Pennsylvania-based food retailer Weis Markets has announced that it plans to invest some US$72.5m in its growth programme over the coming 12 months.
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The company’s vice chairman Jonathan Weis made the announcement at the company’s Annual General Meeting yesterday (11 April).
“Our ultimate goal is long-term, profitable growth,” Weis told shareholders. “We will continue to invest in our store base, particularly proven store assets”
Two-thirds of the budget is targeted for store construction, with the company planning to build two new superstores during 2007, one of which will replace an existing store. In addition, Weis plans to open ten new stores and remodel a further nine.
Weis also reported to shareholders that the company had invested $100m its capital programme in 2006, nearly double its 2005 investment.
