Save A Lot Completes Transition to Wholesale Model; Mark Hutchens and Justin Shaw Discuss
ST LOUIS, MI - Since announcing plans to strategically transition its stores to a wholesale model, Save A Lot has made multiple plays to bring the plan to fruition. Following the sale of nearly 300 corporate-operated locations to Retail Partners, the company has announced the completion of its ongoing re-licensing program, marking the official transition of its operations.
“Becoming a wholesaler was an important step in Save A Lot’s mission to lead as the brand of choice for value-oriented consumers, putting the Company on an entirely new financial trajectory,” said Mark Hutchens, Executive Vice President and Chief Financial Officer. “Since its inception, Save A Lot has filled an important need as an affordable, high-quality hometown grocer in each community it serves. This re-licensing program positions our company to better serve our Retail Partners as they support their customers and communities. We’ve entered 2022 with strong momentum and improved financials that will help fuel the growth of the business in the years ahead.”
The pivotal transition builds on the chain’s long-term efforts to modernize its operations, as the retailer announced it is working to remodel all stores by 2024. The cutting-edge new store design showcases the evolution of the brand, including new décor to complement an enhanced shopping environment.
As part of this effort, Save A Lot completed 34 transactions of corporate-operated locations outside of St. Louis, Missouri, welcoming 15 new ownership groups and retaining 18 locations in St. Louis to test new innovations and programs.
“Save A Lot’s momentum is built through our strong Retail Partner network, whose commitment to our brand and the consumers that we serve is unmatched in the industry,” Hutchens continued. “We are proud to share our success with these dedicated owners who are incredibly passionate about providing the best Save A Lot experience to their neighborhood customers.”
Leon Bergmann has been appointed Chief Executive Officer, as AndNowUKnow previously reported early last week. As the company transitions to the wholesale space, he will also be stepping into this new and exciting role.
Justin Shaw, Chairman of the Board, commented on how the recent appointment supports this transition perfectly.
“Incoming CEO Leon Bergmann brings significant wholesale and grocery experience that is ideally suited to lead this model,” said Shaw. “The Board and management team are excited for this next chapter of growth for the Save A Lot business and to support the entrepreneurial ambitions of all our dedicated Retail Partners.”
Click here to read more about this ambitious, long-term blueprint. As always, keep clicking on AndNowUKnow for the latest strategies in retail and wholesale as we contine to report.
