Report: Safeway Looks to Real Estate Ventures

Pleasanton, Calif. Safeway has created a new real estate development business, and is already working on some of the projects, the Wall Street Journal reported.

"The opportunities (to develop undervalued real estate) are pretty extraordinary right now for people who can step up to the table," Safeway CEO Steve Burd told Wall Street analysts during an investor conference. "We have 36 projects under [review] with very little capital investment at this point."