Yellow Banana Closes on Investment into Grocery for South and West Sides

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 the South and West Sides of Chicago. The investment combines a $13.5 million Community Development Grantfrom the City of Chicago with New Markets Tax Credits, third-party financing and funding from Yellow Banana.

Through this project, Yellow Banana will make comprehensive upgrades to its existing Chicago stores as well as re-open a former Save A Lot at 7908 S. Halsted in the Auburn Gresham neighborhood that closed in 2020. The transaction comes as Walmart announces the permanent closure of four of its longstanding locations on Chicago’s South and West Sides.

“Where people grow up or live should not determine their access to healthy, affordable food options,” said Yellow Banana co-founder Michael Nance. “We look forward to providing residents on Chicago’s South and West Sides with a repositioned, quality grocery experience, and we are eager to engage with them as we determine the appropriate offerings for these locations. We understand that local engagement and collaboration will make these stores a success.”