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Supervalu In $1B CapEx

MINNEAPOLIS–Supervalu will spend $950 million on new and remodeled stores by the end of the year, including up to 115 new units.

By Debra Hazel | Updated on October 11, 2006

MINNEAPOLIS–Fresh from completing its acquisition of Albertsons premier properties, Supervalu will spend nearly $1 billion this year on new and remodeled stores, executives said at its second-quarter conference call.

In all, Supervalu plans to invest approximately $950 million on new and remodeled stores, excluding $150 million spent in the first quarter by Albertson’s before the acquisition closed. By year-end, the chain will have opened 35 to 40 standard-sized stores and 50 to 75 limited assortment units, as well as 80 major remodels, said chairman and CEO Jeff Noddle. That figure includes new units and remodels completed by Albertson’s prior to the acquisition.

“We are actively investing in new stores and remodels,” Noddle said. “We believe that new stores and customer-centric remodels are our best opportunity to grow market share and generate sales.”

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