Weis Unveils $101M Investment Program
At Weis Markets’ at annual shareholder meeting, Chairman and CEO Jonathan H. Weis revealed plans to invest $101 million in new stores, remodels, supply chain improvements and continued information technology upgrades.
“This is a disciplined program that is designed to produce long-term benefits,” noted Weis. “It includes two new stores – a unit in Nottingham, Md., near Baltimore, which opened two weeks ago, and a store in Randolph, N.J., which will open later this summer. We also plan 20 remodels, a fuel center and four new pharmacies.”
According to Weis, federal tax reform benefited the company’s cash flow considerably in 2017, and that it should continue to do so this year.
“We will use these savings to strengthen our company’s long-term prospects,” he said. “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.”
Weis also highlighted Weis Markets’ growing ecommerce program, which includes curbside click-and-collect.
“Over the past year, we’ve expanded and upgraded … Weis 2 Go,” he noted. “We recently introduced this service in 25 additional stores and currently offer it in 79 locations. In 2018, we 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.”
Weis Markets operates 206 stores in Pennsylvania, Maryland, New Jersey, Delaware New York, Virginia and West Virginia.