Minneapolis-based SUPERVALU, one of the largest companies in the US grocery channel, has completed its acquisition of Deal$ – Nothing Over a Dollar, a general merchandise retailer specialising in single price point merchandise.
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At closing, St. Louis-based Deal$ operated 53 stores across eight Midwestern states, supported by one primary distribution center in Illinois.
Jeff Noddle, SUPERVALU president and CEO said: “We are excited to introduce a general merchandise strategy into our breakthrough grocery format Save-A-Lot through the acquisition of Deal$. By following the same disciplined approach that secured Save-A-Lot’s leadership position, we can positively influence the growth of our extreme value retail business over the long term.”
Save-A-Lot’s entire store network will expand by approximately 150 stores in fiscal 2003 representing approximately 100 new Save-A-Lot’s and the addition of the Deal$ store base. The acquisition is included in SUPERVALU’s previously announced capital spending plan of US$500-US$525m and is expected to be earnings neutral in fiscal 2003.
As of 23 February 2002, SUPERVALU’s retail store network consisted of 1,260 stores in 39 states.
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