HomeMy WebLinkAbout1992/04/02 - Agenda Packet - (2)CITY OF RANCHO CUCAMONGA
MEMORANDUM
DATE: March 18, 1992
TO:
FROM:
p~idential/Institutional
Design Review Committee
Wendy Vallette
Peter Tolstoy
Dan Coleman
John Melcher (Alternate)
Steve Hayes, Associate Planner
SUBJECT: DESIGN REVIEW COMMITTEE MEETING OF APRIL 2, 1992
The following is a description Of projects which require review and
rating by the Design Review Committee. Please review the attached
.plans, visit the project sites, and write down y ur conunents using the
blank space provided under each project on the attached sheets. After
the meeting, the consensus of the Committee's concerns will be typed up
as the formal action/recommendation of the Committee and distributed to
the Commission and Council.
AS always, feel free to contact the appropriate project manager (noted
in parentheses along the left margin), prior to the meeting date, if you
have specific questions related to the scheduled projects- The first
design review item being heard at 5:00 p.m. Please notify our
department if you will be unable to attend the meeting, or if you will
be late, so that the dinner can be properly ordered and the necessary
arrangements made.
5:00 - 6:00
(Bey)
PLANNING COMMISSION WORKSHOP - pRE-ApPLICATION REVIEW
92-02 - SMITH'S SUPERSTORE - Review of conceptual plans
for the development of a shopping center at the
northwest corner of Foothill Boulevard and Vineyard
Avenue-
SH:mlg
Attachments
cc: Planning Commission/City Council
PRESCOTT MUIR
ARCHITECTS
March 9, 1992
Ms. Beverly Nissen
Associate Planner
The City of Rancho Cucamonga
10500 Civic Center Drive
Rancho Cucamonga, California
91729
Re:
Smith's Food and Drug Center #702
FOothill at Vineyard
Letter of Justification for Pre-Application Review
Environmental Settina:
The site is located in the Thomas Winery activity center as
defined by the Foothill Boulevard Specific Plan. The site is
the Northeast corner of the intersection of Foothill Boulevard
and Vineyard.
The site is covered with existing structures that according to
the City's General DesiGn Guidelines are "incompatible
architectural style". These existing structures are proposed
to be demolished and replaced by a neighborhood supermarke~
and two pad buildings.
The site is bounded by the Cucamonga drainage channel on the
west and apartment type residential to the north on San
Bernadino Road. To the east across Vineyard is the historic
Thomas Brothers Winery and shopping center. The site drops in
elevation from north to south approximately 25' The Smith's
store would be lowered so tha~ it~s northwall was
approximately 18' of retaining wall. This would provide a
minimal impact on the residential area.
There is not significant native vegetation that requires
preserving on the site.
Proposed Land Use:
The project is located in a Community Commercial Zone which
allows for supermarkets and restaurant out pads. 464 parking
stalls are required by the use and 486 stalls are provided.
The commercial use is compatible with the Foothill Specific
Plan for activity centers sympathetic with the Thomas Winery
corner which is set back from the corner with a water feature
at the corner. The site design meets the required set backs
and height restrictions.
1 7 4 4
BERKELEY ST.
SANTA MONICA
CA 90404
310 453 4548
FAX 310453-4870
159 WEST
PIERPONT AVE
SALT LAKE CITY
UT 84101
801 521-9111
FAX SO15219158
'The proposed land use is compatible with the intended entry
corridor and surroundiHg existing uses.
Compatibility:
The site has bee~ designed to respond to the existing traffic
configurations ~nd similar to Thomas Winery center's
juxtaposition to Foothill Boulevard-
The Smith's store is located at the far north end of the site
to provide a buffer to the residential neighborhoods to the
north. The main entry off of Vineyard aligns with the access
at'the eastern side of Vineyard into the Thomas Winery site.
A deceleration lane has been provided along the complete
Vineyard frontage.
The primary grocery dock is located to the west with just the
non-foods dock area on the Vineyard side. Both docks will have
screen Walls and overhead entry doors, The pedestrian walkways
and landscaping along Vineyard and Foothill respond to the
General Design Guidelines for a picturesque treatment. The
design includes a water feature and grape arbors at the corner
to be a focal point for these pedestrian links.
The building facade includes considerable depth for a trellis
element set in front of the main facade. The Use of river rock
will be predominantly used in the trellis and arbor feature.
The central entry tower for the store while being sympathetic
to the Winery does not mimic the shape of that existing
structure.
A bus bay will be provided along Foothill Boulevard. The
frontage will be heavily landscaped with berming to mitigate
the impact of the parking lot.
The center will be a significant compliment to the Winery site
in a subordinate scale and with a sympathetic use of building
materials.
eating. Up the Supermarket
Wars
· Grocers: Smith's of
Utah sold its Food King
· outlets in the Southland,
seven years agq, but it's
returning with mega~tores.
By STUART SILVERSTEIN
TIMES STAFF WRITER ,
The last time it did busini~ss ~n
Southern California, Smith's
Food & Drug Centers go!.ru~
out of town.·
.Now, Salt .Lake City-based
Smith's is one of the hottest~ super-
market chains n the West, and it's
coming back to the ~outhland, with:
a score to settle.,
WAlt Smith's be a winner its.
second 'time around with its new
king-size stores, where shoppers
will be able to buy everything from
concert tickets to takeout Chinese
food to cold tablets?
Most analysts are upbeat about
the fast-growing retailer's long-
term prospects, even though it's hit
some snags in other new markets--
including a serious run-in last year
with health authorities in Reno and
tougher-than-expected competi-
tion in Phoenix.
Smith's biggest: test yet 'will
begin Thursday in Oxnard, where
it will open the first of the 50 to 60
supermarket-drugstores it plans to
build in the southern half of the
state by 1995. At 79,000 square
feet, the gleaming "combination
stores" will be twice the size of
many competing supermarkets.
They also will be a far cry from the
beat-up markds the company sold
seven years ago when it operated
here under the name Smith's F'ood
King.
"We'll be the only place in
Southern California where you can
truly do one-stop shopping,"
crowed Jeffrey P. Smith, the com-
pany's 41-year-old chairman and
chief executive and the late found-
er's middle son.
, l~or some consumers, the rapid
influx of combination stores will
probably mean more choice-and
lower grocery bills. ·
Analysts generally ei-pect su-.
permarket price battles to flare for
-several months or more in the
neighborhoods that Smith's enters
as entrenched grocers fight to hang
on to their customers.-Over the
long run, Smith's says, its prices
will usually be in line with those of
Lucky supermarkets, which,is con-
- sidered to have the lowest across-
~ the-board prices in the Southland. '-'
'... But for Smith's, which has ,100
stores from Idaho to Tens. the
· , push into Southern California ~:ep-
· resents a big gamble in a compli-
cated, sprawling market. The pre-
cedents - for ' super-sized
supermarkets here aren't encour-'
aging. ' · ' , ' '
- - Ralphs, for instance, flopped in
, the late 1980s with its Giant ware-
house store format, which had
Please see SMITH'S, D8
:
Continued from D1 . · '
many of the services Smith's will
offer. Vons has had better luck
with its 'upscale Pavilions chain,
but even the largest of those stores
is 14,000 square feet smaller than
the Smith's sdpermarkets will be.
' Many shoppers are turned off by
dupermarkets exceeding 60,000 to
65,000 square feet. "It just seems
too big to me," said Sarah Oman, a
University of Utah sophomore whO
occasionally shops at Smith's.
· In fac(, a leading supermarket
analyst who has long been a burr in
Smith's hide is slamming the ex-
pansion plans 'and questioning
whether all of the chain's proposed
stores will open in Southern Cali-
fornia.
The efttie, Gary M. Giblen of
Paine Webher Inc., contends that
the company is headed for a bad
fall because of an "inexperienced
and unseasoned" management
team that is moving too quickly
and overspending· '
- ·'They build the nicest stores in
town for the sake of building the
nicest stores in town," Giblen said.
-- As evidence that the company's
growth has gotten out of manage-
. .ment's control, Giblen points to a
. variety of "unfathomable errors"
;that suggest that more problems
."are just waiting to happen."
In Phbenix--where Albertson's
;and longtime ~local supermarket
',chains have given Smith's an un-
expectedly tough battle--the corn-
- -party ':this spring agreed. under
·pressure to change its pricd-com-
·.parlaSh hewspaper ads. The state
; 'attdime~;:g~n~ral's office had con-
'iil~/~i:~i'/~.l~'::im,'a charge that it
pressUFed::soi'd'e'.employees in
: PhOeiii/td ~;0rk overtime and then
-' f.ailed".,tb~;pay them for all of their
extra2h~rs A settlement is ex-
pected shortly· '
5' But- ~.he worst embarrassment
"came at two Smith's stores in geno
and'heighboring Sparks· County
! health :authorities cited Smith's
aRer 'discovering, among other
thinglt' ants and cockroaches in a
dell department and vermin drop-
pin~s' in a dog food section. Also,
authorities charged, furniture pol-
ish was i~sed to clean a food
preparadoh table and motor oil was
stored next to a meat preparation
· Jeanni~ Rucker, who supervised
the Smith's inspections for the
Washoe County District Health
Department, said the problems
continued for two years and calls it
the worst sanitation situation that
she has seen in her 12 years in th6
field. "They would take care of one
problem, and. then they'd have
three more," she said. "They were
basically out of control. at least at
these two stores."
Last October, Rucker said. her
department threatened to close the
Reno and Sparks stores. Now,
however, Smith's has taken cor-
rective steps and is doing a "pretty
good" job, she said. Rucker added
that the stor~s remain "very popu-
lar" with shoppers, - ......
Jeff Smith characterized the la-
bor and health incidents as tyl~ical
operating problems in the super-
market business and said the com-
party normally acts swiftly to make
improvements. He blames local
managers for what happened in
Roan, saying they heglected to
notify corporate executives in Salt
Lake City about the situation and
then failed to handle it themselves.
Still, Smith's has been a big hit
with consumers, particularly
amon~ shoppers who think bigger:
is better· Along with co~,ventional ~
supermarket and drugstore goods,'[~
Smith's stores .feature specialty
departments' p~:oviding video rent-
als, fresh frozen yogurt, one-hour
photo 'processing and dry-cleaning
' . In Southern Califorhia, there will
also be customer service centers
where'shoppers'can .mail packages,
pay utility bills, fax letters and buy.
tickets for ballgames or ro~k con-
certs. "You 'don't have to-go any-
Company executives soft-pedal
the impact they will have in
Southern California, saying they
don't expect to rattle the likes of
Vons, Lucky or Ralphs. Smith's
predicts that it will snare about 6%
of the market when its projected 50
to 60 stores are open, which would
make it-at best the fifth- or
, sixth -biggest chain here.
Although many of 'the first
stores will be in the Inland Empire,
Smith's hopes to build supermar-
kets throughout Southern Califor-
nia and, later on, over the entire ]
state. The potential sites include a
location in depressed South'Cen-
tral Los Angeles, a_~rritory that ,
most of th~ other supermarket and '
general merchandise chains have
largely abandoned. '-
Leading the charge is Jeff Smith,
who fiie~ around the West to check
Out possible sites for stores on his
company's fleet of four jets.
· -A stylish dresser who wears gold
rings on both hands, Smith likes to
the Southern California desert
town of Indian Wells. He added to
his personal wealth in Jdly when
he sold a silver of his corporate
, stock for $10 million in the'compa- ,
' ny's stock offer ng' '. '.. '. ·
where .else," .said Jonathan H."~ · ~.;,-...:~:... -.. Z Lt:'. ,,,-:y:. ~ ..
Zieiler, an 'analyst with'SutL?i2 2'-!:i L: ' noth ': rom the
co..., thlnk they have the......--,.;..,. Aofferi%$L2as 'o* te his;
· .,, ,.,~.~ ?~;~,' ~ - . - , .
F~ans of the ~tore~' in other cities company's ~resident and chief 5p- '
also enjoy the clean look and
wide-open ambience. "l like the
' wide aisles," said Dorothy Gilbert,
a retired dental assistant in Salt
Lake City. "I rarely get someone in
front of me where I have to say,
'Will you please move?'"
Likewise, most Wall Street ana-
lysts who follow the company are
bullish on its long-term outlook.
The company's stock is hovering at
one of the highest price-to-earn-
ings ratios in the ind'4stry. Even
after failing $2.8'/5 last week to
close at $39.125 on Friday, appar-
ently because of .short-term con-
corns about slowing supermarket
industry sales, Smith's stock was
· selling'for 19 times its projected
earnings per share for 1992.
Profits and sales have been ro-
bust for several years. Last year
earnings soared 31% to $34.3 mil-
lion on sales that climbed 17% to
$2.03 billion.
' orating .officer. Giblen questioned
whether the stock sales by the
brothers are a. sign that the Smiths
are worried about the company's .
immediate prospects. But Jeff'
Smith said he simply wanted the
mgney to pay off taxes and to
diversify his personal holdings.'
The Smith brothers, to some,
extent, have lived in the shadow of
their father, Dee Smith, who died
'in 1984· A portrait of their father
.stl,l adorns all of._c?pan/'
S
Stores.
The eider Smith expanded the
company from a pair of small
markets in the late 1940s into a
major Western chain by buying
failing grocery chains and turning
them around. One of the few times
the company's Midas touch failed
was in Southern California, where
it bought the former Food Giant
stores.
Jeff Smith said the company's
Southland stores then badly need-
ed expensive remodeling, so when
Lucky offered a good price for the
locations, management jumped at
the chance to pull out. Now Smith's
is returning with a combination
store format developed during the
sons' reign.
How could Smith's fail to make it
in Southern California? For start-
ers, Smith's big stores will be
expensive to build and run. They
will need to attract customers from
as far as three miles away to bring
in enough revenue to prosper. That
means that many customers would
have to like Smith's enough to pass
by one or more of their closer,
existing neighborhood stores.
thor cT~mplications could also
Odrive up Smith's expenses.
Lacking a major local warehouse,
Smith's will truck in frozen foods
all the way from PhoenLx. The
Southern California stores will be :-
unionized, unlike most other
Smith's locations.
On top of that, some analyst~
say, Smith's will face tougher tom-
petition in Southern California
~.han it has in any previous market.
But Jeff Smith discounts those
issues. The chain's strong l~alance
sheet, he said, will enable it to
sustain early stab;t-up costs.
In addition, Smith said, Smith's
Fo6d & Drug is a:ccustorhed to high
labor costs; he said the company
has avoided unionization else-
where by paying high wages.
Store managers' annual salaries
and bonuses company exec'ut~ives
.,say, have averaged .'close to
~ $90,000.
~ ZAs for its Sou/.hern' California
competitors, Smith said, his com-
pany has gone head-to-head
against Von~, Lucky and Albert-
son's in Las Vegas and fared well.
He also isn't worried by the
failure of Ralphs' Giant format in
Southern California. Smith main-
tains that Giant flopped because,
among other reaso~s, its prices
_ 'weren't low enough and because its
stores were too close to competing
Ralphs supermarkets·
Smith said his company decided
to return to California to maintain
its brisk growth largely because
the state is less saturated with
supermarkets than other parts 'of
the West, particularly when it
comes to big combination stores.
He cited average weekly sales per
square foot estimated at $12 for
major supermarkets in Southern
California versus $7.50 in other
regions where Smith's operates.
In addition, Smith said, the
shrinking but still-heavy debt
loads burdening the Vons. Ralphs
and Lucky chains will curb their
ability to compete against the new
Smith's stores by cutting prices o~
building new supermarkets.
All told, Smith said. it's high time
for his company to return·
After ttteir fathet buiR a ~haln'ot'~llilsssPJf supermarketr,.JqffrC~,$...n~,, teft. an~.! ~. a~, d 80tabera California's debt-
. \<':"s:;,' :' '
consumer adv~at8 these days.
TO be sure, most experts down-
ota~ente toiling the Southern Call-
folfia food store market--inclu-
· clingthe return of the Smith's Food
i DrugCenters chain--will trigger
all all-out Imce war.
Much more probabte, they say
are localized price battles among
the individual supermarkets in
neighborhoods that Smith's enters
at least for the first several month~
after the new stores open.
Working against widesprea,~
price wars are rising expenses such
as labor costs. The major super-
markets, in fact, are negotiatmg a(3
PRICES: Pressures on Grocers Are Building
Continued from DI Smith's arrival could put pressure
new contract with the Teamsters on grocery prices throughout
union this weekend. which could Southern California. Vons and
make it difficult for the chains to Ralphs, two of the top three chains,
cut prices sharply across-the- are now more, robust financially
board. after having struggled with heavy
SfiiL if one of the top chains gets debt burdens. They may be in a
jumpy about intensified Southern better position to cut prices than
California-wide competition and before.
slashes prices at all of its stores to American Stores, having
hang on to customers, there could trimmed its debts by selling Alpha
be a major chain reaction. Beta supermarkets in June, is ex-
"We're not going in to start a peered to focus more attention on
price war. but if somebody else its Lucky division. Likewise, the
wants to cause one, we'll be right new owner of Alpha Beta. Yucaipa
in the middle of it," said Jeffrey P. Cos., wants to revitalize its new
Smith, chairman and chief execu- stores.
ters. . . ( fi
Smith says his hal ~.,ans
cn to
offer an "everyday low-nrices'
approach in line with tha~ Lucky 'We're not going in to
supermarkets, which is r~garded as
having the lowest across-the- start a price war, but if (
board prices among the big somebody elsewantsto
Southern California chains. Smith's
will provide face-value discounts cause one, we'll be right
on manufacturers' and competitors' in the middle of it.'
coupons, rather than the "double
coupon" discounts offered at Vons, JEFFREY P. SMITH
Ralphs and Alpha Beta. Chairman and Chief Executive
Salt Lake City-based Smith's. of Smith's Food & Drug Centers
which plans to build 50 to 60 giant ,
supermarket-drugstores in the ar-
ea by 1995, says it hopes to attract local price competition in July
customers over the long run large- when it launched its "rock-
ly with its "one-stop shopping" bottom" prices format. The move
format. involved scrapping its "double
If -that approach fails, "that's coupon" policy in favor of lower
when they're going to do some- prices across-the-board.
thing" to undercut competitors' Meanwhile, Lucky, Ralphs, Al-
pricer, predicted Brad Freeman, a bertson's and Stater Bros. Markets,
partner in a Los Angeles buyout the dominant chain in the Inland
firm that specializes in supermar- Empire, have continued opening
ketdeals. new stores during the recession.
By itself, Smith's won't be big . Although most analysts and execu-
enough to trigger a price war. tires say Southern California's in-
Even when all of its proposed creasing population can support
Southland stores are built, the the new stores, not everyone is
company says, it expects to gain no convinced.
more than a 6% market share. "The pressures are building, and
"We're not looking to cause a total one of these days, oneof these guys
disruption in the marketplace," will have to break in price to bring
Smiths aid. more people in the door," said
Taken together with other Howard Flinker, a New York in-
.. changes in the market, however, ...vestment adviser who is betting on
a decline in supermarket stocks.
The fact that supermarket exec-
utives don't want a price war,
Flinker says, is irrelevant. "I don't
know. if thoro's ever been a price
war where .a competitor-wanted
one," he argued. '
Most industry executives and
analysts, however, write off the
idea of a fuil-fiedged price war.
Gary M. Giblen. an analyst with
Paine Webbet, points to the expe-
rience of market leader Vons,
which he says hasn't been hurt by
the recession or by Albertson's
recent price gambit. Further, he
says, Vons' prices already are low
'when you take its double coupon
discount and specials into account.
Jack H. Brown, chairman and
chief executive of Staler B, ros., also
dismissed the possibility of a price
war, but for a different reason.
Southern California, he said, "is
experiencing the deepest price
wars.. . that the chains here can
survive with.".
Brown maintained that super-
markets already hurt by the
Southland's weak economy aren't
willing to engage in a price war
that would pinch their profit mar-
gins further..
"From a price standpoint," he
added, "Smith's brings nothing
new to the tabl% They can't under-
price Lucky."
Still, Brown said, look for super-,
markets competing with the scat-
tered new Smith's locations to offer
more discounts in the form of
"in-store specials" and "manager's
specials" to retain customers loyal-
ty. "Thoro's business to be had [by
Smith's], but it won't be our busi-
ness," Brown said.
Vons, which has' 311 stBres in
Southern California, will "deal
with the Smith's locations, as I'm
sure our competitSrs will, on a
location-by-location basis," said
spokeswoman M~y M. McAboy.
She declined to ~laborate, other
than to say that pricing is only one
of .the chain's competitive weap-
Smith's at a
Company: Smith's'Fo0 ~C~ters ~
.. - ..... , - .~
. Headquarters: Salt Lake City, T,Ttati . :.: -
Business: ~erator of a:~h~h='of ~ery stores~mostlyj~a~t
combina~0nsupermarket;~s~r~s~dtheWest*
- Stores:'l~ with plan~f~r 50~ih Southern Califo~ by 1995~*~*
Employe~ More than 15 ~ :~?". *; ' - ' ::**~* -. ~.-' :: -
ToP:Ex~utives~'~e[frey..P~:S~ffi:~ch~an and.chie~"~ve;
Rich~d' D.-Smith, presidb~t~'~d~=~hi~f operatin~;~er: Ro~rL D ~ '
~linder, ~hief financi~":Sf~d .Kenne~-~. ~e,
m~agerforC~ifornia. :-,';~-,~%~:~:'V ~ ': ' · "'~f'
. Major Shareholders: Ch~an'~ffrey*P Smith Om or cSntrolS'.
48.2% of the voting st~k,~nly from sh~es held in a ~ust~for.hffi '
mother, Ida. The ne~ biggest voti~ block, 8.3~, ~'held by
of the Church of Jesus Ch~s[ of the htter~Day S~n~,: whi~hz~as '
given prefe~ed shares in a ch~ble donation. ~dent Rich~d
D. Smith controls 6.95 of the-voting stock, and ~ector
Smith, 4.6%. "· .... ' - -: .
Rnaaclal Results: Net income cli~ from $12.5 ~0n in~l~
$34.3 million last ye~. S~ ~.ffie .~e pe~ r~ from~2.2
' milliod to $2.03 billion. I~ ~ f~t m ~onths 0f. 1~1, net~.~Come
_ rose~%~$21.~milHono~'ffi~tincre~9%,~$1~b~on'
Stock P~S~ance: Since the cdm~y went public i~ June, i989,
st~k has ranged from a 10W 0f $~.~ to a high of $43.75. It'C}osed
Friday on th~ New York Stock hchange at $39. 1~.
Having built Smith's Food & Drug Centers into one of
the West's best-run supermarket chains, Jeff Smith is
now embarking on his most difficult challenge by far.
Mr. Smith goes
to Riverside
By John H. Taylor
HAS JEFFREY SMITH finally bitten off
more than he can chew?
When it comes to taking fish, few
chief executives have been as aggres-
sive as Smith, the 41-year-old chair-
man of S2.2 billion (sales) Smith's
Food & Drug Centers.
Taking over the Salt Lake
Cit3'-based food chain four
years ago, Smith scrapped
the blueprint set in place by
his late father, who found-
ed the company in 1948
and died in 1984. Out went
his father's strategy of
building only 42,000-
square-foot supermarkets,
featuring mosdy food
items. Smith now builds gi-
ant 75,000-square-foot
stores, where shoppers can
get evervthing from con-
cert tickets to fax service
and full-service banking. In
its home base' of Utah,
Smith's even sells ski-lift
passes and bus tokens.
Nor was Smith content
to stay in Salt Lake City. and
Las Vcgas, where his stores
have market shares of 40%
and 35%, respectively. Be-
ginning in 1987, Jeffrey and hi.'s youn-
ger brother Richard, the company's
president, expanded into Tucson,
Reno and Phoenix. All told, Smith's
Food & Drug now has 100 stores in
seven states--Utah, Arizona, Nevada,
New Mexico, Idaho, Texas and Wyo-
ming. Over the last five years, the
company's average reRIrn orl equity.
of 17.7% and average earnings-per-
share growth of 20% rank among the
best in the supermarket industr3.,.
Now comes Smith's biggest test.
By the end of the decade, he plans to
spend $1.4 billion to open 120 stores
in California. The first 60 stores will
be built in southern California--9, in
fact, were opened late last year. The
company began to raise money for
Smith's now has stores. Savs Gary
Giblen, a PaincWebber anali,st who
has followed Smith's Food & Drug's
progress over the years: "This is a bet-
the-ranch proposition."
In defense of their strateg3', Smith's
executives point out that weeldy su
permarket sales in southern California
average $12 per square foot, 60%
more than other areas where Smith's
operates. The higher operating costs,
in other words, should be offset by
higher revenues.
Smith's has a hidden weapon: a
relatively underleveragcd balance
sheet. By contrast, major southern
California competitors Vons Cos.
(309 stores) and Ralph's Grocer)., Co.
(158) are heavily leveraged. Ralph's,
which went through an ill-fated lever-
aged buyout by the Campeau Corp.
in 1988, had nearly $900 million in
debt and negative net worth in Octo-
ber, though the company is said to be
this foray last summer, with a $170
million secondary stock offering. It
plans to fund the rest of the expansion
through a combination of operating
cash flow, debt and salc/leascbacks of
new sites.
Southern California will stretch
Smith's abilities as they've never been
stretched before. Five chains already
have over 100 stores each in the re-
gion, and operating costs arc 20%
higher than in other areas where
Smith's Food &
Drug Centers
Chief Executive
Jeffrey Smith (left)
and his brother
Richard. company
president
Bettlnll ~
ranch thM they
C811fomlt
considering a public offering. Despite
raising $122 million in a secondary
offering last May, Vons has a debt-to-
equip' ratio of 1.7 to 1, compared
with Smith's 0.8 to i.
"We can attack aggressively on
price," says Alan Hoet~rl a Smith's
board member, "and they won't be
able to respondY
To succeed with fewer stores than
its big competitors, Smith's ~fill have
to attract customers from as far away
58
Forbes · February 17, 1992