Fairway Market
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| Private | |
| Industry | Retail |
| Founded | 1930s |
| Headquarters | New York City |
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Key people
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Jack Murphy (CEO) |
| Products | Supermarket |
| Revenue | $810 million |
| Owner | Fairway Group Holdings Corp. |
| Website |
FairwayMarket.com Fairwaywines.com |
Fairway Market is an American grocery chain. Founded in the 1930s, it is one of the United States' highest grossing food retailers per square foot with 14 million customers per year. Fairway has had significant store expansion in the New York area, with 14 stores in the tri-state area, plus 3 liquor stores. The flagship store remains at Broadway and West 74th Street, on the Upper West Side of Manhattan.
Sterling Investment Partners, a private equity firm in Westport, Connecticut, bought a controlling stake in Fairway Market in January 2007 and committed to substantially expanding the chain in the Greater New York area. Sterling made a $150 million capital investment in Fairway and has thus far committed to over $100 million for Fairway’s expansion, enabling the enterprise to grow rapidly and generating 2,100 new jobs in the tri-state area within the ensuing 3 1/2 years.
In 2011, the chain had revenues of $550 million. It was spun off in an IPO on April 17, 2013, trading under its parent, Fairway Group Holdings Corp., on the NASDAQ under the ticker symbol "FWM".
On May 2, 2016, Fairway Markets filed for Chapter 11 bankruptcy after having lost money every quarter since it went public
The original Fairway Market, at West 74th Street on Manhattan's Upper West Side, was a modest produce shop. By 1997, it had expanded. A café serves sandwiches, burgers, and breakfast, and becomes a steakhouse by night. There are larger locations in Harlem; Red Hook neighborhood of Brooklyn, New York; Fashion Center mall in Paramus, New Jersey; Plainview, New York; Pelham Manor, New York; Stamford, Connecticut; and Woodland Park, New Jersey. In 2011, Fairway expanded even further with two more locations: one on the Upper East Side of Manhattan, which opened on July 20, and the other in the Douglaston neighborhood of Queens, New York, which opened on November 16. In 2012, Fairway Market opened three more locations: in Woodland Park, New Jersey on June 6; Westbury, New York on August 22; and Kips Bay in Manhattan in late December. In 2013, Fairway Market opened a location in Chelsea, Manhattan and another at The Shops at Nanuet shopping mall in Nanuet, New York. There will be another store in Hudson Yards, Manhattan by 2017. The company currently employs about 5,000 people.
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Wikipedia