Group performance - continued
-
Properties
Performance o www.ahold.com/reports2009
At the end of 2009, we operated 2,909 stores, excluding the stores of our joint ventures
ICA and JMR, a net increase of 12 stores.
January 3,
Opened/
Closed/ December 28,
2010
Acquired
Sold
2008
Stop Shop/Giant-Landover
561
3
5
563
Giant-Carlisle
152
4
148
Albert Heijn/Etos/Gall Gall
1,892
50
19
1,861
Albert/Hypernova
304
5
26
325
Total
2,909
62
50
2,897
Franchisees operated 783 of the Albert Heijn, Etos and Gall Gall stores, 463 of which
were either owned by the franchisees or leased independently from Ahold. Of the
remaining 2,446 stores, 20 percent were company-owned and 80 percent were leased
(67 percent under operating leases and 13 percent under finance leases and financings).
Ahold's stores range in size from 20 to over 10,000 square meters, with the average store
size in the U.S. being approximately 3,700 square meters and in Europe approximately
1,300 square meters (excluding Etos and Gall Gall, which operate much smaller stores).
Warehouses/distribution centers/production facilities/offices 63
Properties under construction/development 42
Investment properties 803
Total 908
Of these other properties, 42 percent were company-owned and 58 percent were leased
(52 percent under operating leases and 6 percent under finance leases and financings).
The 803 investment properties consist of buildings and land. Virtually all these properties
were subleased to third parties. The majority were shopping centers containing one or
more Ahold stores and third-party retail units generating rental income. In 2007, Ahold
completed a review of its global real estate portfolio. The review concluded that the
majority of Ahold's investment property has strategic importance for operating purposes
and will remain in the portfolio; the non-strategic assets were to be sold in subsequent
years, with estimated cash proceeds of approximately €100 million. The majority of this
€100 million was realized in the course of 2008. In 2009, market conditions deteriorated
and we did not enter into any significant transactions. We remain committed to selling the
remaining non-strategic assets.
Capital expenditures of €789 million in 2009 and €1,128 million in 2008 were primarily
related to the construction, remodeling and expansion of stores and supply chain
infrastructure improvements. The relatively high level of investments in 2008 was primarily
due to the remodeling of stores that were transferred from Schuitema to Albert Heijn
and store remodels in the Czech Republic. Both 2008 and 2009 included significant
investments related to Project Refresh, the three-year investment plan announced
in October 2007 to remodel or replace approximately 100 Giant-Landover stores.
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Our leased properties have terms ranging up to 25 years, with renewal options for
additional periods. Store rentals are normally payable on a monthly basis at a stated
amount or, in a limited number of cases, at a guaranteed minimum amount plus a
percentage of sales over a defined base. g>
We also operated the following other properties as of January 3, 2010:
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Ahold Annual Report 2009 18
