Stocks close down; Save-A-Lot opens Shelby Street location - WDRB 41 Louisville News

Stocks close down; Save-A-Lot opens Shelby Street location

Oil prices are up and Wall Street investors found little reason to buy following last week's big sell-off.  Most of the market waffled to an uninspiring close in mixed trading on Monday.

The Dow is down 0.33 points to close at 11,842.

The Nasdaq closed down 20.35 points at 2,385.

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The financial industry continues to wobble.  Big job cut numbers are being talked about at two national companies.

Citigroup says it may cut 10% of its 65,000 workers in its investment banking staff. The  New York bank could dismiss thousands this week on top of the 9.000 pink slips handed out in March.

Investment bankers at Goldman Sachs are looking at similar cuts. Goldman is cutting about 10%of its investment bank division.

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The grand opening is Wednesday, and with giveaways through Saturday, a new grocery store is a welcome addition to a Louisville inner-city neighborhood.

It's a part of the city that doesn't see many new businesses, but it fits the business plan for this grocery store chain.

The new Save-A-Lot grocery store in Louisville is located on Shelby Street in the city.

Save-A-Lot's owner, Mike Welch, explains, "Save-A-Lot's concept is that we go into the areas some of the others might not be too attracted to, it tends to serve our customers better, they're more of our type customers."

Welch has worked in the grocery business his entire life.  His dad now helps stock the new store after spending his career in grocery stores.

The new Save-A-Lot opens Wednesday, and it'll be Mike's second grocery in the inner city.  His other is at 18th and Algonquin.  Both neighborhoods fit the Save-A-Lot business model.

"Save-A-Lot has a medium income household of about $36,000 and below...our stores are a little different as you can tell, we carry most of our items are house brand items.  We do carry some national brands.  We carry a full line of fresh produce, a full line of fresh meats, but we try to stick with our everyday price image all the items we have in here, it's not a weekly sale, it's an everyday price."

Mike's stores not only provide a neighborhood grocery, but they typically bring up to 40 new jobs to an area.  "We try to hire the biggest percentage of our employees, we have approximately 35 to 40 employees, probably two-thirds of them will come from the immediate area.  We'll hire right out of the neighborhood."

With the cost of food going up, Mike feels his stores actually benefit through pricing. "I think the money is a little tighter out there, I think people are eating in more than they used to, and of course us with having the pricing that we have, it has enhanced our business."

Mike Welch and Save-A-Lot are planning on opening a third inner-city grocery store in Louisville in the next two years, and is currently working with the city on a location.

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