Giant Food Stores to buy 16 Philadelphia-area Genuardi's markets [View all]

[MH1]

http://www.philly.com/philly/business/136785273.html?page=1&c=y

In what amounts to its biggest expansion move ever in the Philadelphia market, Giant Food Stores on Thursday announced it had acquired 16 Genuardi's supermarkets from Safeway Inc. for $106 million.

The transfer of ownership to Giant of 16 of 27 Genuardi's stores in the region - coupled with the closing of three more stores and the hoped-for sale of the remaining eight - likely signals the end of the Genuardi's grocery name, which was among the region's most highly regarded before Safeway acquired the family-owned business in 2001.

The supermarkets being snapped up and converted by Giant, based in Carlisle, Pa., are scattered across Philadelphia's Pennsylvania suburbs and include locations in Wynnewood and St. Davids, giving the fast-expanding retailer a foothold on the coveted Main Line, where family incomes are high and land for new, large grocery stores is generally hard to find.

Safeway said it would close three other Genuardi's and sell all four in South Jersey and four in Southeastern Pennsylvania that are not among the group Giant plans to convert in the next six months.

The acquisition by Giant is contingent on approval by the Federal Trade Commission.

Read more: http://www.philly.com/philly/business/136785273.html?page=1&c=y#ixzz1inQnecIn

The article has a list of which specific stores were sold to Giant, which ones will be closed, and which ones are for sale.

Giant is non-union and a union-buster, right? I have one near me and it's actually an excellent store, if I don't take into account the union aspect. But I always liked Genuardi's before it sold off to Safeway. So I see this development as unfortunate. More loss of choice. And, even though it has a certain store listed as acquired rather than closed, since it is very close to at least one existing Giant, I don't foresee it actually remaining open. I think maybe there is a question of the property lease and they will only keep that location open until they can get a better deal.