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MINNEAPOLIS-Fresh on the heels of acquiring selected assets of Albertson’s Inc., Supervalu will redeploy up to $1.1 billion in opening new stores, and remodeling and remerchandising existing units, among all of the combined chain’s banners, chairman Jeffrey Noddle told guests Wednesday at the Credit Suisse Consumer and Retail Conference in New York City.

Locally based Supervalu acquired the operations of Acme Markets, Bristol Farms, Jewel, Shaw’s, Star Markets and various Albertson’s stores on June 2. CVS and an investment group acquired the rest of Albertson’s assets. The $12.4-billion deal makes Supervalu the third largest food retailer in the US, with sales of $44 billion. “This is a transformational transaction for Supervalu,” Noddle said.

The combined chain operates 2,500 stores under a variety of formats and banners, from the extreme value-oriented like Save-A-Lot to traditional full-service supermarkets such as Albertson’s, Shaw’s and Jewel-Osco, to high-end gourmet markets including Bristol Farms.

Albertson’s had invested heavily in technology, Noddle said. Supervalu now is putting investment emphasis at the store level across all of its chains, including plans to open 50 to 75 new Save-A-Lots, and remodeling 250 more units. Among other banners, the chain plans five new Sunflower Markets, two new Shoppers Food & Pharmacy and five new Farm Fresh Food & Pharmacy.

Though Supervalu is digesting its new assets, it hasn’t completely eliminated the idea of more acquisitions. Any deals, however, are likely to consist of purchasing individual stores in given markets.

“The likelihood of our doing anything of size is remote,” Noddle said. “Our objective is not necessarily to be the biggest, but to be the best place to shop in this industry, to work in this industry and to invest in this industry.”

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