US retailer Weis Markets has confirmed that it intends to increase its “investment in growth” by around 25% this year.
Speaking at the company’s AGM last week (26 April), management outlined the group’s plans to shareholders.
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“This year, we plan to invest US$125m in our growth,” vice chairman Jonathan Weis said. “Our budget includes two new stores and 18 major remodels. In addition, we expect to soon complete the purchase of three Genuardi’s units near Philadelphia which we hope to reopen later this summer.”
Commenting on the move, president and CEO David Hepfinger emphasised that the company has posted three consecutive years of “strong” net and operating income growth.
“We attribute these results to our record cap ex investments in our store base, improved efficiencies and operating discipline in the overall management of our stores, strong increases in our sales per customer and more comprehensive sales building programs during key holiday periods, particularly in the fourth quarter.”
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