Weis Markets expects to invest over $160 million in 2023 on a variety of projects aimed at improving and expanding its fleet of stores, the company’s top executive said Thursday during the supermarket chain’s annual shareholders meeting.

The mid-Atlantic retailer has earmarked funds this year to remodel 20 locations, expand one store and develop a new supermarket, which is set to open next year, Chairman, President and Chief Executive Officer Jonathan H. Weis told investors at the meeting, according to a press release. In addition, Weis said the company is continuing to invest in enhancements to its information technology infrastructure.

Weis Markets’ budget also calls for the company to develop six fuel centers and carry out “thousands” of improvement projects, which are intended to “improve efficiencies and drive sales,” Weis said in a statement, adding that the grocer has five new stores in “active planning stages,” without providing details.

The planned capital expenditures Weis Markets announced for 2023 follow the company’s disclosure last May that it would invest $150 million in 2022 to upgrade and expand its retail locations and fund other improvements. Some of the projects included in the company’s 2023 capital expenditure plan are initiatives that had been set for last year but were delayed by labor and supply chain disruptions, according to Weis Markets’ 2022 annual report.

Weis Markets currently runs 197 stores in Pennsylvania, New Jersey, New York, Maryland, Delaware, Virginia and West Virginia.

In February, the grocer reported net sales of $1.3 billion for the fourth quarter of 2022, up 18% from the same period in 2021. Net sales for all of 2022 came in at $4.7 billion, an 11.2% increase compared with the prior year. Net income was also up on a year-over-year basis for Q4 and the entire year.