A grocery chain now makes an unexpected closure announcement, part of its continuous effort to improve the chain’s performance.
The CEO of Stop & Shop claimed the store’s pricing did not exhibit sufficient strength to support its success, per The-Sun.
Ahold Delhaize is a multinational food retail group that operates the Stop & Shop chain of supermarkets among other brands.
The group has plans to close down an unspecified number of stores under the Stop & Shop banner as part of its continuous effort to improve the chain’s performance, per Grocery Dive.
Stop & Shop also aims to enhance its standing with customers in the East Coast markets by implementing initiatives such as price reductions and store renovation projects, according to Ahold Delhaize CEO JJ Fleeman.
“The value proposition and pricing at Stop & Shop are simply not strong enough,” said Fleeman.
The supermarket chain has remodeled around half of its nearly 400 stores since beginning a revitalization campaign in 2018.
However, sources report that remodeling efforts slowed down during the pandemic, resulting in a decline in market share.
The Ahold Delhaize CEO said Stop & Shop locations that have been renovated have experienced significant performance increases.
They are outperforming stores that have not been remodeled.
He also shared that Stop & Shop has a strong eCommerce presence – the highest among the parent company’s five US banners.
But even with these strengths, the CEO believes Stop & Shop is “not where we want to be or need to be” and needs to change direction.
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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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