Food retailer Weis Markets announced its plans to remodel 20 stores, open two new stores, a fuel center and four pharmacies with a $101 million investment.
Chairman and Chief Executive Officer Jonathan H. Weis said this plan also includes supply chain improvements and continued information technology upgrades.
Speaking at the company’s annual shareholder meeting last week in Sunbury, PA, Weis said, “We plan to invest $101 million in our continued growth. This is a disciplined program that is designed to produce long-term benefits. It includes two new stores – a unit in Nottingham, Maryland near Baltimore, which opened two weeks ago and a store in Randolph, New Jersey, which will open later this summer. We also plan 20 remodels, a fuel center and four new pharmacies.”
The company’s cash flow benefited significantly in 2017 from a decrease in its income tax rate due to the enacted Federal Tax Reform and it should continue to do so in 2018.
Weis Markets plans to reinvest these tax savings into its growth and development programs.
“We will use these savings to strengthen our company’s long-term prospects. This reduction has helped us make major-and continuing – investments in associate training and career development. It has allowed us to increase our Cap Ex spending to more than $100 million while simultaneously paying down our banking line of credit. It also provides additional resources for potential acquisition opportunities,” said Weis.
Founded in 1912, Weis Markets, Inc. is a Mid-Atlantic food retailer operating 206 stores in Pennsylvania, Maryland, New Jersey, Delaware, New York, Virginia and West Virginia.
Over the past year Weis Markets’ online ordering program which offers curbside pick-up was expanded and its Weis 2 Go online ordering service with curbside pick-up upgraded. The food retailer recently introduced this service in 25 additional stores and currently offer it in 79 locations. In 2018, it will also test an online ordering delivery service.
“While we are a brick and mortar operator, we know there is a market for these services. We are in the business of constantly offering our customers more choices and options from which to choose,” said Weis.