Stop & Shop to close ‘underperforming’ grocery stores across the Northeast
Iconic northeast chain Stop & Shop is shuttering an unknown number of stores - leaving communities in the dark if they might lose their local grocery.
The chain is closing “select underperforming store locations” to “ensure the long-term health and future growth” of the company, a spokesperson for Stop & Shop said in a statement to The Independent.
However, the company has yet to share any information on how many stores will be shuttered, or where the closures will primarily happen. Stop & Shop has almost 400 stores across five states: Massachusetts, New York, New Jersey, Connecticut and Rhode Island.
JJ Fleeman, CEO of Stop & Shop parent company Ahold Delhaize USA, recently told investors the company is “not where we want to be or need to be,” local outlet Asbury Park Press reports.
However, a spokesperson for the company told The Independent the company still has a strong portfolio in the region.
“Stop & Shop continues to hold a strong market share position in the Northeast with our portfolio of nearly 400 stores,” the spokesperson said. “We’ve completed more than 190 remodels to date, which continue to perform well, and we’re committed to continuing to invest in our stores - as well in our prices - to deliver a great in-store experience and great values for our customers.”
On social media, Stop & Shop customers shared their reactions to the announcement.
“I went in there one day and I haven’t been in there in a very long time and I couldn’t believe the prices they were outrageous,” one user said, commenting on a media report.
“Please remember one thing,” another user said in a comment. “You may be happy they are closing stores but there are actual people involved like neighbors, friends and relatives whose livelihoods are at stake. I would never wish a person to lose their jobs in this economy.”
Several other retailers, including Dollar Tree and CVS, have made similar decisions to close many brick-and-mortar stores this year.
Dollar Tree in particular closed some 600 Family Dollar stores this year, citing inflation, and plans to close several more in the coming years. Now, the company appears to be making up for these closures by taking over nearly 200 99 Cent stores in the southwestern US.
Other companies are instead engaging in price-cut wars, with Walgreens slashing prices on 1,500 items after other retailers like Target and Amazon did the same.
Meanwhile, consumers are turning towards cheaper, store-brand products in grocery stores as inflation keeps prices up across industries. Over the last year, store brand sales have grown nearly 5 percent across departments, while national brand sales have fallen about 3 percent.
Store brands saw the biggest growth in deli, pet care and produce items. Meanwhile, both store and national brand sales dipped for meat, baby care, frozen and health and beauty products.
While grocery price inflation slowed to its lowest point in nearly three years this month, the Associated Press reports, consumers are still looking to save money wherever possible.
