Weis Markets to Invest $101 Million in Growth
SUNBURY, PA - With a slew of growth in the works, Weis Markets has plans to invest $101 million in new stores, remodels, supply chain improvements, and continued information technology upgrades.
“We plan to invest $101 million in our continued growth. This is a disciplined program that is designed to produce long-term benefits,” said Chairman and CEO Jonathan H. Weis. “It includes two new stores—a unit in Nottingham, Maryland near Baltimore, which opened two weeks ago, and a store in Randolph, New Jersey, which will open later this summer. We also plan 20 remodels, a fuel center, and four new pharmacies.”
Weis addressed shareholders at the retailer’s annual meeting last week, speaking on a number of areas, including online growth and tax savings from 2017’s Federal Tax Reform, which decreased its income tax and should do so again this year.
“Over the past year, we’ve expanded and upgraded our Weis 2 Go online ordering service with curbside pick-up. We recently introduced this service in 25 additional stores and currently offer it in 79 locations. In 2018, we will also test an online ordering delivery service. While we are a brick and mortar operator, we know there is a market for these services. We are in the business of constantly offering our customers more choices and options from which to choose,” Weis said, according to a press release.
As for its savings from the income tax changes, the retail chain plans to reinvest them into its growth and development programs.
“We will use these savings to strengthen our company’s long-term prospects. This reduction has helped us make major- and continuing-investments in associate training and career development. It has allowed us to increase our Cap Ex spending to more than $100 million while simultaneously paying down our banking line of credit. It also provides additional resources for potential acquisition opportunities,” the Chairman and CEO concluded.
Continue to follow AndNowUKnow as more details are released on the company’s plans to expand its brick-and-mortar and cyber footprints.
