Monday, March 12, 2012

The Fresh Market to add 14-16 new stores this year

The Fresh Market, which has three stores in the Greater Philadelphia Region (Center Valley, Glen Mills, Horsham; all in PA), announced last week that it plans to add 14 to 16 new stores in fiscal 2012. It is expected the expansion will take place within their existing markets, and possibly even California, where they do not have any stores. The Fresh Market currently has 115 locations in 21 states throughout the Southeast, Midwest, Mid-Atlantic and Northeast.

The company, which describes itself as a high-end specialty retailer whose stores are like old world European markets with an open air feel, opened six new stores in the fourth quarter of 2011, and two stores have already opened in 2012.

The Fresh Market recently completed its first full year as a public company. Net income for the year was $51.4 million, compared to $21.3 million in 2010 (which included IPO-related charges). Sales for 2011 were up 13% from the previous year.

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