Weis Increases Cap-Ex Budget to $110M

SN STAFF

SUNBURY, Pa. — Weis Markets said it would increase its capital spending budget by 7% to $110 million in 2011, as the company increases its pace of store growth and investments in technology.

The current budget includes 14 major remodels, two additions and three new/replacement stores. Weis is currently building a replacement unit near Reading, a new unit near Easton and a replacement unit near State College, Jonathan H. Weis, Weis’ vice chairman, said at the company’s annual meeting here this week.

“We’ve significantly increased the pace and tempo of our growth,” Weis said. “Over the past two years, we’ve averaged 15 major projects — triple what we were doing a couple of years ago — and our cap ex budget has increased by nearly 35% during this period. We continue to reinvest in our stores, information technology systems and human capital at an unprecedented rate.”