The CEO of Stop & Shop’s parent company, Ahold Delhaize USA, admitted that the chain is not in a satisfactory situation after announcing the closure of several stores.
The iconic Northeast store is closing an unknown number of locations – leaving communities in the dark.
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Stop and Shop is in the process of closing an unknown number of its 400 stores in five states.
The company announced last month that it would make “difficult decisions to close select underperforming stores.”
However, communities that rely on Stop and Shop are still unsure whether their local store will stay or go.
Stop and Shop has not confirmed the number of locations it will close or where they will be located.
JJ Fleeman, CEO of Stop & Shop’s parent company, Ahold Delhaize USA, recently told investors that the company is “not where we want or need to be.”
Industry experts estimate that the chain could close up to 10% of all stores, reported the New York Post Office.
“I believe Stop & Shop will close between 25 and 50 stores,” industry consultant Brittain Ladd, a former Amazon executive, told the outlet.
However, Joshua Goldberg, a New York banker who is part of the family that founded the chain in 1914, thinks that the poorest communities could be hit hardest.
“Stop & Shop has always done better in neighborhoods where customers cared less whether a gallon of milk cost $3 or $3.28,” said Goldberg, who is not involved in the business.
“But there are markets where people are more careful with their pennies and that’s when stores that haven’t been remodeled yet close.”
However, a Stop and Shop spokesperson told The Independent that the company still maintained a strong foothold in its five states – Massachusetts, New York, New Jersey, Connecticut and Rhode Island.
“Stop & Shop continues to hold a strong market share position in the Northeast with our portfolio of almost 400 stores,” they stated.
“We have completed more than 190 renovations to date, which continue to perform well, and we are committed to continuing to invest in our stores – as well as our pricing – to deliver a great in-store experience and great values for our customers. customers.”
Stop and Shop is not alone in announcing store closures.
Where is Stop&Shop?
Stop & Shop is an American supermarket chain founded in Somerville, Massachusetts in 1914.
There are currently about 400 locations across five US states.
- Connecticut: 88
- Massachusetts: 125
- New Jersey: 57
- New York: 100
- Rhode Island: 27
MORE STORE CLOSURES
Family Dollar will close 1,000 stores over the next few years, with 600 stores closing by the end of 2024.
Dollar Tree, which owns Family Dollar, will also close 30 stores operated under its own banner.
Walmart has closed nine stores so far in 2024.
Meanwhile, Piggly Wiggly recently closed a store in Wisconsin.
A “food desert” is being created by the closure of a supermarket.
And a “lifesaving” grocery store is closing after 100 years.
This story originally appeared on The-sun.com read the full story
