Weis Markets Unveils $150M Cap Ex Plan
Weis Markets Inc. Chairman, President and CEO Jonathan H. Weis has informed shareholders of the company’s plans to invest $150 million-plus in its growth this year. Weis spoke at the company’s annual shareholder meeting in its hometown of Sunbury, Pa., noting that Weis Markets continues to make record investments in new stores, remodels, fuel centers, IT upgrades and smaller store improvement projects.
“In 2022, we plan to invest more than $150 million in our capital expenditure program,” said Weis. “This budget includes four new stores, some of which will be completed in the coming years; one expansion; five major remodels; and eight fuel centers.”
Also during the meeting, Weis recapped the company’s cap ex progress in 2021, during which it opened replacement stores in Gap, Bethlehem and Macungie, Pa., as well as a new store in Martinsburg, W.V. The grocer also completed 13 major renovations, opened nine fuel centers, and finished work on more than 1,100 retail store projects with the aim of improving efficiencies and customer experience.
“The past two years have been an enormously challenging time for us, but our team has held up well and has done extraordinary things on a daily basis,” added Weis. “Today, Weis associates in every part of our company are helping us feed the communities we serve and grow our business. We are proud and grateful.”
Mr. Weis went on to discuss the company’s 2021 financial results, saying: “Our growth program, along with strong supply chain performance, disciplined merchandising and consistent in-store conditions, helped us generate a record $4.2 billion in net sales and a 1.7% comparable-store sales increase in 2021, exceeding record results in 2020. On a two-year stacked basis, our sales increased 18.1%.”
Weis Markets operates 197 stores in Pennsylvania, Delaware, Maryland, New Jersey, New York, Virginia and West Virginia. The company is No. 60 on The PG 100, Progressive Grocer’s 2021 list of the top food and consumables retailers in North America. PG also named it as one of the Top 10 Regional Operators to Watch in 2022.
