Content about Economy of the United States

Everybody loves a turnaround story. RadioShack is betting that the now-former president of daily living products and solutions for Walgreens, Joe Magnacca, will help author a turnaround story of its own for the small-box consumer electronics retailer.

TORONTO — Despite continuing to face regulatory headwinds in the Canadian market, executives at Canadian pharmacy retailer Shoppers Drug Mart were “pleased” with fourth-quarter results and indicated that the company will continue to pursue acquisition opportunities.

NEW YORK — Verizon Communications on Thursday elected Greg Wasson, Walgreens president and CEO, to the Verizon board of directors, effective March 1.

"Greg Wasson brings to Verizon an in-depth knowledge of the retail and healthcare industries," stated Lowell McAdam, Verizon chairman and CEO. "He offers a unique perspective as the leader of a successful Fortune 50 company focused on innovation, traditional and nontraditional growth, operational and technical excellence, and multichannel integration. We welcome him as a valuable addition to our board."

HOFFMAN ESTATES, Ill. — Kmart is marking Black History Month in February with a financial empowerment campaign aimed at African-Americans, the mass merchandise retailer said Wednesday.

Kmart said it would partner with Essence Magazine senior editor for personal finance and careers Tanisha Sykes for the sixth-annual Share the Word campaign.

CINCINNATI — Kroger on Tuesday promoted Jeff Burt to president of the company's Central division, where he will be responsible for 136 food stores primarily in Indiana and Illinois.

Burt, 50, has been group VP perishables, merchandising and procurement since 2010. He succeeds Bob Moeder, who recently announced his plans to retire this spring.

TORONTO — Target has made its REDcard cards available for customers at its Canadian stores, the mass merchandise retailer said.

MINNEAPOLIS — Supervalu on Monday named Sam Duncan president and CEO. In this role he succeeds Wayne Sales, who has served as the company’s president and CEO since July 2012. The succession was first reported last month, when Supervalu announced its agreement with AB Acquisition to sell five of its retail banners as well as enter into an agreement with Symphony Investors to conduct a tender offer for up to 30% of Supervalu's outstanding common stock. 

Walgreens promoted Joseph Magnacca to EVP from SVP. Magnacca also retains his title as president of daily living products and solutions. In this capacity, Magnacca will continue to oversee Walgreens merchandising and inventory strategy, private brands, insights and analytics, and the New York-based Duane Reade drug store chain, which Walgreens acquired in 2010. 

LOS ANGELES — The All American Pet Co. said its new line of nutrition bars for dogs is on its way to Walmart.

The company said Thursday that its three SKUs of NutraBars were on their way to "the world's largest retailer" for its first purchase order, though it didn't mention Walmart by name.

"We can get the retailer, but we can't write the retailer's purchase order," AAPT CEO Barry Schwartz said. "We created the bar and have the capabilities to meet the demand."

ROCHESTER, N.Y. — During the fall 2012 checkout scanning campaign at 45 Wegmans stores in New Jersey, Virginia, Maryland, eastern Pennsylvania, and the Greater Rochester region of New York, hunger relief donations totaled $1.4 million, Wegmans reported Wednesday. 

“We’re thankful for our customers and employees who step up to give in such a generous way,” stated Linda Lovejoy, Wegmans' community relations manager. “Their donations at checkout help reduce hunger that exists right in our own neighborhoods and communities.”

PLEASANTON, Calif. — Safeway and ExxonMobil on Wednesday announced a new loyalty program that will award customers in the Mid-Atlantic region Reward Points, redeemable at any ExxonMobil station, for products purchased at Safeway.  

According to a recent Safeway survey, one-third of families go out of their way to look for deals because saving money is important to them. Nearly three out of four people will drive out of their way to purchase more affordable gas, and 76% of consumers said they would change where they grocery shop and purchase gas to save money. 

CITY OF COMMERCE, Calif. — 99¢ Only Stores last week announced that Richard Anicetti has assumed the role of interim CEO. In addition, Michael Fung will join the company as interim chief administrative officer overseeing finance, information technology, real estate and various administrative functions of the company. 

In connection with the foregoing changes, the original family management team Eric Schiffer, Jeff Gold and Howard Gold are no longer employed by the company.