Yellow Banana (Cleveland) plans to funnel $26.5 million into updating five of its Save A Lot grocery stores and reopen another on the South and West Sides of Chicago.
The investment combines a $13.5 million Community Development Grant that the city awarded to Yellow Banana last year with New Markets Tax Credits, third-party financing and funding from Yellow Banana.
Yellow Banana said it will make comprehensive upgrades to five of its existing Chicago stores as well as reopen a former Save A Lot, at 7908 S. Halsted in the Auburn Gresham neighborhood, that closed in 2020. The announcement comes on the heels of Walmart disclosing it is shutting four of its longstanding locations in the city.
Yellow Banana is owned by 127 Wall, which operates nearly 40 stores in Chicago, Cleveland, Milwaukee, Jacksonville and Dallas. Its Chicago locales will each undergo a full internal and external redevelopment, including new flooring, lighting, equipment, HVAC, dairy and meat cases, interior and exterior paint, décor, fixtures and signage. The remodels will start this spring and conclude over the next 12 months, during which time Yellow Banana will also reopen the store in Auburn Gresham.
“Where people grow up or live should not determine their access to healthy, affordable food options,” said Yellow Banana Co-Founder Michael Nance. “We look forward to providing residents on Chicago’s South and West Sides with a repositioned, quality grocery experience, and we are eager to engage with them as we determine the appropriate offerings for these locations. We understand that local engagement and collaboration will make these stores a success.”