Page 24 - ARUBA TODAY

Tuesday 15 augusT 2017 BUSINESS
A24

Target to shore up grocery, delivery service

NEW YORK (AP) — Target tailer said earlier Monday zon.
announced moves Mon- that it would buy delivery Target’s move is aimed not
day aimed at helping it logistics company Grand at online shoppers, but at
shore up two key areas: Junction to help it offer making buying an easier
groceries and delivery. same-day delivery service decision for in-store shop-
To boost its grocery busi- to in-store shoppers. pers. The company has
ness, the company said Software made by the San been working with Grand
it hired executives from Francisco-based compa- Junction to test same-day
rival Walmart and from ny connects retailers with delivery at a New York
Cheerios maker General about 700 delivery com- store. Shoppers there can
Mills. Target’s grocery sec- panies around the coun- ask to have heavy bags,
tion hasn’t been as big a try that pick up items from a sofa or anything else de-
draw for shoppers as the stores or distribution centers livered that day for a fee,
department has been and take them to custom- that’s calculated based on
for Walmart. Mark Kenny, ers. time and location.
who will join Target from Expanding delivery and Target plans to expand
Walmart later this month, making it faster have been the service to other New
will oversee Target’s meat, key areas for retailers trying York locations this year,
seafood and deli sections. to attract convenience- and then bring it to other
Former General Mills exec- seeking shoppers. Target major cities next year. The
utive Liz Nordlie will run Tar- and Walmart have adjust- company said it eventually
get’s privately owned food ed their shipping programs plans to use the software to
and beverage brands. as they try to lure online offer faster deliveries for on-
The Minneapolis-based re- shoppers away from Ama- line orders. q

This photo shows the logo on a Target store in Upper Saint Clair, Pa. Target says it is buying delivery
logistics company Grand Junction to help it offer same-day delivery service to its in-store shop-
pers. Grand Junction’s software connects retailers with about 700 delivery companies around the
country that pick up items from distribution centers and take them to customers.
(AP Photo/Gene J. Puskar)

Fed official: Bond portfolio could shrink soon

By MARTIN CRUTSINGER investors for a reduction in Fed’s previous increases in
AP Economics Writer the portfolio, which swelled March and June this year.
NEW YORK (AP) — A top after the 2008 financial cri- Speaking of the Fed’s likely
Federal Reserve official sis as the Fed bought bonds September announce-
suggested Monday that to reduce long-term rates. ment that it will begin
the Fed will likely announce With the economy now shrinking its $4.5 trillion bond
next month that it will begin much healthier, the Fed is portfolio, Dudley expressed
paring its bond portfolio — ready to begin trimming its confidence that investors
a step that could lead to bond holdings. would react calmly to the
slightly higher rates on mort- Dudley also said that he prospect of modestly high-
gages and other loans. would favor a third in- er rates on some consum-
In an interview with The As- crease this year in the Fed’s er and business loans. He
sociated Press, William Dud- benchmark short-term rate noted that the Fed spelled
ley, president of the Fed- if the economy remained out to investors months
eral Reserve Bank of New strong. Many investors ex- ago the system it plans to
York, said he thinks the Fed pect a modest rate hike in use to reduce the portfolio
has adequately prepared December, to follow the gradually.q