Albertson's Inc., the Boise, Idaho-based drug and supermarket retailer, has announced it will increase capital spending at its 148 Acme Food and Drug stores by 17 percent next year. The mid-Atlantic division, with stores in Pennsylvania, New Jersey, Delaware and Maryland, has said it is realizing record market-share gains this year.
“Our commitment to the Acme division is solid,” said Albertson's chairman and ceo Larry Johnston. “As part of our strategic growth program, we will continue to allocate the resources necessary to fuel this powerful engine. Acme's success helps us drive shareholder value.”
During the past five years, more than 40 percent of the existing Acme store base has been remodeled, enlarged or replaced. Including new stores, remodels and new fuel centers, Albertson's said it expects to make a capital investment of approximately $70 million in the Acme division in 2002, a 17 percent increase over the 2001 capital expenditure of $60 million.
Just a week ago, Albertson's – which operates more than 2500 retail stores in 36 states under the Albertson's, Jewel-Osco, Acme, Osco Drug, Sav-on Drugs, Max Foods, Super Saver and Seessel's by Albertson's nameplates – announced it would be spending $185 million on its stores in northern California in 2002. Two weeks prior, it had announced it would be spending $125 million on its Florida stores.