SUPERVALU, one of the largest firms in the US grocery channel, has reached an agreement to acquire St. Louis-based Deal$ – Nothing Over a Dollar, a 45-store general merchandise retailer specialising in single price point merchandise with current annualized revenues of about US$75m.
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The acquisition, which is expected to close in May, will accelerate the store expansion plans of SUPERVALU subsidiary Save-A-Lot. It comes as Save-A-Lot celebrates its 1,000th store opening. Save-A-Lot generates systemwide sales in excess of US$4bn and stores in 36 states and over the next few years, it is expected that Save-A-Lot will retrofit its store network to include more general merchandise.
Jeff Noddle, SUPERVALU president and CEO said: “Today’s [Thursday’s] announcement is the culmination of a year-long effort to develop a general merchandise strategy to support the next phase of expansion at Save-A-Lot.
“By introducing general merchandise product into Save-A-Lot, and following the same disciplined approach that secured Save-A-Lot’s leadership position, we can positively influence the growth of our extreme value retail business over the long term. We are pleased to find the right ‘deal’ to accelerate our Save-A-Lot growth plans.”
Bill Moran, CEO of Save-A-Lot added: “Deal$ is a young company that has effectively competed in the dollar store marketplace. The experienced retail management at Deal$ will complement our team at Save-A-Lot.
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By GlobalData“Over the next few months, we will finalise a new Save-A-Lot protoype that represents a combination store of grocery and general merchandise. Save-A-Lot is well-positioned for its next phase of growth as this nation’s number one extreme value grocery retailer.”
