The grocery industry needs more consolidation as it faces pressure from a swath of retailers ranging from dollar stores and Wal-Mart to upscale grocers Fairway FWM.
Tesco's TSCO. N have sold off significant assets. The stock has run up 31 percent since January 18, when the first reports emerged that the company was up for sale. Harris Teeter shares were up 1. Kroger shares were up 2. The combined business will operate 2, supermarkets in 34 states and the District of Columbia, with over , employees.
Harris Teeter has a non-union workforce, while Kroger largely operates with unionized staff. Harris Teeter top management will continue to lead the business out of its North Carolina headquarters. Second, Harris Teeter may be comparatively small, but it's nestled in a desirable region. It "has stores in affluent vacation destinations, university communities and markets where populations are growing faster than the U. According to Triangle Business Journal , "Kroger has been losing grocery dollar market share in the Triangle for several years to Wal-Mart and Food Lion," and in the past two years has had to shut down three of its underperforming stores.
Meanwhile, Harris Teeter is expanding in the area. Finally, Harris Teeter is no schlub itself. David B. Dillon, Kroger's chairman and chief executive officer said, "Harris Teeter is an exceptional company with a great brand, friendly and talented associates, and attractive store formats in vibrant markets run by a first-class management team.
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