Publix Plans Aggressive Five-Year Store Construction Schedule

LAKELAND, FL-Ignoring the national economic slowdown, the 647-store Publix Super Markets Inc. plans to build 340 stores throughout Florida, Georgia, South Carolina and Alabama over the next five years at an average cost of $4 million per store for an aggregate $1.36 billion investment. Lakeland is 60 miles south of Downtown Orlando.

Publix CEO Howard Jenkins laid out the plans in a prepared statement but did not disclose construction costs or store sizes. Based on the chain’s average store size of 80,000 sf, retail brokers who have worked with Publix for years tell GlobeSt.com the company’s expansion move amounts to 27.2 million sf. An undetermined number of new locations will replace older stores.

The fast-track store development phase averages 68 stores a year, up from a previously projected 54 stores in 2001 and 46 units in 2000. The company’s profit in 2000 was $530.4 million on revenue of $14.7 billion. In 1999, Publix earned $462.4 million on sales of $13.2 billion.