Weis Markets to invest $101 million to long-term growth
Weis Markets is in growth mode.
Weis Markets on Friday committed $101 million in capital to growth by way of new stores, remodels, supply chain improvements and continued information technology upgrades to augment the Sunbury, Pa.-based retailer’s digital offering.
“This is a disciplined program that is designed to produce long-term benefits. It includes two new stores – a unit in Nottingham, Maryland near Baltimore, which opened two weeks ago, and a store in Randolph, N.J., which will open later this summer,” Jonathan Weis, Weis Markets chairman and CEO, said during the company’s annual shareholder meeting. “We also plan 20 remodels, a fuel center and four new pharmacies.”
Weis said his company’s 2017 cash flow benefited significantly from a decrease in its income tax rate due to the enacted Federal Tax Reform and that it should continue to do so in 2018.
The company plans to reinvest these tax savings into its growth and development programs, Weis said.
Weis also spoke about Weis Markets’ a growing digital offering, including curbside pick-up. “Over the past year, we’ve expanded and upgraded our Weis 2 Go online ordering service with curbside pick-up,” he said. “We recently introduced this service in 25 additional stores and currently offer it in 79 locations. In 2018, we will also test an online ordering delivery service. While we are a brick-and-mortar operator, we know there is a market for these services. We are in the business of constantly offering our customers more choices and options from which to choose.”
Report: Toys ‘R’ Us Canada purchase could save some U.S. stores
Some Toys “R” Us stores could be getting a lifeline.
Toronto-based investment firm Fairfax Financial Holdings Ltd., which submitted the sole bid of approximately $234 million dollars ($C300) for the Canadian subsidiary of Toys “R” Us, said its plans are not limited to Canada, according to The Financial Post.
Specifically, the firm is exploring how to keep a foothold in the U.S. and elsewhere, the report added.
To read more, click here.
Report: Home furnishings giant inches closer to its debut in India
Ikea is weeks away from opening the doors to its first store in India.
The Swedish home furnishings retailer will open its Hyderabad store — the company’s first in the country — in July, according to LiveMint.
The store will encompass 400,000 sq. ft. in Hi-Tech City, and will have over 7,000 products on display. The store opening comes six years after the company got permission to enter the market.
Ikea plans to open 25 more stores in the country by 2025, the report said.
To read more, click here.