Contact: Lori O. Willis, Dir. of Communication
Schnuck Markets, Inc.
August 21, 2003
ST. LOUIS -- Officials of Schnuck Markets, Inc. announced today that site preparation would soon begin for the construction of the new Schnucks store at 1980 South Germantown Road. The store, slated to open in 2004, will eventually replace the existing one and will serve as the anchor for a new shopping center development to open in 2005.
The new Germantown Schnucks will face Farmington Road and will be built to the east of the existing facility on an 8-acre parcel of land (now vacant). Gordon Lyons, vice president of supermarket development for Schnucks, said, "We continue to enjoy a very good relationship with Germantown officials, and we are all anxious to move forward. We hope to complete the plan approval process soon and prepare the vacant land to accommodate the new store."
During construction of the supermarket, a new Super D drug store will be built near Germantown Road, west of its present site. "Once the new stores open, the existing Germantown Schnucks and Super D drug stores will be demolished and replaced by approximately 30,000 square feet of new retail space between the two new stores," said Lyons. "The result will be a brand new, 15-acre shopping center, which will also accommodate an expanded AutoZone at its present location."
The DESCO Group, a St. Louis-based real estate development company, will handle construction, leasing and management work. (For preliminary leasing information, contact Rob Randall at (888) 762-8801.) DESCO manages all Schnucks corporate real estate interests. Most, if not all, of the site work will be handled by Memphis area contractors.
Schnuck Markets, Inc currently operates 100 stores and 93 pharmacies in Missouri, Illinois, Indiana, Wisconsin, Mississippi and Tennessee. The company is listed 83rd in the Forbes Magazine listing of the nation's "Top 500 Private Companies." The family-owned company was founded in St. Louis in 1939.
The DESCO Group, founded in 1993, provides corporate real estate services, development, brokerage, property management and construction management services. DESCO specializes in delivering this broad range of comprehensive real estate services to corporate clients, institutions, private investors and emerging growth companies. The St. Louis-based firm is active in Missouri, Illinois, Kansas, Indiana, Oklahoma, Louisiana, Iowa, Tennessee, Mississippi, Wisconsin and Arizona. The company's 45-member staff manages, leases and provides corporate services at 174 retail, office, and industrial properties totaling over 11.6 million square feet.
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