Stop & Shop is planning to shutter ‘underperforming’ stores over the next few years.
The Massachusetts-based company has almost 400 stores in five states: with New York, New Jersey, Connecticut, and Rhode Island as well.
The store closures were announced during its parent company Ahold Delhaize’s ‘Strategy Day’ last week, where a four-year plan for its brands was outlined.
‘Stop & 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,’ said JJ Fleeman, CEO of Ahold Delhaize.
He said that despite strong location competition, the retailer has strong market share and has seen its rewards program and online sales grow.
But he added: ‘That’s not enough and it’s not where we want to be or need to be.’
It has ‘remodeled’ 190 stores and plans to spend $1billion on more improvements and on price cuts to attract shoppers.
Stop & Shop stores are about 55,000 to 75,000 square feet – the standard size for a US supermarket.
That is bigger than a Walmart Neighborhood Market at about 40,000 square feet but dwarfed by a Walmart Supercenter at 180,000 square feet.
When asked which stores will be closed, Stop & Shop declined to provide specifics. ‘It is too early in the process to share any additional information regarding potential store closures,’ the company said in response to an inquiry from WBZ-TV.
h/t Coastie Patriot