Lexington Gets New Save-A-Lot Store (SVU)

Zacks

Today, Save-A-Lot Food Stores, the hard-discount grocery retail subsidiary of SUPERVALU Inc. (SVU), will be inaugurating its 33,000 square-foot food store in Lexington, North Carolina.

The Earth City-based grocery chain, Save-A-Lot, began construction of the center in January 2011. The project, worth $24 million, is the joint venture among state of North Carolina and its One North Carolina Fund, the North Carolina Department of Commerce, Davidson County and the City of Lexington.

In March 2010, Save-A-Lot had put its first step in North Carolina by opening 5 stores. With this new location at Lexington, the number of Save-A-Lot Food Stores in North Carolina totals to 30. The company recognizes North Carolina as a key region for its growth, and this new store will thus help up the ante. The company has further plans to open three more stores in the state by March 2012.

In addition to supporting Save-A-Lot stores and future growth in the region, the new state-of-the-art food distribution center will feature the latest in green technologies for the most efficient use of energy, The lights will only operate when a person is present in the store and it also has an HVAC system with smart thermostats.

In honor of the opening and to demonstrate its commitment toward the neighborhoods, Save-A-Lot is donating $10,000 to community organizations in Lexington, including $5,000 each to Pastor’s Pantry and Communities in Schools of Lexington-Davidson Country.

However, the Save-A-Lot stores will face stiff competition from Conrad & Hinkle Food Market in the region, which has been serving the Lexington community since 1919.

Save-A-Lot stores started with a single store in 1977. It was acquired by Supervalu in 1993.

Save-A-Lot Food Stores extended its commitment to providing shoppers with high quality groceries at a low price and operates through 1,300 stores in 39 states. It has further plans to expand the number to 2,400 in the coming years.

Currently SUPERVALU holds a Zacks #3 Rank which translates into a Hold rating.

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