NEW YORK — Supervalu plans to conduct major remodels at between 75 and 80 locations in the current fiscal year, down about 50% from last year, Jeff Noddle, chairman and chief executive officer of the Minneapolis-based company, told Barclays Capital's annual Retail and Restaurant Conference here yesterday.
Last year Supervalu spent $1.2 billion to complete 161 major remodels and 17 minor remodels and to open 14 conventional stores and 25 new limited-assortment stores. In addition to the 75 to 80 major remodels planned for this year, Supervalu plans 30 to 40 minor remodels, plus three new conventional stores and between 50 and 60 new limited assortment stores, including 35 licensed stores, as part of its previously reported $750 million cap-ex spending plans.
The remodels Supervalu has completed since acquiring the premium Albertsons locations in mid-2006 were the “tier-one” stores that offered the biggest upside, Noddle said. The stores it will work on this year are tier-two locations, he noted.
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