Wal-Mart Stores plans February name change
Wal-Mart Stores Inc. is changing its legal name effective Feb. 1 as it shifts away from physical stores in the age of Amazon’s increasing dominance.
The world’s largest retailer, based in Bentonville, Arkansas, said Wednesday it will change its legal name to Walmart Inc. from Wal-Mart Stores Inc.
It said the move underscores its growing emphasis on serving shoppers in different ways beyond just physical stores but also online, on their mobile devices and through pickup and delivery. The company has been making inroads in narrowing the gap between itself and Amazon by making big investments in its online business. It tripled the number of items sold online from a year ago, overhauled its free shipping strategy and is expanding such services as allowing shoppers to pick up online grocery orders curbside at the stores. That has helped drive strong e-commerce sales gains in the past several quarters, most recently 50 percent growth in its fiscal third quarter. It operates more than 11,600 stores and clubs under 60 different banners worldwide.
Home Depot sets annual sales target
Home Depot, the world’s largest home-improvement retailer, plans to invest more in its stores and employees in the next three years as it pursues a new target of almost $120 billion in annual sales.
Ahead of an annual meeting with analysts and investors on Wednesday, the Atlanta-based company also announced plans to buy back as much as $15 billion in stock. The retailer reiterated earlier earnings and sales growth forecasts for the current year.
Home Depot vowed to spend more on its supply chain and customer experience, aiming to adapt to the upheaval rocking the retail industry. Though the chain has largely been immune to customers defecting to Amazon.com — it’s usually impractical to buy a two-by-four of lumber online — management wants to make sure Home Depot doesn’t get passed by.
“The retail landscape is changing at unprecedented rates,” Chief Executive Officer Craig Menear said in a statement.
Walgreens buys into pharmacies in China
Walgreens Boots Alliance took a 40 percent stake in the leading retail-pharmacy chain in China, boosting its investment in the country.
Deerfield, Illinois-based Walgreens said in a Wednesday statement that it would invest $418 million in Sinopharm Holding Guoda Drugstores Co., a subsidiary of China National Accord Medicines Corp. that has operated retail pharmacies across China since 2004.
China is the world’s second-biggest pharmaceutical market. The country recently underwent changes, including using trial data from overseas, that will speed up approvals of medicines and medical devices.
Walgreens Chief Executive Officer Stefano Pessina said he is “excited about the opportunity to further invest in the country’s fastest growing retail pharmacy sector,” adding that his company has had a presence in China for about a decade.