Supervalu Inc. tumbled into the red during the fall as its grocery stores, including Twin Cities market leader Cub Foods, came under greater competitive pressure.
“We have an unprecedented amount of new competition at two-thirds of our stores,” Bruce Besanko, the company’s chief financial officer, said after its latest results were announced Wednesday. “We’re unhappy with our retail performance.”
The competition has been evident in the Twin Cities, where full-service Hy-Vee Food Stores and discounter Aldi Foods have made expansive moves over the last 18 months. But Eden Prairie-based Supervalu is also seeing similar pressure in its St. Louis-based Shop ’N Save store chain.
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