Fairway launching smaller-format store
Fairway launching smaller-format store
Fairway Market will be opening the prototype of its new store model in Brooklyn, NY. The location will have a smaller footprint and lower cost structure than Fairway's existing stores with the same broad offering of fresh, specialty, organic and conventional products.
"We are excited about the announcement of the new Fairway Market located in a densely populated submarket with ample parking in a dynamic section of Brooklyn," Jack Murphy, Fairway's chief executive officer, said in a press release.
"We expect to further improve the profitability of the store by optimizing space allocations between departments based on learnings from recently conducted productivity studies," Murphy said. "We have also spent a lot of time designing a more capital efficient store and believe that we can build this store with a lower cost per square foot than our existing locations. We will continue to remain focused on searching for high-quality locations, which we believe will be accretive to our long term growth strategy."
The announcement was made when Fairway reported its financial results for its fiscal 2015 fourth quarter.
"During the fourth quarter, we made significant progress in a number of key operating disciplines," Murphy said. "Strategic pricing, marketing and merchandising programs were implemented fleetwide which, combined with basic operational disciplines and a collective focus on responsible growth and profitability, have created a strong foundation for future growth.
"We are extremely pleased with our performance throughout the back half of the fiscal year and look forward to capitalizing on this momentum as we move into fiscal 2016," Murphy said in the release.
