Fairway Market

Last updated

Fairway Market
Company typePrivate
Industry
Founded1933;91 years ago (1933) in New York City, New York, United States
FounderNathan Glickberg
Headquarters5000 Riverside Drive, ,
Number of locations
4 (2020)
Area served
New York metropolitan area
Revenue$810 million
Parent Wakefern Food Corporation
Website fairwaymarket.com
Updated Logo Fairway Market Updated Logo.png
Updated Logo
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Fairway Market is a small American grocery chain founded in 1933 by Nathan Glickberg. [1] [2] It is one of the brands owned by the Wakefern Food Corporation, whose flagship supermarket cooperative network is ShopRite. [3]

Contents

The prime location at Broadway and West 74th Street, on the Upper West Side of Manhattan, is one of four surviving stores as of 2020 [4] that are operated by Wakefern cooperative member, Village Super Markets. [5]

Sale to private equity

Fairway Market is a specialty market with four locations in Manhattan. Founded in 1933.

Sterling Investment Partners, a private equity firm in Westport, Connecticut, bought a controlling stake in Fairway Market in January 2007 and expanded the chain in the Greater New York area. Sterling made a $150 million capital investment in Fairway and enabled the enterprise to grow rapidly. [6]

In 2011, the chain had revenues of $550 million. [6] It was spun off in an IPO on April 17, 2013, trading under its parent, Fairway Group Holdings Corp., on the NASDAQ under the ticker symbol "FWM". [7]

Stores

The grand opening of the Paramus Fairway store at Fashion Center in Paramus, New Jersey, 2009 FairwayMarket ParamusOpening.JPG
The grand opening of the Paramus Fairway store at Fashion Center in Paramus, New Jersey, 2009
The Fairway in Red Hook, Brooklyn FairwayRedHookByLuigiNovi1.jpg
The Fairway in Red Hook, Brooklyn

The original Fairway Market at West 74th Street on Manhattan's Upper West Side was originally a produce shop. By 1997, it had expanded with a café that became a steakhouse at night.

In 2011, Fairway opened two more locations: one on the Upper East Side of Manhattan, which opened on July 20, and the other in the Douglaston neighborhood of Queens, which opened on November 16. In 2012, Fairway Market opened three more locations: in Woodland Park, New Jersey, on June 6; Westbury, New York, on August 22; and Kips Bay in Manhattan in late December. In 2013, Fairway Market opened a location in Chelsea, Manhattan, and another at The Shops at Nanuet shopping mall in Nanuet, New York.

As of 2020, all but five of these Fairway stores have either closed or sold to other retailers, including Amazon. [5] The sequence of all stores is as follows:

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References

  1. Fairway Market History Accessed February 27, 2018
  2. Creswell, Julie (October 29, 2015). "Fairway Slumps as Epicure Options Grow". The New York Times. Retrieved March 15, 2023.
  3. Redman, Russell (February 9, 2022). "Wakefern makes flurry of management moves". Supermarket News. Retrieved June 8, 2022.
  4. "Store Locator". Archived from the original on August 28, 2018. Retrieved August 27, 2018.
  5. 1 2 Redman, Russell (March 25, 2020). "Fairway Market to sell two N.J. store leases to Amazon". Supermarket News. Retrieved January 3, 2021.
  6. 1 2 Reddy, Sumathi (July 11, 2011). "Fairway Grocery Chain Targets an Expansion". The Wall Street Journal.
  7. "Fwm". CNN.
  8. "Fairway Set to Start Closing 125th Street Location As Soon As Today". www.westsiderag.com. June 26, 2020. Retrieved October 22, 2020.
  9. 1 2 "Bogopa Service Corporation Acquires Two Fairway Market Locations". www.businesswire.com. Business Wire. July 22, 2020. Retrieved February 27, 2022.
  10. "Amazon Acquiring Fairway Market Lease in Paramus". BoozyBurbs.com. March 26, 2020. Retrieved March 26, 2020.
  11. Levine, Cecilia (May 6, 2020). "Fairway Market In Paramus To Close". DailyVoice.com. Retrieved May 7, 2020.
  12. "Fairway Market Said to Expand to N.Y.'s Westchester County". Progressive Grocer. May 12, 2008. Archived from the original on April 13, 2009.
  13. Healy, Peter (April 20, 2009). "Antares loses control of Stamford office complex". Greenwich Time. Archived from the original on April 24, 2009. Retrieved April 24, 2009.
  14. Taliaferro, Lanning (September 24, 2019). "Fairway Market Closing In Nanuet". Nanuet, NY Patch. Retrieved September 25, 2019.
  15. Duggan, Kevin (March 27, 2020). "Fairway Sells Georgetown Outpost to Key Food in Bankruptcy Auction". Brooklyn Paper.

40°46′50″N73°58′54″W / 40.780597°N 73.981711°W / 40.780597; -73.981711