New York City Grocer Fairway Goes Public
What was once as a single fruit stand in the 1930s has now become a publicly traded, 12-store grocery business. One of Manhattan’s prized food retailers, Fairway, announced its IPO this morning and has begun trading above its expected share price at $13 a share.
Fairway began as a landmark supermarket on Manhattan’s Upper West Side, known not only for its value but its unique offerings of artisanal goods. As Philip Lempert, editor of Supermarket Guru, told The New York Times, Fairway appeals to the younger generation because it offers both "adventure and value;" an even blend of what Whole Foods and Walmart have to offer, with both selective and popular brands available in its aisles.
The market’s IPO is just the start of Fairway’s plans for expansion. Valued at close to $600 million, the company hopes to open 300 outlets nationwide, at a rate of three to four a year. Despite financial troubles and a hard blow to one of its locations in the fall of 2012 due to Hurricane Sandy, the supermarket is off to a good start.
Anne Dolce is the Cook editor at The Daily Meal. Follow her on Twitter @anniecdolce