rket Cos. here last week said it reached an agreement with East West Bank, San Marino, Calif., to open in-store banks inside Tawa's supermarkets in California, which operate under the 99 Ranch Market banner. Both companies focus on serving Asian-Americans, especially Chinese immigrants.
The financial terms of the exclusive, 10-year agreement were not disclosed. However, the bank said the terms include the creation of joint marketing and promotional programs for 99 Ranch Market's VIP card members. The bank also said it plans to market the supermarket to its banking customers.
Julia Gouw, chief financial officer, East West Bank, told SN that the bank is planning to open its first 99 Ranch Market location early next year. She said the banks would likely be full-service locations and would occupy about 400 to 500 square feet.
"We will do four or five for our first cluster," she said, adding that the first locations had not been determined.
In addition to 20 stores in California, 99 Ranch also has a store in Seattle and licensed stores in Hawaii, Nevada, Arizona and Georgia.
East West Bank, which currently does not have any locations inside supermarkets, has 30 branches, most of which are in southern California.
MEMPHIS, Tenn. -- Discount-store operator Fred's, based here, said it would use some of the proceeds from a planned stock offering to accelerate its store-expansion and pharmacy-acquisition strategies.
"The intention is to acquire pharmacies that can be moved into our stores," said Jerry Shore, chief financial officer, who said Fred's also is adding pharmacies without making acquisitions. "It's an acceleration [of an existing strategy], but it's proven to be a successful strategy," he told SN.
He said the number and location of pharmacies to be added or acquired would be based on individual market opportunities.