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Supervalu Investing $1B-Plus in Renovations

MINNEAPOLIS-The grocery retailer will redeploy up to $1.1 billion in opening new stores, and remodeling and remerchandising existing units, across all store banners.

By Debra Hazel | Updated on June 14, 2006

(For more retail coverage, click GlobeSt.com/RETAIL.)

MINNEAPOLIS-Fresh on the heels of acquiring selected assets of Albertson’s Inc., Supervalu will redeploy up to $1.1 billion in opening new stores, and remodeling and remerchandising existing units, among all of the combined chain’s banners, chairman Jeffrey Noddle told guests Wednesday at the Credit Suisse Consumer and Retail Conference in New York City.

Locally based Supervalu acquired the operations of Acme Markets, Bristol Farms, Jewel, Shaw’s, Star Markets and various Albertson’s stores on June 2. CVS and an investment group acquired the rest of Albertson’s assets. The $12.4-billion deal makes Supervalu the third largest food retailer in the US, with sales of $44 billion. “This is a transformational transaction for Supervalu,” Noddle said.

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