Speaking at Supervalu's annual shareholders meeting yesterday (28 June) Supervalu chairman and CEO Jeff Noodle outlined the retailer's multi-faceted approach to creating sustainable success.

"We are transforming Supervalu into a national retail powerhouse that embraces changing demographics and keeps the needs of the customer central to our mission," Noodle said.

In order to do this, Supervalu intends to invest US$1bn in fiscal 2007, as it integrates the recently acquired Albertsons stores and expands its existing retail formats.

Supervalu is the third-largest US grocery retailer, with annual revenues of approximately $44bn and 2,500 corporately owned stores.

Addressing stockholders, Supervalu said that it plans to open between 101 and 125 new stores in its various formats, in addition to remodeling approximately 329 stores.

The company said that it intended to deploy capital to markets with the highest need and focus on in-store experience. Areas identified for future growth included the natural and organic, high-end gourmet, fuel and convenience, traditional or full service and value sectors.