Contacts: Lori Willis
Schnuck Markets, Inc.
The Daly Group LLC
Jan. 15, 2004
New Store Slated to Open in 2005
BETTENDORF, Iowa -- After extended discussions, Schnuck Markets, Inc. today announced plans to build a 63,000-square-foot combination food and drug store at the newly redeveloped Duck Creek Plaza in Bettendorf, Iowa. The store, the company's first in Iowa, is scheduled to open in early 2005.
Bettendorf Mayor Michael (Mike) Freemire welcomed the grocer to the state of
Iowa. "We are proud to have Schnucks Market as part of the business community and feel that the residents of Bettendorf will enjoy their presence in our city," said Freemire. "For the past few years, the Duck Creek Plaza development project has been a high priority for the City Council. With the addition of the new Schnucks store, the plans for the development project have been completed at a cost of approximately $30 million."
The Mayor added, "We now look forward to developing the area in and around Duck Creek Plaza. The combination of Schnucks and Home Depot will be a major pull for other businesses to join this fast growing location."
Craig Schnuck, chairman and chief executive officer of Schnucks, said, "Schnucks has been interested in the Quad Cities area for quite some time, and we are extremely pleased to finally be in a position to establish a presence in the area. Customers can look forward to a beautiful new Schnucks store. This store will offer the same high levels of product quality, variety, value and customer service that Schnucks is known for in other markets."
Bill Hoag, a development partner for Chicago-based The Daly Group LLC indicated that Schnucks will anchor the final phase of the center's redevelopment. "The remaining portion of the existing mall building will be demolished to accommodate the new Schnucks," Hoag explained. "Demolition and site preparation will begin in April 2004 upon the relocation of Marshalls, Hallmark, Regis and other tenants into the new development." Previously, in December of 2003, Home Depot and Walgreens opened anchor stores in Duck Creek Plaza.
Although the Duck Creek project is well underway, Schnucks representatives said the company will not pursue plans to build at its Kimberly Road and Division Street site in Davenport, Iowa. Gordon Lyons, Schnucks vice president of supermarket development, explained that recent changes in the competitive landscape have caused the company to reconsider plans.
Lyons said, "We believe that particular area will not support another large grocery retailer." Lyons added that while Schnucks stores in other areas are competing very well against Wal-Mart Supercenters, it would not be a good business decision to build in a highly competitive area, approximately one mile from a new Wal-Mart Supercenter.
Lyons says the company will continue to seek opportunities in Iowa. He said, "We are always evaluating new opportunities that will enable us to offer more customers the quality and conveniences of shopping at Schnucks."
Schnuck Markets, Inc currently operates 100 stores and 93 pharmacies in Missouri, Illinois, Indiana, Wisconsin, Mississippi and Tennessee. The company is listed 80th in the Forbes Magazine listing of the nation's "Largest Private Companies." The family-owned company was founded in St. Louis in 1939.
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