The Fresh Market Explained

The Fresh Market, Inc.
Type:Private
Location:Greensboro, North Carolina, U.S.
Locations:160 (all in US)[1]
Area Served:Southeastern U.S.
Mid Atlantic U.S.
Midwest
Key People:Jason Potter (CEO)
Founders:Ray Berry and Beverly Berry
Industry:Retail
Products:Food
Revenue:US$1.75 billion
(2014)[2]
Operating Income:US$103.6 million
(2014)
Net Income:US$63 million
(2014)
Num Employees:13,000

The Fresh Market is an American chain of supermarkets based in Greensboro, North Carolina.[3]

History

The Fresh Market was founded by Ray and Beverly Berry on March 5, 1982, in Greensboro, North Carolina. The first store was opened in the former Bi-Rite store at the corner of Lawndale Dr. and Pisgah Church Rd. [4] The Berrys' idea was to develop a better grocery store that brought back the feeling of open European-style markets.[5] Their first store in the West opened in October 2012 in Roseville, California. However, in March 2014, the company announced that it was closing all three of its Sacramento area stores including its Roseville store.[6]

In 2012, Fresh Market acquired and remodeled four locations of longtime family-owned Houston grocer Rice Epicurean Markets.[7] These locations were subsequently closed in May 2016 when Fresh Market shuttered its 13 locations in Texas, Iowa, Missouri, and Kansas.[8]

After increasing the price of its initial public offering from $18–20 to $22, Fresh Market raised $290 million, and on November 5, 2010, began trading on Nasdaq using the symbol TFM.[9]

Apollo Global Management acquired the stock of The Fresh Market on April 27, 2016. The Fresh Market then became a privately held company and its stock was delisted on NASDAQ.[10]

In March 2022, Fresh Market filed an updated prospectus for a new initial public offering, signaling the companies intent to return to becoming a public company.[11]

In May 2022, the Chilean retail company Cencosud acquired a 67% stake in Fresh Market.[12]

Trademark disputes

The Fresh Market has been in numerous trademark disputes relating to its commonplace name. In 2005, the company lost a trademark dispute with "Marsh Supermarkets" relating to the 'Fresh Market' trademark. The U.S. federal court in South Bend, Indiana stated “The Fresh Market trademark is descriptive and therefore weak and not entitled to broad sweeping protection."[13] The Fresh Market was also in trademark disputes with “Fresh Market at Roth's"[14] and in 2010 with a Utah-based company named "A Fresh Market". In the latter case, it was argued that the term "Fresh Market" was too generic to be trademarked.[15]

In 2017 the company's name “The Fresh Market” was trademarked by the U.S. Patent and Trademark Office.[16]

Awards

From 2021 to 2023, the company was named the "Best Grocery Store in America" for three consecutive years by USA Today.[17]

External links

Notes and References

  1. Web site: Store Locations. The Fresh Market. Jan 28, 2021. January 21, 2021. https://web.archive.org/web/20210121092521/https://www.thefreshmarket.com/your-market/store-locator. live.
  2. http://www.nasdaq.com/symbol/tfm/financials?query=income-statement
  3. "Contact Us ." Fresh Market. Retrieved on July 13, 2010. "Mail: 628 Green Valley Road Suite 500 Greensboro, NC 27408-7041"
  4. Web site: Fresh Market earns No. 1 spot in ranking of America's best supermarkets . 2022-04-26 . www.bizjournals.com . 2023-08-26 . https://web.archive.org/web/20230826172216/https://www.bizjournals.com/charlotte/news/2021/04/27/fresh-market-earns-no-1-ranking-from-usa-today.html . live .
  5. Web site: TFM - the History of the Fresh Market . 2007-06-22 . dead . https://web.archive.org/web/20070531174330/http://www.freshmarket.com/Company/history.html . 2007-05-31 .
  6. Web site: Fresh Market closing all 3 Sacramento-area stores - Business - the Sacramento Bee . 2014-03-31 . dead . https://web.archive.org/web/20140307111518/http://www.sacbee.com/2014/03/06/6216274/fresh-market-closing-all-3-sacramento.html . 2014-03-07 .
  7. Kaplan, David. "Rice Epicurean to close four stores to make way for The Fresh Market ." Houston Chronicle. November 14, 2012. Retrieved on November 15, 2012.
  8. News: The Fresh Market announces closure of 13 locations across the U.S., including four in Houston. Houston Chronicle. 2016-05-03. 2017-11-14. 2017-11-15. https://web.archive.org/web/20171115083237/http://www.chron.com/business/article/The-Fresh-Market-announced-closure-of-13-7390962.php. live.
  9. News: Report: Fresh Market raises $290 million at IPO. News & Record. 2010-11-05. 2010-11-05. 2010-11-09. https://web.archive.org/web/20101109170944/http://www.news-record.com/content/2010/11/05/article/report_fresh_market_raises_290_million_at_ipo. live.
  10. Web site: Certain Funds Affiliated with Apollo Global Management Announce Completion of the Acquisition of The Fresh Market, Inc.. www.apollo.com. en. 2020-03-20. 2021-01-31. https://web.archive.org/web/20210131072114/https://www.apollo.com/stockholders/press-releases/2016/04-27-2016-130904393. live.
  11. Web site: Beltran . Luisa . Fresh Market Is Getting Ready for When the IPO Market Opens . 2022-03-23 . www.barrons.com . en-US . 2022-03-23 . https://web.archive.org/web/20220323150417/https://www.barrons.com/articles/fresh-market-ipo-51647284956 . live .
  12. News: Chilean retail group acquires majority stake in The Fresh Market. supermarketnews.com. 2022-05-11. 2022-09-25. 2022-09-25. https://web.archive.org/web/20220925023226/https://www.supermarketnews.com/retail-financial/chilean-retail-group-acquires-majority-stake-fresh-market. live.
  13. Web site: Federal Court Rules in Favor of Marsh in Trademark Dispute. Progressive Grocer. Jan 28, 2021. August 9, 2020. https://web.archive.org/web/20200809043542/https://progressivegrocer.com/federal-court-rules-favor-marsh-trademark-dispute. live.
  14. Web site: FORM 10-Q. www.sec.gov. Jan 28, 2021. June 16, 2020. https://web.archive.org/web/20200616002033/https://www.sec.gov/Archives/edgar/data/1489979/000119312511334120/d233446d10q.htm. live.
  15. Web site: Fresh Market in Trademark Dispute. May 10, 2010. Supermarket News. Jan 28, 2021. January 26, 2021. https://web.archive.org/web/20210126162246/https://www.supermarketnews.com/retail-amp-financial/fresh-market-trademark-dispute. live.
  16. Web site: Vijayan . Naveena . The Untold Truth of The Fresh Market . July 10, 2020 . January 21, 2021 . January 28, 2021 . https://web.archive.org/web/20210128144202/https://www.mashed.com/225165/the-untold-truth-of-the-fresh-market/ . live .
  17. News: The Fresh Market named best grocery store in America by USA Today . Sep 26, 2023 . Supermarket News.

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