• Office Depot executive departs
Office Depot’s No. 2 executive — Kevin Peters — is leaving his post as president for the office-supply retailer to assume the role of CEO at an undisclosed industrial distribution company.
Chairman and CEO Neil Austrian will assume oversight of Office Depot's North American business from Peters, who served the company for five years in various senior capacities.
The specialty retailer unveiled the 5K Store format under the direction of Peters. This retail format was designed to provide customers with more convenience.
Office Depot recently announced declining sales are expected to ease over the next two years as the company has adopted several turnaround strategies.
Shares closed Monday (Jan. 7) at $3.63 down 3 cents. For the past 52 weeks the share price has ranged from $1.51 to $3.81.
• Target shifts to food focus
In an unexpected move Target Stores Inc. — known for trendy fashions — has shifted focus to foods with a national ad campaign that specifically promotes grocery by leveraging its fashion reputation.
The ads spotlight grocery and home products, spoofing them as fashion accessories that support models walking a runway or in the midst of a photo shoot. The first of four ads can be viewed on the YouTubeChannel.
Target is expanding its national grocery presence and has added fresh food sections in about 1,100 of its 1,782 stores nationwide.
The big box retailer posted flat comparable sales during the recent holiday season and appears to going after grocery dollars like its major competitor Wal-Mart.