Once upon a time, Fairway was just on the Upper West Side, a destination for all New Yorkers to buy well-priced groceries, get into arguments about shopping carts blocking the narrow aisles and bitch and moan about the elevator (yeah, yeah, the Harlem location is roomier). But now Fairway has branched out—to Red Hook, to the Upper East Side, to Queens, and outside the city in NY, NJ and Connecticut. So what can be next? An IPO, duh.
According to the Post, "The tri-state area supermarket said yesterday it filed for a so-called “confidential” IPO — a new process created by US lawmakers this spring that allows smaller companies to wait until 21 days before a roadshow for prospective investors before disclosing financial information. The New York grocer, which is said to have annual revenue nearing $600 million, didn’t give details about the offering, which has been filed under the name Fairway Group Holdings Corp."
Apparently some food stocks are doing well—"Organic-foods maker Annie’s [stock] soared 72 percent in their March debut, while an IPO last week by health-focused food chain Natural Grocers by Vitamin Cottage priced its shares at $15 — the top of the expected range"—but Fairway isn't commenting yet. As for the grocer's immediate plans? A 42,000 square foot store in Kips Bay.