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BOISE, Idaho - Albertson's Inc., saying its Acme food and drug stores in Pennsylvania, New Jersey, Delaware and Maryland are seeing record market-share gains despite unprecedented competitive discount activity, today announced it will increase capital spending at Acme stores by 17% in 2002.
"Our commitment to the Acme division is solid. As part of our strategic growth program we will continue to allocate the resources necessary to fuel this powerful engine. Acme's success helps us drive shareholder value," said Larry Johnston, Albertson's chairman and CEO.
During the past five years more than 40% of the existing Acme store base has been remodeled, enlarged or replaced by the company. Including new stores, remodeled stores and new fuel centers, in 2002 Albertson's expects to make a capital investment of approximately $70 million in the Acme division, a 17% increase over the 2001 capital expenditure of $60 million, Johnston said.
Acme operates 148 supermarkets in the Mid-Atlantic region and has increased its market share by 3 percentage points over the last year, the Albertson's announcement said.
"Acme is the number one food and drug retailer in our market area because all our energized associates work relentlessly everyday to provide quality products and exceptional customer service at a competitive price," said Carl Jablonski, Acme division president.