FINANCE

Giant Food Stores expands its store network

BY Marianne Wilson

Supervalu continues to shed its retail assets.

Giant Food Stores has entered into an agreement with Supervalu Inc., which was acquired by United Natural Foods this past summer, to acquire five corporately-owned Shop ‘n Save locations. Two of the stores are located in West Virginia, one in Virginia, one in Pennsylvania and one in Maryland.

The terms of the deal were not disclosed. Once the sale is completed, Giant plans to convert the Shop ‘n Save stores to its Martin’s Martin’s Food Markets banner.

“This acquisition demonstrates our continued commitment to the long-term growth strategy we announced earlier this year,” said Nicholas Bertram, president, Giant Food Stores. “We look forward to expanding the Martin’s brand along the Interstate 81 Corridor and within the Eastern Panhandle of West Virginia.”

This acquisition comes on the heels of a series of strategic investments that Giant has recently made in its store fleet and family of brands within Pennsylvania, including the introduction of the new Giant Heirloom Market in Philadelphia, the acquisition of Darrenkamp’s Willow Valley Square location and a new e-commerce hub, both in Lancaster, plus new stores planned for the East Stroudsburg and Walnutport communities.

The sale is currently expected to close during the first quarter of 2019, subject to customary closing conditions.

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