The volume is there, but the chain stores have to adapt their practices.
More Quotes from Neil Stern:
Albertson's owns the ground under about 60 percent of their stores, including a fair amount in California. With Northern California real estate so difficult to come by, that has its own value.Neil Stern
Financially, it's not a bad quarter. The concern from a retail perspective is that top-line sales number. It's not where you want to be as an ongoing, viable retailer. ... Long-term, you don't want to be losing customers.
Neil Stern
This is a company that came from Rochester, N.Y., ... It's not like they came from New York City or some sophisticated place. A lot of their stores are in middle-of-the-road places. In the past five or six years, they've realized if they can get a combination of density -- a lot of people -- and income, that that's where they shine.
Neil Stern
What they've done is buy themselves some time. The challenge is, how long does it last If you're still losing sales, those stores that are profitable today won't be profitable tomorrow.
Neil Stern
It's almost a throwback concept. They're very clean stores. They're wholesome very much focused on comfort food. They have very much a family orientation a good mix of families and young kids.
Neil Stern
An attractive aspect of this for them is that Albertson's owned a lot of the land under their stores. But there could be multiple reasons for buying these stores, including generating cash flow, the value of the real estate or to spin them off to another buyer.
Neil Stern
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