• The Washington Post this morning reports that Target reported Q3 profits of $608 million, up from $549 million a year earlier, on quarterly revenue that was down 6.7 percent to $16.4 billion. (The revenue decrease is ascribed largely to the fact that Target no longer has a pharmacy business, having sold it to CVS.) The story also notes that "Target’s online sales grew 26 percent in the latest quarter, and yet e-commerce still accounts for a tiny sliver of the big-box chain’s overall sales: In the quarter, just 3.5 percent of sales came from the Web."
USA Today reports that Target CEO Brian Cornell said Wednesday "that he's 'increasingly confident' the company will open 'hundreds' of small-format stores, reshaping the big-box chain's image and real estate footprint ... Target is currently operating nearly 30 small-format locations, including a new 45,000-square-foot store in Manhattan's hip Tribeca neighborhood, where the retailer hopes to glean lessons it can apply to future stores."
• The Wisconsin State Journal reports that 10 months after Kroger acquired Roundy's for $800 million, five of the seven Madison, Wisconsin-area Copps stores have been converted to the Pick 'n save banner; the overhaul "included new flooring, lighting and display cases; an updated layout, and new labeling for organic, vegan and gluten-free items."
"Our objective in renaming these Copps stores under the Pick ’n Save banner is to simplify our business,” says Jim Hyland, Roundy’s vice president of communications. “We are unifying these banners under the Pick ’n Save brand to improve efficiency, value and consistency for the benefit of our customers in the Madison market.”
A market, the story points out, that is highly competitive - Hy-Vee, Woodman’s Markets, Metcalfe’s Markets, Sam’s Club, Costco, Target and Walmart all operate there.
• The State reports that Southeastern Grocers is converting a number of Winn-Dixie and Bi-Lo stores that it owns throughout the Southeast - in Georgia, South Carolina, North Carolina and Florida - to its Harveys discount banner, as well as upgrading a number of existing Harvey's units. In total, 73 stores are being affected, with the company saying that the goal is to provide “great value, stunning quality food and serving with personality.”
USA Today reports that Target CEO Brian Cornell said Wednesday "that he's 'increasingly confident' the company will open 'hundreds' of small-format stores, reshaping the big-box chain's image and real estate footprint ... Target is currently operating nearly 30 small-format locations, including a new 45,000-square-foot store in Manhattan's hip Tribeca neighborhood, where the retailer hopes to glean lessons it can apply to future stores."
• The Wisconsin State Journal reports that 10 months after Kroger acquired Roundy's for $800 million, five of the seven Madison, Wisconsin-area Copps stores have been converted to the Pick 'n save banner; the overhaul "included new flooring, lighting and display cases; an updated layout, and new labeling for organic, vegan and gluten-free items."
"Our objective in renaming these Copps stores under the Pick ’n Save banner is to simplify our business,” says Jim Hyland, Roundy’s vice president of communications. “We are unifying these banners under the Pick ’n Save brand to improve efficiency, value and consistency for the benefit of our customers in the Madison market.”
A market, the story points out, that is highly competitive - Hy-Vee, Woodman’s Markets, Metcalfe’s Markets, Sam’s Club, Costco, Target and Walmart all operate there.
• The State reports that Southeastern Grocers is converting a number of Winn-Dixie and Bi-Lo stores that it owns throughout the Southeast - in Georgia, South Carolina, North Carolina and Florida - to its Harveys discount banner, as well as upgrading a number of existing Harvey's units. In total, 73 stores are being affected, with the company saying that the goal is to provide “great value, stunning quality food and serving with personality.”
- KC's View:
