In the Southland, the warehouse club operator will shut stores in Irvine, La Quinta and Vista. Other closures will include stores in the Sacramento, Houston and Phoenix markets. Spokeswoman Susan Koehler said the stores are scheduled to close Jan. 22. She said she didn't know why so many California locations were affected. "It's not related to the economy," she said.
BUSINESS
November 9, 2009 | Associated Press
Investors will get some guidance about the economy this week from data issued not by the government but by big retailers in the form of third-quarter earnings reports. The financial markets are still trying to get a sense of whether consumers, while worried about unemployment, are nonetheless willing to spend, especially as the holiday season approaches. Retailers' earnings reports and outlooks for the future should give them clues about the economic recovery. Investors will also get a first look at consumer sentiment during November.
BUSINESS
May 15, 2009 | Alex Pham
Video games, once considered recession-resistant, are showing signs of economic strain. Game prices are coming down, and so are sales. Hot titles like Guitar Hero are feeling the pressure. Even sales of Nintendo Co.'s popular Wii consoles are down. Overall, industry sales in the U.S. stumbled 17% in April over the previous year, with console sales dropping 8% and games sliding 23%, according to a report released Thursday from tracking firm NPD Group Inc.
BUSINESS
May 14, 2009 | Sandra M. Jones, Jones writes for the Chicago Tribune.
Not long ago, a trip to the dollar store meant going on a treasure hunt through cluttered aisles not knowing what you would find: a cranberry-scented candle, a scratchy towel, a box of look-alike Oreos. But in the last few years, dollar stores have been going through a makeover, adding refrigerators and freezers, stocking more food and cleaning up the presentation. As the recession hit, the dollar stores were ready with low-price groceries to attract a newly frugal middle class.