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We invested $1.6 billion this past year to strengthen our stores, distribution network and key support systems. To ensure that our capital program is focused where it can do the most good, we have developed a more stringent and systematic decision-making process for guiding our investment policy. In 2002, our investment committee analyzed every significant capital expenditure at Albertsons, approving only those that added shareholder value and improved our ability to serve our customers. Among the results were investments in 92 new stores and the remodeling of 207 stores in our network which now features over 2,300 stores in 31 states. This entire process focuses on directing all our resources to profitable geographic markets where we can eventually be a marketplace leader or strengthen our existing leadership position.
In 2002, the reengineering of our company continued with the disposal of a number of non-strategic or under-performing assets. We scrutinized both individual assets as well as groups of assets on a market-by-market basis. This analysis led to our strategic decision to exit unprofitable markets in Houston, San Antonio, Memphis, Nashville, Des Moines, Springfield, MO and Miami. Since the restructuring of our company began in mid 2001, we have closed or sold 441 stores that were either non-strategic or under-performing.
Maximizing returns for shareowners means that we must focus on maximizing every investment that is made in every corner of our company. Consequently, we are working hard to maximize return on invested capital from marketing to human resources, from distribution and logistics to operations, from real estate to information technology. It is our primary responsibility to make sure that every dollar we invest ultimately builds shareowner value no matter where it is spent. Our company's long term success depends on it!
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