A beloved grocery chain is now making unexpected closures, part of its ongoing effort to improve the struggling retailer’s performance.
Ahold Delhaize is planning to shutter an unspecified number of stores under its Stop & Shop banner as part of its ongoing effort to improve the struggling supermarket chain’s performance, the Dutch retailer’s top U.S. executive in the United States said during an investor presentation on Thursday.
Stop & Shop will also take steps to strengthen its position with shoppers in the East Coast markets where it operates, including by investing in price reductions and store remodeling projects, Ahold Delhaize USA CEO JJ Fleeman said.
“The value proposition and pricing at Stop & Shop are simply not strong enough,” Fleeman said during Ahold Delhaize’s Strategy Day.
Stop & Shop has remodeled about half of its nearly 400 stores since it kicked off a revitalization campaign in 2018, according to Fleeman.
The company’s remodeling efforts slowed during the COVID-19 pandemic, contributing to a loss in market share.
Stop & Shop has seen notable performance gains among stores it has renovated, and those stores are outperforming locations that have not been remodeled, according to Fleeman.
In addition, the chain has built digital engagement so robustly that it has the highest e-commerce penetration among Ahold Delhaize’s five U.S. banners, he said.
But Fleeman said that even with those improvements, Stop & Shop is “not where we want to be or need to be” and has to change direction.
The chain “will focus on the markets that are most important, including those where the brand has strong density, holds a strong market position or has stores that are performing well,” Fleeman said.
“Stop & Shop has already evaluated its overall portfolio and will make difficult decisions to close underperforming stores to create a healthy store base for the long term,” he added.
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Also Read: An Unexpected Retailer Is Now Closing All Stores in Illinois
Other Economy News Today
An unexpected restaurant now abruptly closes 7 locations in one state after revealing plans to shutter a total of 36.
TGI Fridays is closing a total of seven restaurants in one state as part of the company’s ongoing growth strategy.
This comes after the chain abruptly closed 36 locations across 12 states in at the beginning of the year, per The-Sun.
The restaurant chain will pull the plug on seven locations across the state of New Jersey in the coming weeks.
Today, Fridays will welcome in famished diners at its location in Brick for the final time.
“As we continue along our path of transformation to revitalize the Fridays brand and implement a long-term growth strategy, we see a bright future for TGI Fridays,” said Weldon Spangler, CEO of TGI Fridays earlier this week.
“We are at the helm of a pivotal moment that will allow us to explore boundless advancement, expansion, and innovation to keep delivering ‘That Fridays Feeling’ that our fans know and love.”
Before the closures, TGI Fridays had about 270 US locations, according to the company’s website.
“As part of the store closures, TGI Fridays is offering more than 1,000 transfer opportunities, which represents over 80% of total impacted employees,” the company previously said in a statement.
“Our top priority has always been delivering a superior experience for each and every TGI Fridays guest, and we’ve identified opportunities to optimize and streamline our operations to ensure we are best positioned to meet – and exceed – on that brand promise,” said Ray Risley, US president and chief operating officer, in the release.
Eight other locations were sold to former CEO Ray Blanchette, a longtime stakeholder who will acquire the previously corporate-owned restaurants.
The sale comes as major changes have been made to the brand’s leadership, including the news of Weldon Spangler being made CEO.
“As we continue along our path of transformation to revitalize the Fridays brand and implement a long-term growth strategy, we see a bright future for TGI Fridays,” said Spangler in a statement.
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