Content about Economy of the United States

February 26, 2013

CVS Caremark president and CEO Larry Merlo presented a $50,000 check Tuesday to the Children's Hospital of Pittsburgh of the University of Pittsburgh Medical Center before attending a luncheon sponsored by the Economic Club of Pittsburgh.

WOONSOCKET, R.I. — CVS Caremark president and CEO Larry Merlo presented a $50,000 check Tuesday to the Children's Hospital of Pittsburgh of the University of Pittsburgh Medical Center before attending a luncheon sponsored by the Economic Club of Pittsburgh.

February 26, 2013

Sears Holdings will add some of its own products and allow customers to pick up products ordered from its flagship store in Chicago on the same day, according to published reports.

NEW YORK — Sears Holdings will add some of its own products and allow customers to pick up products ordered from its flagship store in Chicago on the same day, according to published reports.

February 26, 2013

Several pharmacy retailers got top place in a recent consumer satisfaction survey.

ANN ARBOR, Mich. — Several pharmacy retailers got top place in a recent consumer satisfaction survey.

A report released Tuesday by the American Customer Satisfaction Index ranked Rite Aid at the top among drug store chains, with a score of 77, a 3% improvement over last year. Walgreens gained 1%, for a score of 76, while CVS ranked 75, a 3% gain. The survey noted that CVS hit a low two years ago due to cost-cutting efforts.

February 25, 2013

Health insurer Aetna is offering individual health insurance plans to Costco members in Florida, the insurer said.

JACKSONVILLE, Fla. — Health insurer Aetna is offering individual health insurance plans to Costco members in Florida, the insurer said.

The Costco Personal Health Insurance program includes five plans and offers medical benefits, dental options, a network of doctors and hospitals and other services, as well as lower copays on prescriptions at the club retailer's pharmacies.

February 25, 2013

When Albertson's LLC announced last month that its parent company, AB Acquisition, an affiliate of Cerberus Capital Management, signed an agreement to acquire 877 stores from Supervalu in a deal valued at some $3.3 billion — a move that will reunite all Albertsons stores under one operator — it recast the rankings of the industry's leading pharmacy retailers.

When Albertson's LLC announced last month that its parent company, AB Acquisition, an affiliate of Cerberus Capital Management, signed an agreement to acquire 877 stores from Supervalu in a deal valued at some $3.3 billion — a move that will reunite all Albertsons stores under one operator — it recast the rankings of the industry's leading pharmacy retailers.

February 25, 2013

Bob Miller has a knack for turnarounds. In 1999, he took over Rite Aid as chairman and CEO, helping to stabilize the drug store chain at a time when Rite Aid was on the brink of bankruptcy, and many analysts were projecting Rite Aid would fold.

Bob Miller has a knack for turnarounds. In 1999, he took over Rite Aid as chairman and CEO, helping to stabilize the drug store chain at a time when Rite Aid was on the brink of bankruptcy, and many analysts were projecting Rite Aid would fold.

Miller joined Rite Aid soon after building Fred Meyer into a supermarket powerhouse. Kroger acquired the Midwest chain in a $8 billion deal in 1999.

February 25, 2013

Target will open a new store in East Kendall, Fla., one of the 18 it plans to open this year in the United States, the mass merchandise retailer said.

MINNEAPOLIS — Target will open a new store in East Kendall, Fla., one of the 18 it plans to open this year in the United States, the mass merchandise retailer said.

The 173,000-square-foot store will include a variety of products, including fresh produce, fresh packaged meat and pre-packaged baked goods.

"Target is excited to open our new store in October," Target VP stores for the southern region Sid Keswani said. "We look forward to deepening our commitment to south Florida, our guests and team members there."

February 25, 2013

When Supervalu announced this past summer a review of strategic alternatives, its goals were to improve its business, better position the company for the future and create the best opportunity to deliver shareholder value. This effort has led to the sale of 877 stores to AB Acquistion.

When Supervalu announced this past summer a review of strategic alternatives, its goals were to improve its business, better position the company for the future and create the best opportunity to deliver shareholder value. This effort has led to the sale of 877 stores to AB Acquistion.

Following the sale, Supervalu will consist of its wholesaler business, which serves 1,950 stores across the country; Save-A-Lot with approximately 1,300 stores across 35 states; and Supervalu's regional retail food banners Cub, Farm Fresh, Shoppers, Shop 'n Save and Hornbacher's.

February 21, 2013

Albertsons named the division presidents who will lead the 877 stores it will acquire from Supervalu after the purchase agreement closes next month, the company said. The two companies agreed to the purchase in January.

BOISE, Idaho — Albertsons named the division presidents who will lead the 877 stores it will acquire from Supervalu after the purchase agreement closes next month, the company said. The two companies agreed to the purchase in January.

February 21, 2013

UrgentRx announced expansion of its line of fast-acting over-the-counter flavored powder medications into Duane Reade and Walmart.

DENVER — UrgentRx on Wednesday announced expansion of its line of fast-acting over-the-counter flavored powder medications into Duane Reade and Walmart. 

February 21, 2013

Walmart saw a slight 1% increase in same-store sales at U.S. stores, but beat analyst estimates and delivered better-than-expected fourth-quarter profits, the company announced.

BENTONVILLE, Ark. — Walmart saw a diminutive 1% increase in same-store sales at U.S. stores, but beat analyst estimates and delivered better-than-expected fourth-quarter profits, the company announced Thursday.

Walmart said total sales increased 3.9% to $127.1 billion compared to $122.3 billion last year. Without the benefit of a favorable currency exchange situation, sales would have increased a lesser 3.7% to $126.8 billion. Full year sales increased by 5% to $466.1 billion compared to last year’s total of $443.8.

February 20, 2013

GNC is ramping up its reach beyond its 6,100 retail outlets, Joe Fortunato, the company's chairman, president and CEO, told analysts last week.

PITTSBURGH — GNC is ramping up its reach beyond its 6,100 retail outlets, Joe Fortunato, the company's chairman, president and CEO, told analysts last week. The company's relationship with Sam's Club, which incorporated a branded shelf in July, is expanding; new products are being introduced to PetSmart, suggesting potential growth in pet supplements; and GNC's Marked line, co-developed with action movie star Mark Wahlberg, has been launched through Rite Aid and Walgreens. 

February 20, 2013

Supermarket operator Ahold USA could be in a position to buy Matthews, N.C.-based supermarket chain Harris Teeter, according to published reports.

NEW YORK — Supermarket operator Ahold USA could be in a position to buy Matthews, N.C.-based supermarket chain Harris Teeter, according to published reports.

Citing remarks by BMO Capital Markets analyst Karen Short, the Wall Street Journal reported that Ahold, Publix Super Markets and Kroger Co. would be candidates for a purchase of Harris Teeter, with Ahold named as the most logical candidate due to an acquisitive nature and a desire to enter the southern United States.

February 19, 2013

Kroger promoted Robert Clark, 28-year veteran, as group VP non-perishables.

CINCINNATI — Kroger on Tuesday promoted Robert Clark as group VP non-perishables.

"Robert brings impactful leadership and extensive merchandising experience to our team," stated Michael Donnelly, Kroger's SVP merchandising. "His valuable knowledge of our customers across the country will further strengthen our strategic direction."

February 19, 2013

Management of specialty drugs under the medical benefit continues to trail management under the pharmacy benefit, according to a new report by the Pharmacy Benefit Management Institute.

PLANO, Texas — Management of specialty drugs under the medical benefit continues to trail management under the pharmacy benefit, according to a new report by the Pharmacy Benefit Management Institute.

February 19, 2013

More than 20 athletes from Special Olympics Florida experienced what it’s like to be a major league ball player when they took part in a recent CVS Caremark All Kids Can Baseball Camp during Red Sox Spring Training.

WOONSOCKET, R.I. — More than 20 athletes from Special Olympics Florida experienced what it’s like to be a major league ball player when they took part in a recent CVS Caremark All Kids Can Baseball Camp during Red Sox Spring Training.

February 15, 2013

Jewelry maker Tiffany & Co. is suing Costco Wholesale, alleging that the club retailer falsely marketed diamond engagement rings as coming from the New York-based jeweler, according to published reports.

NEW YORK — Jewelry maker Tiffany & Co. is suing Costco Wholesale, alleging that the club retailer falsely marketed diamond engagement rings as coming from the New York-based jeweler, according to published reports.

News media reported that Tiffany filed suit against Issaquah, Wash.-based Costco in the Federal District Court in Manhattan.

February 15, 2013

Sears Holdings, the parent company of mass merchandiser Kmart, is throwing its support behind a bill that would grant states authority to enforce existing sales tax laws and require out-of-state online retailers to collect and remit sales taxes on sales made to their residents.

HOFFMAN ESTATES, Ill. — Sears Holdings, the parent company of mass merchandiser Kmart, is throwing its support behind a bill that would grant states authority to enforce existing sales tax laws and require out-of-state online retailers to collect and remit sales taxes on sales made to their residents.

The Marketplace Fairness Act was sponsored by Sens. Dick Durbin, D-Ill.; Mike Enzi, R-Wyo.; Lamar Alexander, R-Tenn.; and Heidi Heitkamp, D-N.D.; as well as Reps. Steve Womack, R-Ark.; Kristi Noem, R-S.D.; Peter Welch, D-Vt.; and John Conyers, D-Mich.

February 14, 2013

Target has a deal with pop music group Mindless Behavior to let fans write lyrics for the band, the mass merchandise retailer said.

MINNEAPOLIS — Target has a deal with pop music group Mindless Behavior to let fans write lyrics for the band, the mass merchandise retailer said Thursday.

The contest, called "Your Lyrics, Their Voices," gives fans the opportunity to write their own song lyrics for a verse of a special fan edition of the title track for the album "All Around the World."

February 11, 2013

A group of former executives from Save-A-Lot, Grandpa's Stores and Deals: Nothing Over a Dollar has teamed up to create a new business venture that they said would combine wholesale, retail and e-commerce components.

ST. LOUIS — A group of former executives from Save-A-Lot, Grandpa's Stores and Deals: Nothing Over a Dollar has teamed up to create a new business venture that they said would combine wholesale, retail and e-commerce components.

February 11, 2013

Mylan has appointed its president and a former partner at Goldman Sachs to its board of directors, the generic drug maker said.

PITTSBURGH — Mylan has appointed its president and a former Goldman Sachs & Co. partner to its board, the generic drug maker said Monday.

Mylan announced the appointment of president Rajiv Malik and former Goldman Sachs partner Melina Higgins to its board.

February 11, 2013

Target is selling a special edition of Justin Timberlake's new studio album, the mass-merchandise retailer said.

MINNEAPOLIS — Target is selling a special edition of Justin Timberlake's new studio album, the mass-merchandise retailer said Monday.

Target said its edition of Timberlake's album, "The 20/20 Experience," would feature two bonus tracks, "Dress On" and "Body Count."

February 8, 2013

RadioShack on Thursday evening tapped Joe Magnacca, who played a key role in making Walgreens' front-end transformation pop, to be the small-box electronics retailer's chief executive. On Friday morning, RadioShack's shares jumped as Wall Street absorbed the news.

And while that hire makes perfect sense for RadioShack, where does that leave Walgreens? While merchants the likes of Magnacca don't exactly grow on trees, in classic hedgehog style the news also speaks to the depth of Walgreen's bench. The company has a lot of faith in Bryan Pugh. They hired him to be chief merchant before they bought Duane Reade and acquired a problem just about any retailer would love to have: two very talented men leading the merchandising drive.

RadioShack on Thursday evening tapped Joe Magnacca, who played a key role in making Walgreens' front-end transformation pop, to be the small-box electronics retailer's chief executive. On Friday morning, RadioShack's shares jumped as Wall Street absorbed the news. 

February 8, 2013

During its fourth-quarter conference call on Wednesday, CVS Caremark officially unveiled its foray into the international drug store space with the acquisition of Brazilian retailer Onofre, the eighth-largest drug chain in Brazil.

Now that the other shoe has dropped, what's next?

While chains are prevalent, Brazil remains a highly fragmented market that is clearly ripe with opportunities thanks, in part, to an aging population, a decline in unemployment and a rise in incomes.

During its fourth quarter conference call on Wednesday, CVS Caremark officially unveiled its foray into the international drug store space with the acquisition of Brazilian retailer Onofre, the eighth-largest drug chain in Brazil.

Now that the other shoe has dropped, what's next?

While chains are prevalent, Brazil remains a highly fragmented market that is clearly ripe with opportunities thanks, in part, to an aging population, a decline in unemployment and a rise in incomes.

February 7, 2013

Costco's sales increased 7% in January compared with January 2012, the club retailer said.

ISSAQUAH, Wash. — Costco Wholesale Corp.'s sales increased 7% in January compared with January 2012, the club retailer said Thursday.

Costco reported sales for the five weeks that ended Sunday of $9.35 billion, compared with $8.74 billion a year ago. The month was one day shorter than last year due to the timing of the New Year holiday, which reduced total and same-store sales by about 2%, the company said. Comps in U.S. stores were up by 6%.