Walmart's (WMT) U.K. division, Asda, is a bit of a disaster right now. In fact, compared to its parent-company, the discounter is a downright calamity. Last week, Asda was ranked the worst grocery store in the country, according to consumer advocacy magazine Which?. Its online offering didn't fare much better. The grocery chain was seen as having good values in food but with only average quality. Meanwhile, privately-held Waitrose was the best place to buy food in Britain because of its quality and easy-to-navigate stores. Shoppers dislike for Asda is translating into shrinking sales and market share. The division, which boosts more than 600 stores across the U.K., was Walmart's worst-performing
Warren Buffett's Berkshire Hathaway is out with its annual letter to shareholders. "Over the years, I’ve often been asked for investment advice, and in the process of answering I’ve learned a good deal about human behavior," Buffett said in the letter.
The Great Restructuring in retail continues. In the wake of a disappointing holiday season, J.C. Penney (JCP) said Friday it will close 130 to 140 stores by the second quarter. The store closures represent 13% to 14% of the company's current store base and less than 5% of annual sales. They have a negligible impact on net income. J.C. Penney said same-store sales at the locations were "significantly below" the remaining store base and operate at a much higher expense rate due to poor productivity. The company expects $200 million in annual costs savings from the efforts. "We believe closing stores will also allow us to adjust our business to effectively compete against the growing threat of