You are here
PARSIPPANY, N.J. -- Bruce Weitz, the new president and c.e.o. of 26-store Kings Super Markets, Inc. apparently has big plans for the upscale food retailer, which has experienced hard financial times for years.
In an interview with the Bergen County Record newspaper, Weitz said that in five years' time, Kings will "be significantly bigger, at least double, and dramatically different than we are today."
(Story continues below.)
Weitz said he had shopped his local Kings in Cresskill, N.J., and noted strategies over the years that "were no good for customers." Of his vision for the company, he said, "There has always been a halo around Kings for high quality and service and upscale products. I believe that can be further developed and presented to the customer in a more compelling way."
One way of luring back shoppers is through more competitive pricing, which the grocer has recently implemented, Weitz said. The chain's growth plan consists of boosting comparable store sales, an initiative launched in the five locations in Bergen County; renovating and opening new stores; and making acquisitions.
"We are looking at single-store acquisitions, and groups of two or three stores," said Weitz. "We are also looking at major acquisitions of other chains adjacent to our market," including Long Island, where Kings currently has a single store.
Weitz attributed the retailer's earlier financial woes to its previous ownership making "decisions that...put the company back instead of moving it forward, whether in store service, capital expenditures, raising prices, [or] cutting assortment."
An investment consortium, including Angelo Gordon & Co. and MTN Capital Partners LLC, purchased Kings in April for $61.5 million from London-based Marks & Spencer PLC.