Whole Foods to open seven new NJ stores

Amidst increased competition from Trader Joe's, Fairway and Kings Food Market, Whole Foods plans to open seven new stores in New Jersey. According to Whole Foods, stores will open in Marlboro, Morristown, Cherry Hill, Parsippany, Clark, Closter and Newark. The Texas-based company currently operates 10 stores in the state.

Whole Foods plans to open more than three dozen stores in the U.S. by the middle of next year.

Fairway goes public, planning for steady expansion

Whole Foods rival Fairway went public last month and the 12-store grocery chain aims to open 300 stores across the country. The stores, located in New York City and the surrounding areas and known for its specialty foods, began as a family business in the 1930s as a fruit and vegetable stand. The founder's grandson, Howard Glickberg, is vice chairman of development and still owns a small stake in the company. Sterling Investment Partners is the majority owner, having acquired an 80 percent stake in 2007.

The company's initial public offering raised $177.5 million, valuing the entire company at $536.1 million, according to reports.

Expansion is set to take place at a rate of three to four stores per year. Whole Foods has been aggressive in the same market and now has seven stores in New York City alone.

Fairway lost $11.9 million in the fiscal year ending in April 2012 on sales that increased 14 percent to $554.9 million, and at that time the company had debt in excess of $200 million.