Hy-Vee, Inc. BB #:101759 intends to grow beyond its eight Midwest states.
According to a video obtained by the Des Moines Register, Randy Edeker, CEO of the West Des Moines, IA-based chain, said Hy-Vee will expand into four new states and build its third distribution center in Nashville, TN.
In all, the chain plans to open two stores in the Nashville area, one in Knoxville, and one in Memphis, TN, and open additional stores in Huntsville, AL; Louisville, KY; and Indianapolis, IN, which would total more than 20 new stores in the next four years.
The Des Moines Register obtained a video of Hy-Vee CEO Randy Edeker announcing plans to build the Tennessee distribution facility, which will initially service seven new stores in Indiana, Tennessee, Alabama, and Kentucky, in 2023. Hy-Vee posted the video on Zipline, its internal communication platform for employees.
The Nashville distribution center would be Hy-Vee’s first outside Iowa.
“This is the growth for the next 25 years for Hy-Vee in this territory,” Edeker said on the video, according to the Register. “If we can build out 50 stores in this market, we estimate that is $6 billion [in sales]. But overnight we’re going to go from a regional company to a national company. As we build our third DC [distribution center] in the Nashville market, you will see us turn more into a national presence.”
The newspaper said Hy-Vee declined to answer its questions about the expansion plans.
Hy-Vee, Inc. is an employee-owned corporation operating more than 285 retail stores across eight Midwestern states (Illinois, Iowa, Kansas, Minnesota, Missouri, Nebraska, South Dakota, and Wisconsin) with sales of more than $12 billion annually.
