Cencosud Moves Forward with The Fresh Market Expansion

The Fresh Market has unveiled plans to open 22 new store locations over the next two years, as disclosed in the latest quarterly earnings report from its parent company, South American retailer Cencosud. This expansion signifies an impressive 14% growth trajectory for the specialty grocery chain within the upcoming 24 months. This development coincides with Cencosud’s first year of majority ownership of The Fresh Market, following its acquisition of 67% of the grocery chain for $676 million last May.

The Fresh Market, currently in its 41st year of operation, boasts 160 stores spanning 22 states. Cencosud reported an impressive financial performance in the second quarter, with a remarkable 12.9% revenue growth, amounting to $4.5 million. This marks the ninth consecutive quarter of double-digit sales growth. The growth figures are largely attributed to the consolidation of The Fresh Market in the United States and GIGA Atacado in Brazil, as well as the expansion of market share in supermarkets across Chile and Brazil compared to the same period in 2022. Matías Videla, CEO of Cencosud, stated, “In these 12 months, The Fresh Market has contributed with an Adjusted EBITDA of $210 million and an Adjusted EBITDA margin of 10.4% to the company’s consolidated result, exceeding estimates. In addition, during this quarter we opened the first store post-acquisition and plan to add 22 additional stores in the next 24 months.”

The specialty grocery store chain first opened its doors in 1982 in Greensboro, North Carolina. The success of the original store led to the expansion of The Fresh Market while remaining committed to its core values of providing customers with fresh and inspiring food options to elevate their everyday dining experience.