GREENSBORO, NC – While many on the retail side of our industry are kicking it up a notch for the New Year with new partnerships, technology, and more in the works, The Fresh Market has implemented a different strategy for 2018–one that focuses the company’s efforts inward instead of outward. According to a Triad Business Journal report, the retailer’s Senior Vice President Scott Duggan confirmed that The Fresh Market has halted all expansion plans in 2018 and will instead work on improving its current stores and team.
“The Fresh Market is proud to be a member of the communities, which our 176 stores serve. At present, the company believes the most efficient growth vehicle is to focus on improving core operations within its existing footprint, so it has decided not to open any previously announced new stores for 2018,” Duggan said in an email sent to the Triad Business Journal.
In 2016, The Fresh Market was purchased by Apollo Global Management, with Larry Appel taking over as CEO in late 2017. This news followed a total of twenty-three store closures across New Jersey, New York, Virginia, Florida, Illinois, Texas, Iowa, Missouri, and Kansas in 2016 and 2017.
Despite the closures over the past two years, Fresh Market currently has 12 stores in development—four under construction, five planned with signed leases with developers, and three proposed stores in pre-development. However, the change of plans has only affected one store that was under construction and set to open this year in Florida so far.
“The company does not plan to comment on individual properties or leases at this time. Our focus remains on strengthening and growing our in-store operations, guest service program, merchandizing selections, future offerings, and, of course, our team members, as well as planning and executing new store openings after 2018,” Duggan continued.
Will The Fresh Market’s new strategy strengthen its footing on the retail field? AndNowUKnow will continue to report with the latest.
