Shop ‘n Save is checking out of the grocery-store business in the St. Louis region.
Schnucks Markets is purchasing 19 area Shop ‘n Save groceries owned by parent company SuperValu and will rebrand them as Schnucks stores. The remaining 17 Shop ‘n Save locations will close if SuperValu is unable to find a buyer by the end of the year.
The acquisition will boost the number of Schnucks grocery stores by 20 percent. Fifteen of the stores include pharmacies, which will also be purchased and run by Schnucks.
Schnucks president and CEO David Peacock said the company intends to keep all of the stores open under the Schnucks banner. Schnucks will take over ownership of the individual stores throughout October.
“We were very intentional about the stores we chose to acquire,” Peacock said. “We thought they were either in a market area that worked very well for us or filled a gap for us. We think we have a very good chance of being successful with those stores.”
Recently, Schuncks acquired the Shop ‘n Save in Maplewood when the store’s lease terminated. “That was a hole for us,” Peacock said. “There are a few more [stores] in areas like that; Fenton and Arnold, for example. This acquisition puts us in a position to better serve the whole region.”
Minnesota-based SuperValu put the grocery chain on the market earlier this year. Peacock said Schnucks had been in negotiations for some time on the acquisition.