Five-Year Ring: Spartan Celebrates Sturken's Anniversary

MARK HAMSTRA

NEW YORK — On the anniversary of being named chief executive officer of Spartan Stores five years ago, Craig Sturken, who is also chairman, rang the opening bell at the Nasdaq stock exchange here last week. Accompanying him were the top 20 executives from the Grand Rapids, Mich.-based retailer-wholesaler and their spouses. “Five years ago, we were an unstable company with declining sales, a high debt level and shrinking market share,” Sturken said in opening remarks. “Today, we are a well-respected and very strong regional competitor in the grocery industry.” Spartan's stock price has increased nearly tenfold in the five years since Sturken joined the company. In an interview with SN after the ceremony, Sturken said he envisions ongoing growth for the company through both new-store development and further acquisitions in contiguous markets. Dennis Eidson, president and chief operating officer, also pointed out that the company's 50-50 balance between retailing and wholesaling also gives it a unique position in the market.