The addition of retired KPMG International chairman Timothy Flynn to the Walmart board gives the retailer some compliance expertise amid ongoing investigations into alleged violations of the Foreign Corrupt Practices Act.

Retail executives have more cash, are adding employees and enjoying stronger revenue, but they remain quite guarded longer term, not seeing a complete economic recovery until 2014 or later, according to the 2012 Retail Outlook Survey by audit, tax, and advisory firm KPMG LLP.

Retailers are ready to expand again, and likely will do so as the economy picks up, according to a new survey conducted by the charitable arm of the National Retail Federation and KPMG.