Real Estate
As of Oct 8, 2016, the company operated 172 stores in Upstate New York, Northern Pennsylvania and Vermont under the Tops and Orchard Fresh banners, with an additional 5 supermarkets operated by franchisees.
During fiscal 2015, the company opened 5 new stores. In the first three quarters of fiscal 2016, the company acquired 7 stores and opened 2 new stores.
The company owns 7 and leases 156 stores, and an additional 5 supermarkets are operated by franchisees. Substantially all of the Tops supermarkets are either freestanding or located in small neighborhood shopping centers where it is the marquee tenant. eMarketer estimates the average store is approximately 46,000 square feet.
| TTM | 2015 | 2014 | 2013 | 2012 | 2011 | |
|---|---|---|---|---|---|---|
| Stores | 172 | 163 | 158 | 155 | 149 | 125 |
| Store growth | 6.8% | 3.2% | 1.9% | 4.0% | 19.2% | -1.6% |
| Total gross square feet (M) | 7,795 | 7,480 | 7,305 | 7,200 | 6,990 | 6,150 |
| Total gross square feet growth | 5.2% | 2.4% | 1.5% | 3.0% | 13.7% | -1.1% |
| Avg store gross sq ft | 45,300 | 45,900 | 46,200 | 46,500 | 46,900 | 49,200 |
| Avg store gross sq ft growth | -1.5% | -0.7% | -0.5% | -1.0% | -4.6% | 0.5% |
Notes:Store sizes estimated by eMarketer based on company-reported ranges