Schnuck Markets will build three new stores in Memphis (one of them a replacement unit) following its acquisition and conversion of 12 Seessel’s stores to the Schnucks banner earlier this year. The units are slated to open in 2004.
The Albertsons, Inc. Board of Directors authorizing the company to repurchase up to $500 million of Albertsons common stock during 2003. "Albertsons continues to produce strong cash flow. This stock purchase program allows management the opportunity to exercise our financial flexibility ... enhance shareholder value ... whenever the current stock price, in our opinion, does not reflect the true value of this Company," said Larry Johnston, chairman of the board and CEO, in a statement.
PlanetRetail.net reports that French retailer Auchan will sell its five Mexican hypermarkets to Controladora Comercial Mexicana (Comerci) by the middle of next year. This is taken as a signal that Auchan is evaluating its various global properties, getting out of certain countries (Mexico, Thailand) and investing in others (Morocco, Russia).
FreshDirect.com, a six-month old, New York City-based fresh-food manufacturing and delivery service, announced that it is now doing 1,000 orders a day, and attracting some 2,000 new customers a week. FreshDirect pitches itself as having fresher food at lower prices than traditional supermarkets.
Supervalu Inc. appointed Lynne High to be the company’s director, corporate communications, a long-vacant post.
Reuters reports that Amazon.com CEO Jeff Bezos has reaffirmed his belief that the company will generate between $1.3 and $1.4 billion in sales during the current fourth quarter, with a gross operating margin of about 25 percent.