Gourmet Grocery Chain Looking for Buyer
by Susan on 07/15/09 at 8:00 am
Supermarket looking for a buyer
Ukrop’s, the family-owned and venerable Richmond, Virginia-based grocery chain, with 28 stores throughout the Commonwealth, has shocked its loyal customers with the recent disclosure in Food World and Food News that they are interested in receiving offers from prospective buyers.
Since Joe and Jacquelin Ukrop opened their first store in 1937, Ukrop’s has been the number one grocery chain in its market area, even though their products are much higher-end than their competitors and their prices reflect that quality. In addition, they do not sell beer or wine, and their stores close on Sunday, the most popular food shopping day with consumers. The family has vowed that they will never sell alcohol or open on the Sabbath – one of their commitments to the family values that they stand for.
Since 1986 and until earlier this year, Ukrop’s has been the market share leader. But during the last quarter, Food Lion, with its 52 stores surpassed Ukrop’s, in a market that has become crowded with other players, including Kroger’s, Wal-Mart, Whole Foods, Trader Joe’s and Fresh Market, with a couple of independents thrown in for good measure.
Ukrop’s gourmet food offerings and strong regional support makes it a beloved part of the gentile and refined Richmond community. However, the recent economic woes have sent its most loyal customers scrambling to lower-priced stores for their groceries, and some of Ukrop’s frantic marketing techniques have been too little, too late and less than successful.
With its uncompromising support of local farmers and produce and their loyalty to tradition, the news of their possible sale to “outsiders” may be enough to bring customers back to the fold. Losing Ukrop’s and their gourmet food selections would leave a huge hole in the Virginia supermarket landscape.
- What’s With Trader Joe’s? (friendseat.com)
- Winners and Losers in the Supermarket Wars (friendseat.com)
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