Contact: Lori Willis

Director of Communications


Jan. 23, 2007

Schnucks Finalizes Plans for Replacement Store In Waterloo, Ill.

WATERLOO, Ill. - St. Louis-based Schnuck Markets, Inc. has finalized plans to bring a brand new Schnucks Marketplace and shopping center to the rapidly growing Waterloo community. Schnucks officials say that pending final plan agreements, the store to be located between North Market and Route 3 could open by late 2007.

The new 58,000-square-foot combination food and drug store will anchor an 18-acre retail development featuring a total of 80,000 square feet of retail space. That's including several out parcels that will accommodate free standing buildings within a quarter mile of the existing store and help to make the center a destination point for shoppers in surrounding communities.

Schnucks Vice President of Supermarket Development Gordon Lyons says, "Our customers have been very supportive of our existing store, and for some time now, we have been looking for an opportunity to enhance the shopping experience through expansion. Mayor Kipping, his staff and city council members have been extremely helpful in getting us to where we are today."

Waterloo Mayor Terry Kipping said, "I am pleased we were able to reach a fair and reasonable agreement that will keep Schnucks in Waterloo. The shopping center development is the best possible use of the land between Market Street and Route 3. This $20 million project more than doubles the size of the existing Schnucks store and allows them to offer customers additional goods and services. That combined with new restaurants and retail stores will give Waterloo shoppers many more choices."

According to the Mayor, this new development will provide for approximately 400-500 jobs, and both the city and the school district will benefit from increased sales.

He explained, "Over time, the city will see increased sales tax of more than $160,000 per year while the school district will receive about $252,000 per year in increased real estate taxes. Other taxing districts combined will receive real estate tax increases in excess of $100,000 per year."

"We are very glad to be able to retain a good neighbor like Schnucks and would like to thank everyone involved in putting this project together and the aldermen for supporting it," said Kipping.

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, Lyons says the store is not large enough to accommodate the product variety and services available in other Schnucks stores.

At Monday night's council meeting, Schnucks officials received approvals for the annexation and rezoning of several parcels fronting Market Street. Those properties, when combined with 15 acres fronting Illinois Route 3, will contain the shopping center and allow for convenient access to Market Street.

The center also will have an access drive to Route 3 about 500 feet south of the intersection with Market Street. Lyons says additional access to Route 3 will be provided upon the anticipated widening of that highway.

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 101 stores (including five Logli stores) and 98 pharmacies in Missouri, Illinois, Indiana, Wisconsin, Iowa, Tennessee and Mississippi.

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