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Extensive efforts put forth by Ward 5 Councilman Ricki Y. Barlow and city of Las Vegas Redevelopment Agency officials have resulted in a pending agreement between Vons; Buy Low Market, Inc. and the Agency to open a new grocery store in West Las Vegas.
The councilman announced today that a sublease agreement has been executed between Vons and Buy Low Market, a community-minded, full-service grocery store to be located at Edmond Town Center. Edmond Town Center is a commercial retail neighborhood shopping center situated at the intersection of Owens Avenue and H Street in West Las Vegas.
The 43,000-square-foot anchor space, located on Edmond Town Center’s west side, was formerly occupied by a Vons grocery store, which closed in August 2004.
Vons will be subleasing to Buy Low Market, Inc., the owner of which is a principal of K.V. Mart Co., which currently operates several grocery store brands in California. These companies operate a number of Top Valu Market grocery stores and Valu Plus Food Warehouses, along with an Amar Ranch Market, a Price Rite, and several Buy Low Markets.
Construction and tenant improvements on the Buy Low Market in West Las Vegas are expected to begin subsequent to all city of Las Vegas and Redevelopment Agency approvals. The projected opening for this grocery store is late 2008.
Buy Low Market, Inc. specializes in providing “inner-city residents with affordably-priced foods in their local neighborhoods,” according to company officials.
Buy Low Market’s operational credo is that older, smaller structures provide lower break-even points due to lower rents and operating costs, and when these stores are properly run they produce higher sales than what the major chain operators have been able to generate.
In addition, officials assert that all of their stores cater to the tastes of the surrounding ethnic communities and that Buy Low Market strives to hire unemployed members of the local community to work in Buy Low stores. Grocery experience is not necessary as the company provides training.
“I have worked long hours and traveled the United States meeting with many grocery chains and I am confident that the Buy Low brand is the perfect supermarket for the historic West Las Vegas community,” Councilman Barlow said. “The Ward 5 resident’s anticipation will soon be fulfilled with this quality food grocer.”
The city of Las Vegas Redevelopment Agency (RDA) offered Buy Low Market, Inc. several financial incentives to entice the development of a much-needed and desired full-service grocery store for the West Las Vegas area.
Incentives offered by the RDA include up to $200,000 toward new equipment purchases and annual tenant improvement and remodeling rebates not to exceed $100,000 per year for seven years, to be used toward Agency-approved improvements. In addition, Buy Low Market will apply for up to $50,000 in grant funds through the RDA’s Commercial Visual Improvement Program. All incentives are subject to the approval of the city of Las Vegas Redevelopment Agency.
The Buy Low Market grocery store is projected to provide approximately 85 jobs with an estimated annual payroll of $1.6 million.
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