Coles Group's (ASX:COL) proposed lease of a supermarket in Angle Vale, South Australia, is under a phase one initial review by the Australian Competition and Consumer Commission (ACCC), the regulator said Wednesday.

Coles has signed a letter of offer with Australian private firm Merenda Group for the lease, with the proposed Coles supermarket expected to open around November 2029.

The ACCC is seeking feedback on the proposal through a consultation that runs until Oct. 7.

Coles Group shares fell 2% in recent Thursday trade.