Yahoo Finance Stop & Shop to close 'underperforming stores' across the Northeast
Grocery retail chain Stop & Shop is closing a number of stores in the Northeast it says are “underperforming,” a spokesperson confirmed in an email Monday morning.
All told, the grocery chain operates nearly 400 stores across Connecticut, Massachusetts, New Jersey, New York and Rhode Island, including 57 in New Jersey. It did not say how many it will be closing.
“Stop & Shop will make some difficult decisions to close select underperforming store locations to help ensure the long-term health and future growth for our business,” said spokesperson Jennifer Barr, without specifying which stores would be affected.
JJ Fleeman, CEO of its parent company, Ahold Delhaize USA, said in late May that the goal of the closures is to “strengthen our position.”
Barr, the company spokesperson, said that Stop & Shop remodeled more than 190 stores, and was investing in lowering prices.
But “the value proposition and pricing at Stop & Shop are simply not strong enough,” Fleeman said during the May event, known as Strategy Day.
Fleeman said that the chain “will focus on the markets that are most important, including those where the brand has strong density, holds a strong market position or has stores that are performing well.”
Daniel Munoz covers business, consumer affairs, labor and the economy for NorthJersey.com and The Record.
Email: munozd@northjersey.com; Twitter:@danielmunoz100 and Facebook
This article originally appeared on NorthJersey.com: Stop & Shop to close 'underperforming' stores in Northeast
