Harris Teeter explores sale
Speculation surrounds North Carolina-based grocery chain Harris Teeter, as multiple reports say the chain is considering a possible sale of its business.
Many experts say the company has been under increased pressure from multiple competitors.
Zagros Madjd-Sadjadi, an economics professor at Winston-Salem State University, says Harris Teeter hasn’t been smart when dealing with competitors.
“The problem for Harris Teeter, is they don’t know what they want to be when they grow up. They are trying to compete with the Walmarts of the world, when their true competition is the Whole Foods and Trader Joes.”
Madjd-Sadjadi says the grocery business is a tough to cash in on.
“For every dollar you spend between one and two cents is profit, everything else goes to the costs so there is a very little profit.”
A Harris Teeter spokeswoman said in a statement, that the company doesn’t comment on speculation.
Local Harris Teeter shoppers said they’d be sad to see their store leave.
“It would be weird not to see Harris Teeter. Everyone relies on it,” admits Jennifer Miller, a loyal shopper.
The grocer currently operates 211 stores in eight states.
Kroger and Publix are reportedly potential buyers for the chain.
Publix, a Florida based company, plans to open its first store in North Carolina next year.