Changes Near for Chicago Supermarkets
Chicago, The Chicago Tribune reported that the Chicago supermarket industry may soon undergo some dramatic shifts.
The story suggests that the next several years will bring large-scale retailers such as Wal-Mart and Target into the Windy City, as they try to capture a share of the city’s grocery market.
Also, both of the city’s biggest traditional food chains are on the market. The Albertson’s-owned Jewel-Osco has announced that all or part of the company is for sale, and some analysts say that Safeway would be willing to sell its Dominick’s chain for the right price.
Jewel-Osco and Dominick’s currently combine for 60% of the market share.
Wal-Mart Unveils Urban Clothing Line
New York City, Wal-Mart will introduce its new Metro 7 urban clothing line for women in 500 stores this week. Metro 7 line represents the retail giant’s effort to boost their clothing department sales.
After conducting 6,000 interviews of its shoppers, Wal-Mart determined that their apparel did not appeal to the modern woman. “We found that she has an urban sensibility, she’s very fashionable, very style conscious, and we didn’t have the apparel that met her needs,” chief marketing officer John Fleming said.
Wal-Mart hopes to extend its Metro 7 line to 1,000 stores by springtime.
Big Lots to Close 126 Stores
Columbus, Ohio, Retailer Big Lots announced late yesterday that it will close 85 close-out merchandise stores and 41 furniture stores; this latest announcement comes after Big Lots had already made public plans to close 40 stores this year.
The company will spend up to $28 million to mark down merchandise in an attempt to reduce inventory.
Big Lots has also announced plans to open fewer stores than originally slated for the rest of 2005 and said net new store growth in 2006 should be minimal.