Giant Food Stores of Carlisle, a division of retailer Ahold USA, has entered into an agreement with Genuardi's Family Markets, a subsidiary of Safeway, to acquire 16 Genuardi's stores in the Greater Philadelphia area for US$106m.
Ahold said the acquisition fits well within Ahold's strategy to grow its businesses as presented in November last year, according to a company statement.
“We continue to actively explore growth opportunities in and around our current markets in the US and Europe, and in new geographies where we can achieve sustainable profitable growth,” the company explained.
Giant said is always looking for convenient locations to better serve its customers.
“We are very excited to have the opportunity to expand our presence in greater Philadelphia and serve new customers,” noted Rick Herring, president of Giant Food Stores.
“We look forward to providing customers with the quality, selection, and savings that they have come to expect from Giant.”
Upon completion of the sale, Giant plans to convert the former Genuardi’s stores into Giant Food Stores.
Additional details regarding the conversions will be announced at a later date.
Giant Food Stores is a leading retail grocer in Pennsylvania, Maryland, Virginia and West Virginia with more than 180 stores, operating under the names of Giant Food Stores and Martin’s Food Markets.
