Asian supermarket 99 Ranch plans to open at least three stores in New Jersey this year, according to published reports. The first store, a 60,000 square foot former Pathmark, opened recently in Edison, NJ, about a mile from an H Mart, which is also an Asian grocery chain. 99 Ranch stores are also slated for Jersey City and Hackensack.
The chain is owned and operated by California-based Tawa Supermarket, Inc. and has 42 additional locations in its home state, Washington, Nevada and Texas.
99 Ranch focuses on products from China, but also includes a broad assortment of foods from other Asian countries including India and the Philippines.
Showing posts with label 99 Ranch. Show all posts
Showing posts with label 99 Ranch. Show all posts
Thursday, February 9, 2017
Sunday, December 11, 2016
Chinese supermarket plans for new stores along I-95 corridor
E-Compass Acquisition Corp. and NYM Holdings announced that they plan to merge and create iFresh, Inc., and then open 31 stores over the next three years. NYM Holdings operates Chinese supermarkets under the New York Mart banner.
E-Compass said the newly formed company would look to acquire or build stores along the I-95 corridor on the East Coast, and also consider markets in Chicago and Texas.
According to its website, New York Mart has 11 stores open. Seven of the stores are in New York, two in Massachusetts, and one each in Florida and Maryland. An additional store in Florida and one in Connecticut are coming soon. The company supplies its own stores through an in-house wholesale business, and operates other businesses and restaurants. Annual sales were $131.2 million for the fiscal year ended March 31, 2016.
According to the announcement, the U.S. Chinese population increased by 14.3% between 2010 and 2014, and growth is expected to continue. The company also said that due to unique cultural demands when it comes to authentic Chinese groceries, most Chinese Americans are not satisfied with mainstream American supermarkets.
New York Mart stores average about 15,000 square feet. For the new stores, the company plans to spend $2.5 million each to cover acquisition costs, renovations and working capital. Sales are expected to reach $17 million by year three of operation.
With 39 stores, 99 Ranch, owned by California-based Tawa, Inc., is currently the nation's largest Chinese supermarket chain.
E-Compass said the newly formed company would look to acquire or build stores along the I-95 corridor on the East Coast, and also consider markets in Chicago and Texas.
According to its website, New York Mart has 11 stores open. Seven of the stores are in New York, two in Massachusetts, and one each in Florida and Maryland. An additional store in Florida and one in Connecticut are coming soon. The company supplies its own stores through an in-house wholesale business, and operates other businesses and restaurants. Annual sales were $131.2 million for the fiscal year ended March 31, 2016.
According to the announcement, the U.S. Chinese population increased by 14.3% between 2010 and 2014, and growth is expected to continue. The company also said that due to unique cultural demands when it comes to authentic Chinese groceries, most Chinese Americans are not satisfied with mainstream American supermarkets.
New York Mart stores average about 15,000 square feet. For the new stores, the company plans to spend $2.5 million each to cover acquisition costs, renovations and working capital. Sales are expected to reach $17 million by year three of operation.
With 39 stores, 99 Ranch, owned by California-based Tawa, Inc., is currently the nation's largest Chinese supermarket chain.
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