Save A Lot Announces Sale of 51 Stores to Fresh Encounter
ST. LOUIS, MO - The most important part of any plan is putting it into action. And that is just what one grocer is doing for its major relicensing plan, as Save A Lot announced the sale of 51 of its company-operated stores in Tampa, Florida, to Fresh Encounter in continuation of its wholesale model transition.
“We are excited to expand our partnership with Michael Needler and the Fresh Encounter team, who have been fantastic partners, strong operators, and excellent ambassadors of the Save A Lot brand,” said Kenneth McGrath, Chief Executive Officer at Save A Lot. “Through the re-licensing transactions we are executing across our footprint, we believe that we will be even better positioned to continue to serve the communities in which we operate. We currently have a dedicated group of retail partners that we support, and we look forward to helping other entrepreneurs own, operate, and succeed in their own business.”
The sale of the Tampa stores is a component of an ongoing program to transition the discount grocery chain to a wholesale model by selling over 300 of its locations to new and existing retail partners, a press release explained.
The partners, like Fresh Encounter, will continue to operate these locations under the Save A Lot banner.
“The Fresh Encounter family of companies has a culture that prioritizes being positive, appreciative, and resilient, and we are eager to onboard the new Florida associates. Over the past several months I have toured stores in the greater Tampa market, and I’m impressed with the Save A Lot team,” said Michael Needler, Jr., President and Chief Executive Officer at Fresh Encounter. “I am truly humbled to be joining them in delighting our customers, nourishing the communities, and inspiring pride in the team. Kenneth and Kevin Proctor and the rest of the Save A Lot corporate team are transformative, and we are equally eager to join their efforts in re-establishing the Save A Lot brand for tomorrow’s competitive environment.”
The completion of this sale marks the grocer’s seventh sale transaction, totaling 82 sold store locations, including the ones sold to Fresh Encounter. As more of these sales near completion, the company expects to complete the relicensing program this year. Save A Lot will continue to operate 21 locations in St. Louis, Missouri, in which it will launch new innovations in order to help its retail partners reach success in their own individual markets.
As it continues to push forward and set itself apart within the supply chain, how will this plan equal more success for the company and its partners? As always, check back with AndNowUKnow as we report.