The Fresh Market will open 22 stores in the next two years
- The Fresh Market will open 22 stores in the next two years.
- In the second quarter, The Fresh Market opened one new store.
- The Fresh Market currently operates 159 stores in 22 states predominantly in the eastern half of the U.S.
The Fresh Market will open 22 stores in the next two years, according to its Chilean-parent company Cencosud’s second quarter earnings report. In the second quarter, The Fresh Market opened one new store.
In its 41st year as a banner, The Fresh Market currently operates 159 stores in 22 states predominantly in the eastern half of the U.S.
As of July 5, 2022, Cencosud completed the acquisition of 67% of the shares of The Fresh Market Holdings Inc., with Apollo Global Management and other shareholders retaining 33% of the shares. The deal is valued at $676 million.
Cencosud celebrated the first anniversary of The Fresh Market under its management; a first year marked by important financial and commercial synergies, the retailer said, achieving a total impact in financial statements of $75.8 million.
"In these 12 months, The Fresh Market has contributed with an adjusted EBITDA of U.S. $ 210 million and an adjusted EBITDA margin of 10.4% to the company's consolidated result, exceeding estimates,” said Matías Videla, Cencosud’s CEO. “In addition, during this quarter we opened the first store post-acquisition and plan to add 22 additional stores in the next 24 months."
Cencosud reported a solid performance in its financial results during the second quarter of the year. Revenues increased 12.9%, reaching more than $4.5 billion, the ninth consecutive quarter of double-digit sales growth, the retailer said. The increase is partly due to the successful consolidation of The Fresh Market in the U.S., the retailer said.
Cencosud is one of the largest multi-brand retail conglomerates in Latin America, with operations in Argentina, Brazil, Chile, Peru, Colombia and the U.S.. The group operates a diversified portfolio of retail segments including 998 supermarkets, 113 home improvement and construction stores, 49 department stores and 67 shopping malls. Cencosud has more than 60 years of operations with the first Jumbo supermarket in Chile.