Safeway Ponders Shopping Center Development
While not awful, grocer Safeway’s third-quarter results weren’t stellar either, with the chain posting modest decreases in sales and earnings. But that’s not keeping management from talking about a capital expenditure that puts it in a whole new arena from the business-as-usual activity of opening and remodeling stores. Management is considering stepping up its development of shopping centers and owning more of its stores. Right now, in Safeway’s portfolio of about 1,730 stores across the country, the grocer only owns about 40 percent of their locations. A Safeway spokeswoman told GlobeSt.com that: “We have the opportunity [to do that more] and then choose whether we want to continue to be the landlord and gain the revenue stream or sell some…
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