Times are changing.

Japan-based retailer Don Quijote Group is buying Times Supermarkets, a Honolulu-based grocery chain that has been serving the islands for 68 years.

The companies announced Wednesday that Don Quijote has agreed to buy the 24-store Hawaii supermarket chain owned by QSI Inc. for an undisclosed price. The Don Quijote Holdings Co. affiliate, which has 354 discount retail and convenience stores worldwide, currently owns five stores in the state.

After the sale is finalized, Don Quijote will own Hawaii’s 17 Times Supermarket stores, five Big Save Markets, Shima’s Supermarket and Fujioka’s Wine Times. The deal is scheduled to close late in the third quarter.

“This is a huge step for our business and will be good for our customers,” John Quinn, president and chief executive officer of QSI, said in a statement. “Today we are combining two established kamaaina companies to create a powerful new brand in the local grocery industry.”

Shoppers at the Times store on Beretania Street welcomed the change in ownership, saying they hope some of Don Quijote’s products or special prices will start showing up at Times.

“They have a lot more fresh seafood that Times used to have, but they cut it down,” McCully resident Paullet Campbell, 51, said as she scanned the ready-made sushi. “That’s one thing I like about Don Quijote is they have a lot of Japanese food.”

Carol Kawahara, a Makiki resident, said she hopes Times will offer discounts similar to Don Quijote.

“It would be great,” she said. “I used to live in Kailua before; I used to go to Don Quijote there and I was sad when they left. They have really good sales.”

Pearl City resident Salelea Tuiolemotu, 24, said he’d like to see Times start selling the same amount and variety of products as Don Quijote.

“If you go to Don Quijote, you have one aisle full of whatever you need,” he said.

Residents won’t be seeing changes to their local Times, for now.

Don Quijote said customers won’t see an “immediate” change in the products carried at Times.

“Hawaii is a very special place for our company and myself,” Koji Ohara, president and CEO of Don Quijote Holdings, said in a statement. “(We) will remain dedicated to providing outstanding goods and services for our loyal customers.”

The company said it will continue to operate all locations and keep all 1,600 workers currently employed by QSI.

“The opportunity to welcome the Times Supermarket family of stores and their employees to our ohana is exciting for us,” Edwin Sawai, president of Don Quijote (USA) Co. and Marukai Hawaii Co., said in a statement.

Honolulu retail analyst Stephany Sofos called it “a win-win situation on all sides.”

“It’s all good because Don Quijote has pretty good discounts and will bring them to the Times consumers, and Times has more local fresh produce and that will give more opportunity to the Don Quijote people,” Sofos said.

Sofos said that it was cheaper for Don Quijote to buy existing markets than expand from scratch.

“When someone buys another business, it’s for two reasons,” she said. “You’re going to buy it to capture more market share. And the second thing is it’s so expensive to build a new brick-and-mortar store and find new locations. It’s a lot easier to purchase existing spaces and put your product in there and build your market share. It’s a great move for Don Quijote because it will save them in the long run building a new marketplace because they already have an existing marketplace and they can capture consumers and grow new ones. They will take some of their products and blend it with the present because it’s building their market share.”

Don Quijote declined to comment on any long-term plans for the brand, the products or the employees.

“We were assured that everything was in place. … I don’t think any of our guys need to worry,” said Pat Loo, president of United Food & Commercial Workers International Union Local 480.

Loo said because the companies agreed to a stock sale and not an asset sale, the change in ownership won’t interrupt the collective bargaining agreement. UFCW has another year and a half on its existing agreement with Times.

An asset sale involves the purchase of individual assets, whereas a stock sale involves the purchase of the owner’s shares of a corporation.

UFCW represents only a small portion of Times workers, specifically the meat cutters, fish cutters and workers who handle chilled or frozen products.

Founded on the sugar plantations by Albert and Wallace Teruya, the Times name has a long history in Hawaii. The first store opened in 1949.

In 2002, the chain was acquired by QSI. QSI continued to operate all 12 Times markets on Oahu and in 2004 acquired Fujioka’s Wine Merchants, which it continues to operate under the name Fujioka’s Wine Times. In 2008, QSI acquired Shima’s Supermarket in Waimanalo. Then the following year QSI acquired five Star Markets, rebranding those stores to Times to expand the number of of those supermarkets to 17. In 2011, QSI purchased five Big Save Markets on Kauai.

With its purchase of the Times chain, Don Quijote will take on a larger role in the local grocery market.

“It’s going to be more competitive for Foodland, Safeway and Whole Foods,” Sofos said.

Don Quijote entered the Hawaii market in 2006 when it acquired the former Daiei stores and later purchased Marukai in 2013. Hawaii currently has three Don Quijote stores and two Marukai stores on Oahu, employing about 950 people.