Developer: Albertsons-Rite Aid deal is good for future of retail

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Developer: Albertsons-Rite Aid deal is good for future of retail

By Al Urbanski - 02/20/2018
Kimco Realty Corp., which holds an ownership stake in Albertsons, is of the opinion that the grocer’s merger with Rite Aid is a positive one for brick-and-mortar retail.

Albertson’s agreement to acquire all outstanding shares of the pharmacy chain “will result in a stronger, more diversified company that combines health, wellness, and convenience to deliver an enhanced customer experience, demonstrating what we believe is the future of retail,” said Kimco CEO Conor Flynn in a statement reacting to the deal.

Kimco, which owns interests in nearly 500 U.S. shopping centers, was part of a Cerberus-led investment group that 661 non-core Albertsons stores from Albertsons in 2006. Kimco maintains a 9.74% ownership interest in the existing Albertsons.

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