Real Estate
As of Dec 27, 2015, Fairway operated 15 stores in the NYC metropolitan area, (3 of which include Fairway Wines & Spirits stores), with 7 in Manhattan, 5 in New York (outside Manhattan), 2 in New Jersey and 1 in Connecticut.
The company opened a store in the Chelsea neighborhood of Manhattan, NY in late July 2013, in Nanuet, NY in mid-October 2013, and in Lake Grove in Suffolk County, Long Island, NY in July 2014. The company expects to open a new store in Brooklyn during fiscal 2016.
All stores are leased, most pursuant to initial terms of at least 15 years and several 5 to 10 year renewal options. The suburban food store operating model is based primarily on a store size of approximately 60,000 gross square feet (approximately 40,000 selling square feet) and the urban food store operating model is based primarily on a store size of approximately 40,000 gross square feet (25,000 selling square feet).
TTM | 2015 | 2014 | 2013 | 2012 | 2011 | |
---|---|---|---|---|---|---|
Stores | 15 | 15 | 14 | 12 | 9 | 7 |
Store growth | 0.0% | 7.1% | 16.7% | 33.3% | 28.6% | 40.0% |
Total gross square feet (M) | 895 | 895 | 841 | 741 | 553 | 454 |
Total gross square feet growth | 0.0% | 6.5% | 13.4% | 34.1% | 21.7% | 55.1% |
Avg store gross sq ft | 59,700 | 59,700 | 60,100 | 61,800 | 61,400 | 64,900 |
Avg store gross sq ft growth | 0.0% | -0.6% | -2.8% | 0.6% | -5.3% | 10.8% |