STORES Magazine - December 2009 - (Page 194)

CONSIDER THIS / NRF NEWS Carryback — and a Payout etailers struggling to survive the recession may soon see a welcome influx of cash thanks to a tax law change passed by Congress and an earlier-than-expected payout from NRF’s lawsuit with Visa and MasterCard over their debit card practices. Legislation extending unemployment benefits included a provision sought by NRF that will allow businesses to “carry back” losses suffered in either 2008 or 2009 as a means to claim a tax refund from previous years when they made a profit. Losses can now be carried back up to five years, compared with two years under previous law – a change that could add up to more than $10 billion for retailers and other companies. NRF testified before Congress that many retailers need the money to buy inventory or hire staff for the remainder of the holiday season and could have been forced to lay off R workers, close stores or even go out of business without it. Retailers will see an accelerated disbursement of another $1 billion-plus if a federal judge approves a proposal to complete distribution of the funds from the 2003 settlement of a class-action lawsuit brought against Visa and MasterCard by NRF and about 20 of the nation’s largest retailers. Visa and MasterCard were paying the $3.1 billion settlement on an installment plan scheduled to run through the end of 2012, with about $1.85 billion paid so far. Rather than continue to make installments, Visa and MasterCard have agreed to pay $1.1 billion immediately. That means retailers will receive slightly less than originally agreed, but the money will come at a time when many are strapped for cash. The judge’s decision was expected after Thanksgiving. Most retailers that accepted debit between 1992 and 2003 will be eligible for a share. And the Winners Are… T he National Retail Federation honors the industry’s brightest, dedicated and most innovative companies during the Annual Retail Industry Luncheon at NRF’s Annual Convention and EXPO. For 2010, the Gold Medal Award, the most coveted recognition in retail, is being given to Polo Ralph Lauren president and COO Roger Farah, who will accept on behalf of the company. Tony Hsieh, the CEO of Zappos.com, will be honored as the Retail Innovator of the Year because of the imagiTony native techniques that have distinguished ZapHsieh pos.com as a retail pioneer. The International Retailer of the Year award will be given to Tadashi Yanai, chairman and CEO of Fast Retailing, which has been recognized for excellence in Japan and across the globe. The Silver Plaque will be awarded to Dave Ratner, president of Dave’s Soda Pet City, for his outstanding leadership in the retail industry and as an active member of NRF. NRF Foundation in China epresentatives of the NRF Foundation are traveling to Beijing this month to launch the Retail Operations Management program and work with local trainers to deliver curriculum that includes retail education programs that target corporate employers, vocational students and graduates of retail university programs, as well as certification exams. The NRF Foundation offers retail career training and certification programs in more than 300 sites across the United States. Along with Castle Worldwide, it is partnering with Greater Business Solutions Global of Beijing to deliver retail training and certification examinations in China. “As the leader in retail customer service, sales and management certification and training, the NRF Foundation is proud to be able to bring our expertise and talent to the table in this international venture,” says NRF president and CEO Tracy Mullin. R Roger Farah Tadashi Yanai 194 STORES / DECEMBER 2009 WWW.STORES.ORG http://www.Zappos.com http://www.Zappos.com http://www.Zappos.com http://WWW.STORES.ORG

Table of Contents for the Digital Edition of STORES Magazine - December 2009

Stores - December 2009
Contents
Editor’s Page
President’s Page
Wrapped in Mystery
Hot Colors for 2010
Holding the Line on New Lines
Busting Bad Customers
10 Things You May Have Missed
JCP Teams with Olsen Twins
Retail People
Concept2Watch
Half Full–or Half Empty?
Retail Industry Buying Guide
Loeb Retail Letter
ARTS Update
NRF News
Point of View
Retail Industry Calendar
End Cap

STORES Magazine - December 2009

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