K mart, joining Wal-Mart and other retailers...

K mart, joining Wal-Mart and other retailers getting into the “hypermarket” business, announced a joint venture with an Alabama food store operator to build an undetermined number of 225,000-square-foot stores carrying food and general merchandise. Under the deal with Birmingham-based Bruno’s Inc., K mart will have 51% ownership in the venture, with the rest held by Bruno’s. The first store is scheduled to open next year. A Bruno’s spokeswoman said locations have not been chosen but that stores would be opened in major metropolitan areas of the South and Southwest. The venture’s chief executive will be James A. Glime of K mart’s specialty retail division.