Stop & Shop Now Makes More Painful Closures
Stop & Shop now makes more painful closures as it shutters a total of 32 locations for good, as it attempts to stay in the retail game.
The company recently announced it will be closing a total of 32 underperforming stores by November.
Retailers have begun to lose confidence in the company’s capabilities as it starts to shutter its stores in New England, New York, and New Jersey.
After the new wave of store closures, Stop & Shop will operate a total of 359 stores, Boston reported.
“Stop & Shop is not where we want to be or need to be,” chief executive of Ahold Delhaize USA said on an earnings call held in May.
“The value proposition and pricing … are simply not strong enough,” he added.
Collectively, the news has sparked fears in shoppers that the grocer may be facing the end.
“This isn’t my first ride at the rodeo,” John Niccollai, the president of the United Food & Commercial Workers Union chapter that represents Stop & Shop workers in New Jersey said.
“I’ve seen many companies going into a death spiral, and this is the beginning of it.”
On the other hand, Stop & Shop president Gordon Reid believes a reinvention could save the business and the changes are underway.
Stop & Shop has plans to renovate most of its stores with the goal of modernizing, reports The US Sun.
More than 190 locations have already completed the upgrades.
Additionally, new locations have started to open.
One of the major new Stop & Shop developments includes an Acton store that should be finished late this year.
The company is also “investing in price,” as Reid has phrased it multiple times, by expanding digital coupons, 99-cent deals, and other promotions to help inflation-battered shoppers save money.
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Other Economy News Today
A beloved grocery chain now confirms unexpected closures across the Northeast taking place by the end of the year.
Grocery chain Stop & Shop has announced that a total of 32 underperforming locations will shutter in the U.S.
The company said the select stores across the Northeast will be closed before the end of the year.
Stores in New Jersey, Massachusetts, New York, Connecticut, and Rhode Island will close by November 2.
In May, the company announced the coming store closures.
“Stop & Shop has evaluated its overall store portfolio and made the difficult decision to close underperforming stores to create a healthy base for the future growth of our brand,” company president Gordon Reid said, per a July 12 press release.
The company’s president added that the closures were essential “to create a healthy base for the future growth of our brand.”
Fortunately, employees will be offered other positions within the company, according to a press release.
The grocery outlet first opened in 2014 and currently has around 400 stores and 60,000 employees, per Fox affiliate KRLD.
Stop & Shop is owned by Ahold Delhaize which also owns Food Lion, Giant Food, and Hannaford.
Which grocery stores are closing?
In New Jersey, 10 locations will close, while only seven will close in New York.
Rhode Island will see two closures and Massachusetts, the home of the first location, will be closing eight.
Five stores will also be closing in Connecticut.
As other chains such as Walmart and Amazon join the grocery business, it has pushed traditional grocery stores out of view, reports The-Sun.
Stop & Shop hopes the closure of underperforming stores will create “future growth” for the company.
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