Contact: Lori Willis
Director of Communications
August 29, 2005
Schnucks Announces Replacement Store In Waterloo, Ill.
WATERLOO, Ill. - St. Louis-based Schnuck Markets, Inc. hopes to bring a brand new Schnucks Marketplace to the rapidly growing Waterloo community. Schnuck officials say, if all details can be finalized, the plan is for construction to begin next year.
The current Schnucks at 738 North Market Street first opened as a Kroger in 1982. Schnucks acquired it in the 1995 National acquisition from Loblaw Companies Limited of Toronto, Canada and remodeled it in 1998. However, at only 31,000 square feet, the store is not large enough to accommodate the product variety and services available in other Schnucks stores.
Present plans are to build a larger combination food and drug store to anchor a retail development within a quarter mile of the existing store. Gordon Lyons, Schnucks vice president of supermarket development, said, "An affiliate of The DESCO Group, our developer, now has a contract on a 15-acre parcel of land located on the east side of Illinois Route 3, south of its intersection with Market Street."
"We have been considering replacing the existing store for quite some time, and we believe that this particular parcel of land offers great accessibility for customers from Waterloo and surrounding communities," said Lyons. "Although there are still a number of development issues to be addressed, if all plans proceed according to schedule, the new Schnucks store could open in the fall of 2006."
Waterloo Mayor Terry Kipping said, "For many years, Schnucks has been a valuable contributor to our community both economically and in spirit. We look forward to working with Schnucks and keeping them a viable part of our community."
Mark Schnuck, president of The DESCO Group of St. Louis, says his team will manage the development of the retail center. "As soon as we get the project off the ground, we will begin soliciting other retailers to fill approximately 20,000 square feet of space within the center, and additional space is available in several out parcels." Schnuck added, "The end result will be a beautiful new retail center that will enhance the overall shopping experience by providing consumers with easy access to an expanded selection of goods and services."
According to Lyons, customers will not be inconvenienced in the move. "We will simply close one evening and open the new store two mornings later. All associates will transfer to the new facility."
For information on leasing and out parcels, please contact Rob Randall of The DESCO Group at 314-994-4064.
Founded in St. Louis in 1939, Schnuck Markets, Inc. currently operates 103 stores (including five Logli stores) and 98 pharmacies in Missouri, Illinois, Indiana, Wisconsin, Tennessee, Mississippi and Iowa. The family-owned company ranks 94th in the Forbes magazine listing of the nation's "Largest Private Companies."
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, Arizona, Louisiana, Iowa, Wisconsin, Mississippi and Tennessee. The company's 45-member staff manages, leases and provides corporate services at 174 retail, office and industrial properties totaling nearly 12 million square feet.
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