Best Buy announces leadership changes.
Shari Ballard, 45, has been appointed president of Best Buy
International, effective immediately, while Michael Vitelli,
56, will become president of Best Buy U.S. (source
Stores has named a replacement for Eduardo Castro-Wright,
who is retiring.
Neil Ashe became the new president and CEO of the company
effective Jan. 16, with Castro-Wright assisting him with the
Largest mall in Russia, sold for $1.1Billion.
Morgan Stanley real
estate fund decided to acquire the biggest mall in central
St. Petersburg, Russia, for almost $1.1 billion. The five
level mall has 250 stores and over 1 million square feet of
retail space. (source
Well-off people who cannot resist the urge to steal from
shops are becoming a growing trend.
Why do people shoplift items they don't need? According to
psychologists, a least one third of shoplifters blame their
crime on their emotional issues. Only around 3 percent
shoplift for a profit and the rest shoplift as a response to
personal or social issues. With Britain now the shoplifting
capitol in Europe and a new British documentary out (Secrets
of the Shoplifters), shoplifting in the UK is becoming more prominent.
Foot traffic in New York was up 4.7% in 2011 versus and 3.1%
drop nationwide, thanks to to tourists who "really shopped
till they dropped."
Holiday foot-traffic in the Big Apple greatly outpaced the
nation, according to a new report from ShopperTrak, which
monitors such statistics in 25,000 U.S. stores. The firm
tracked shoppers from Nov. 1 through Dec. 31 and reported
that shop traffic in the New York metro area was up 4.7% in
2011, compared with 2010. (Source
CrimeStoppers tip nabs a women suspect in grand theft of
Last summer Dana Frazier was part of an organized group of
shoplifters stealing for Winn Dixie and CVS, now she is
behind bars. (Source
Ankle monitor wearing suspect steals a $35,000 ring.
Shannon Lashea Porter, 26, is jailed on an escape from
confinement charge that was filed Jan. 5, as well as on
complaints of conspiracy to commit a felony, larceny from a
retailer and false impersonation after prior felony
Hong Kong police are looking for a $1.6 Million ring.
of Swiss jeweler Chopard left her $1.6 million dollar ring
in a hotel washroom, when she returned, the ring was gone.
The 16 caret emerald ring with 674 smaller diamonds is
hoping to be returned to its owner. (source
Kraft To Cut 1,600 Jobs In U.S. and Canada.
Kraft Foods Inc.
said Tuesday it plans to cut 1,600 jobs, to realign its U.S.
sales organization and prepare for its split into two
companies by the end of 2012. The cuts are primarily from
the sales, corporate and business units, and about 20% of
the jobs are currently open positions. (source
Forever 21 opens
today in Hong Kong
RILA Hosts A Successful Retail Operational
Audit Forum at The Home Depot Headquarters
Last week members of RILA's Operational
Audit Committee and distinguished guests
spent two days gaining insights around
operational audit leading practices. With
presentations by NIKE, AutoZone, Tractor
Supply Company and meeting sponsor
Pricewaterhouse Coopers (PwC) and
facilitated open discussion, attendees
discussed top-of-mind opportunities,
challenges, and innovative solutions. Topics
addressed during the meeting included
mobile/tablet technology for auditing,
distribution center auditing practices,
compliance vs. awareness assessments,
auditing for brand compliance with vendors,
quality assurance reviews after audits,
auditing at international retail locations,
procedures after failing an audit, measuring
RIO, and more. Store site visits to
walk-through audit practices in-person were
hosted by Old Navy (Gap) and The Home Depot.
Distribution site visits were hosted by
Kmart (Sears) and Clorox (Exel). After
drawing on the group’s collective expertise,
the meeting attendees left the meeting with
innovative approaches to consider at their
respective companies, as well as new
relationships for future collaboration.
For more information on how you can engage
in these retail auditing-specific
Liz Benson at RILA.