Search
 

SuperValu Slows Renovations, Store Closures

MINNEAPOLIS-The grocer notes that it is possibly eyeing acquisitions, in its fourth quarter conference call.

By Debra Hazel | Updated on April 24, 2009

MINNEAPOLIS-SuperValu is reducing its store renovations to focus on improving in-store experiences, the company said at its fourth quarter conference call. Meanwhile, store closings in the light of the Albertson’s acquisition, should slow down.

Capital spending is projected to be approximately $750 million. Plans call for 75 to 80 major store remodels, down from 161 last year, said Jeff Noddle, chairman and CEO. In addition, the company will complete 30 to 40 minor remodels, and open three new traditional supermarkets and 50 to 60 new limited assortment stores, including 35 licensed stores. The company also completed 17 minor remodels and opened 14 new traditional stores and 25 new limited assortment corporate stores.

“We ended up closing more stores than we anticipated, primarily on the West Coast,” Noddle said. “We finally think we’re in the latter stages of that and can focus on our stores and returns.” Other acquisitions, however, are not out of the question. “There will always be acquisitions,” Noddle said.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.