Delivered By: Jerry Golub, President and CEO
November 11th, 2014
There have been times during our history when we’ve needed to make some bold decisions in order to continue to meet our customers’ needs, and to evolve as a company. Today we are pleased to announce a major plan to modernize our stores, and some important implications of that plan.
As our customers continue to change, it’s become clear to us that our stores need to change with them. Over the past two years, we’ve been working on a new store design that we feel will reflect and address those changes, and help us meet our customers’ needs better than ever before. Our new design has been significantly influenced by the early learnings we’ve gained from our Market Bistro store, but is much more scalable; in other words, it can be applied to a wide range of different store sizes and locations.
With 135 stores in six states, modernizing our chain with this new concept will be a big undertaking, but we believe that it’s absolutely necessary for our continued long-term success. That’s why we’re proud to announce today, that we’ll be investing more than $300 million over the next five years to transform our stores, with more to follow in the future. Nearly a third of that amount will be invested in the greater Capital Region.
Inspired by information we’ve received from our customers, as well as trends that are defining their current and future preferences, we’ve created a more modern grocery shopping experience. In fact, this new design is so different from our current approach that it will necessitate a complete rebranding of our stores.
While low prices will continue to be at the forefront of everything we do, we’ve been told by our customers that our current name does not properly reflect many of our other strengths—strengths that will stand out even more in our new stores.
As a result, we’ve decided that our rebranding will also include a name change. The name we’ve selected reflects our long heritage as a family led business. It’s also a name that we feel will be memorable, and can evolve with our company and brand over time.
As each store is changed over to our new design, its name will also change… to Market 32.
As I mentioned, the new name is a reflection of the fact that our company was founded by Ben and Bill Golub back in 1932. We’re very proud of our heritage and the fact that we’ve been part of this great community for the past 82 years, and there’s no better way to express that pride than by reflecting it in our new name.
So, how will our new stores be different? Market 32 will build on our traditional strengths, including great fresh food departments, locally grown products and, of course, delivering excellent value. In addition, it will offer a more contemporary, relevant shopping experience characterized by a number of improvements:
- It will have a completely new look and feel with a distinct personality that will help make shopping more interesting and enjoyable
- We’ll offer an increased variety of locally sourced products
- There will be an even greater focus on health and wellness, combining food, non-food, and pharmacy to create a destination that serves all our customers’ needs to live a more healthy life.
- We’ll have more information throughout the store to help our customers find solutions for their many needs
- And Market 32 will deliver a more customer-friendly shopping experience, including a more convenient and intuitive store layout
All of these changes will support an even greater focus on delivering value to our customers throughout the store. An important part of our ability to do that will be the ongoing presence of our Price Chopper brand, which will continue to offer our customers national brand quality at a savings. Our AdvantEdge card and Fuel AdvantEdge Program will also be part of the new store.
Let me repeat that. We are more committed than ever to delivering value and savings to our customers every day. Whether in our Price Chopper stores or Market 32, saving our customers money will always be a top priority.
The transition to Market 32 has already begun. We’re currently in the process of transforming our first two Capital Region stores – in Wilton and Clifton Park – to the Market 32 brand. Those stores should be completed sometime next April. We’ve also begun transforming our store in Pittsfield, Mass., which will be our first Market 32 outside the Capital Region. In addition, tomorrow we’ll be breaking ground on a new store in Sutton, MA, which will be our first ground-up Market 32.
I’m incredibly proud of the difference we’ve been able to make in the lives of our customers and in the communities we serve for the past 82 years. We’re more committed than ever to continuing that tradition–to being a family led, regional grocery chain that continues to evolve and change with our customers. Market 32, and the experience it will offer, represents the next chapter of that commitment in a story that will continue for years to come.