Business
Stop & Shop is planning to shutter an unspecified number of its grocery stores across the Northeast that the company said are “underperforming.”
“Stop & Shop will make some difficult decisions to close select underperforming store locations to help ensure the long-term health and future growth for our business,” a spokesperson for the supermarket chain said in a statement.
The Massachusetts-based company currently operates nearly 400 stores in five states — the Bay State along with New York, New Jersey, Connecticut and Rhode Island.
It has “remodeled” and made improvements to nearly half its stores.
“We’ve completed more than 190 remodels to date, which continue to perform well, and we’re committed to continuing to invest in our stores – as well in our prices – to deliver a great in-store experience and great values for our customers,” the company statement said.
The spokesperson said it is too early in the process to share information on any specific store closures and did not provide an expected number of locations that will close their doors permanently.
The company did not provide a timeline as to when the closures are expected.
The news was first announced by the CEO of Stop & Shop’s parent company, Ahold Delhaize, at an investor strategy day held in The Netherlands last week, according to the Boston news station WCVB.
“As Stop & Shop embarks on its next phase, we will be decisive and take deliberate and appropriate actions to ensure a stable future for the brand,” US CEO JJ Fleeman said in his remarks to investors.
“Stop and Shop has already evaluated its overall portfolio and will make difficult decisions to close underperforming stores to create a healthy store base for the long term and grow the brand,” he said, according to the ABC News affiliate station.
The CEO added that the company plans to “focus on the markets that are most important, including those where the brand has strong density, holds a strong market position, or has stores that are performing well.”
Ahold Delhaize also operates the US supermarket chains Food Lion, Hannaford, Giant Food and The Giant Company.
Load more…
{{/isDisplay}}{{#isAniviewVideo}}
{{/isAniviewVideo}}{{#isSRVideo}}
{{/isSRVideo}}
Jessica Roberts is a seasoned business writer who deciphers the intricacies of the corporate world. With a focus on finance and entrepreneurship, she provides readers with valuable insights into market trends, startup innovations, and economic developments.
