Yellow Banana, the owner and operator of eight Save A Lot locations in the Chicagoland area, has closed on a $26.5-million investment into grocery stores on Chicago’s South and West Sides. This project combines a $13.5 million Community Development Grant from the City of Chicago with New Markets Tax Credits, third-party financing and funding from Yellow Banana to make comprehensive upgrades to its existing stores as well as re-open a former Save A Lot at 7908 S. Halsted in Auburn Gresham neighborhood that closed in 2020. The announcement comes shortly after Walmart announced permanent closure of four longstanding locations on these sides of town too.
Michael Nance, co-founder for Yellow Banana commented: “We strongly believe that where people live should not determine their access to healthy food options at affordable prices – this is why we are so eager to provide residents with quality grocery experience through our repositioned store offerings.” He further added: “Local engagement and collaboration will be key factors for making these stores successful.”
