Harris Teeter, Lowes Foods swap store locations

CHARLOTTE, N.C. — Two North Carolina-based grocery stores have announced a purchase and sale agreement.

Harris Teeter will acquire 10 of the Lowes Foods' store locations in the central Carolinas region, while Lowes Foods will acquire six Harris Teeter store locations in western North Carolina. In addition to six of its stores being acquired by Lowes Foods, Harris Teeter said it also will pay the latter $26.5 million. The transaction is expected to be completed in the company's third quarter of fiscal 2012, which ends July 1.

"This transaction aligns with our strategic plans to replace rural store locations with more urban locations with higher density of our target demographic groups," Harris Teeter board chairman and CEO Thomas Dickson said. "It provides us with the opportunity to explore in selected locations an innovative format that we think our customers will find exciting."