• Newsday reports that cooperative retailer “ShopRite plans by early next year to have filled three more grocery store spaces on Long Island that were left vacant by A&P’s bankruptcy … Aside from the three new Long Island stores planned, ShopRite owners have taken over four other former Pathmark or Waldbaum’s locations on Long Island since 2016.”
MNB fave Burt Flickinger, of the Strategic Resource Group, tells Newsday that “ShopRite is positioned to benefit from an expansion because it is a low-price leader and Long Island is ‘under stored,’ especially on the North and South forks of eastern Suffolk.”
• Nasdaq reports that Albertsons has officially withdrawn its plans for an initial public offering (IPO).
Albertsons put its IPO plans on hold last year as it worked to improve same-store sales and dealt with growing competitive threats that did not create fertile ground in which to go public. Now, it appears to be waiting until its acquisition of Rite Aid is finalized before embarking on its IPO.
MNB fave Burt Flickinger, of the Strategic Resource Group, tells Newsday that “ShopRite is positioned to benefit from an expansion because it is a low-price leader and Long Island is ‘under stored,’ especially on the North and South forks of eastern Suffolk.”
• Nasdaq reports that Albertsons has officially withdrawn its plans for an initial public offering (IPO).
Albertsons put its IPO plans on hold last year as it worked to improve same-store sales and dealt with growing competitive threats that did not create fertile ground in which to go public. Now, it appears to be waiting until its acquisition of Rite Aid is finalized before embarking on its IPO.
- KC's View:
