Report: Target puts Canadian sales at $6 billion by 2017
NEW YORK — Target expects sales from its upcoming Canadian stores to total more than $6 billion by 2017, Dow Jones reported.
Speaking to Wall Street analysts, CFO Douglas Scovanner said Tuesday that Target expects to have more than 200 stores in Canada within the next five to 10 years, with the stores generating about $6 billion Canadian ($6.27 billion in U.S. dollars based on Tuesday’s exchange rate).
Target’s initial group of stores will open through the chain’s purchase in January of up to 220 leases held by Hudson’s Bay Co.’s Zellers stores.
Scovanner also said the chain expects to double net income over six years with help from its branded 5% RED rewards credit card and the addition of the Canadian stores. The card gives shoppers a 5% discount on every store purchase.
Hy-Vee opens fifth Fairfield location
FAIRFIELD, Iowa — Hy-Vee has opened a new store in Fairfield, Iowa, its fifth since it began operations there 60 years ago, the company said.
Hy-Vee said the store would include a pharmacy with drive-through service, foods for special dietary needs, natural and organic foods, an in-store dietitian, an attached wine and liquor store and a Hy-Vee Club Room for meetings, classes and events.
The company opened its first store in 1950 in Fairfield, a town of about 9,500 in southeastern Iowa.
Marsh Supermarkets CEO makes exit
INDIANAPOLIS — Marsh Supermarkets CEO Frank Lazaran is leaving the company, according to published reports.
The Indianapolis Star reported Tuesday that Lazaran was leaving after having led the company — based in the Indianapolis suburb of Fishers, Ind. — for four years.
The original owners, the Marsh family, sold the chain to Florida-based Sun Capital Partners in 2006 for $325 million.