The traditional supermarket industry is recycling itself. Supermarket companies are shifting their investments away from new-store openings and into remodels, and store-count growth among the largest traditional food retailers is increasingly comprised of acquisitions of existing stores rather than the construction of ground-up sites. Meanwhile, nontraditional operators are continuing to build new stores at a dizzying pace. In 2004, for the first time in at least five years, Pleasanton, ...

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