Giant Food Stores Opens 6 locations in 4 States

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“With the six new locations, Giant now operates 178 supermarkets in Pennsylvania, Maryland, Virginia and West Virginia. The stores also include 132 pharmacies and 99 fuel stations.

“These multiple store openings align with our aggressive long-term growth strategy: entering new markets where it makes sense and expanding our offerings for our current customers,” Giant Food Stores President Nicholas Bertram said in a statement.

Giant’s latest strategic investments have focused mainly on its core Pennsylvania market.

In February, the grocer launched Giant Direct Powered by Peapod, an e-commerce hub in Lancaster, Pa. The company, which has four other e-commerce centers in Pennsylvania, said that banner will become its online grocery brand going forward. Giant also unveiled plans to open three more Giant Heirloom Markets in Philadelphia. The urban store format premiered in the city’s downtown in late January, and the next location is due to open this summer, with all the stores in operation by the end of the year.

A couple of new supermarkets are in the works as well. Giant said it plans to open new stores this year in East Stroudsburg and Walnutport, Pa. In November, the chain had opened a Giant store in Lancaster’s Willow Valley area that was acquired from Darrenkamp’s Markets.”

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Billionaires Are Betting Big on Alternative Meat

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Creating designer protein that can make your veggie burger taste like the real thing is as easy as brewing beer. Or at least that’s what a new subsidiary of Boston-based bio-manufacturing startup, Ginkgo Bioworks Inc., says.

Ginkgo’s Motif Ingredients, which aims to replicate animal protein for meatless alternatives, is getting $90 million from investors including Breakthrough Energy Ventures, whose board includes tech billionaires Jeff Bezos, Bill Gates and Jack Ma. Commodity powerhouse Louis Dreyfus Co. and Fonterra Co-operative Group Ltd, New Zealand’s dairy-exporting giant, are also backing the company.

The goal at Ginkgo is to get alternative products to market faster, chief executive officer Jason Kelly said in an interview. In a statement announcing the funding, the company likened making alternative foods to the beer-brewing process, because vital ingredients such as vitamins, amino acids, enzymes, and flavors are made through fermentation with genetically engineered yeasts and bacteria. Eliminating extra time in the lab can streamline the process and make it go faster, Kelly said.

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DoorDash Closes $400 Million Funding Round

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“In the last month, a pair of food delivery startups were battling complaints about their tipping policies. Customers and workers chastised the companies for unfairly using tips to subsidize worker pay. As the furor grew, one of the companies, Instacart Inc., changed its compensation policies to match some of workers’ demands.

Meanwhile, the other company, DoorDash Inc., stood firm. It still uses tips from customers to offset some of the minimum payment that a worker gets for each delivery job, in which “Dashers” travel to restaurants or stores and bring food to customers. That decision apparently hasn’t harmed DoorDash’s reputation in the eyes of investors. The company said on Thursday that it received a new round of funding that values it at $7.1 billion.

In an interview Thursday to promote the investment, DoorDash Chief Executive Officer Tony Xu defended the tipping practice, which has been in use since 2017. Xu said internal data show that under the current pay model, Dashers stay on the platform longer, are more satisfied with their jobs and make deliveries in a more timely manner. He blamed recent backlash on Instacart’s implementation of its own policy.”

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Papa John’s Accepts $200 Million Investment From Activist Hedge Fund

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“Papa John’s International Inc. is handing over the keys to the embattled pizza chain in exchange for a $200 million investment.

Activist fund Starboard Value LP is supplying the funds and its chief executive officer, Jeffrey Smith, is becoming chairman. He steps into the role vacated last year by Papa John’s founder John Schnatter after reports emerged that he used a racial slur. Schnatter tried to make his own similar deal and said he was shot down.

The infusion comes as the pizza chain also reported preliminary results for the fourth quarter and last year that missed analysts’ estimates. The company had already been in a sales slump before the latest controversy began last summer. Papa John’s plans to use the proceeds to repay debt and invest in the business, it said in a statement. Starboard is making its investment through the purchase of new convertible preferred stock, and the deal includes the option of an additional $50 million investment.

Shares of Papa John’s gained as much as 11 percent to $42.74 in New York trading Monday, the biggest intraday jump since July.”

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