iFresh Acquires Two New Stores
October 03 2017 - 8:30AM
iFresh Inc. (NASDAQ:IFMK) (“iFresh” or the “Company”), a leading
Asian American grocery supermarket chain and online grocer,
announced today that it has acquired two new stores: one in Miami,
FL, and the other in Milford, CT. When opened, the two stores will
feature Chinese architecture, including iconic Chinatown gates, to
symbolize the center of the communities’ Chinatown business
districts.
The Miami store is estimated to be 25,088 square
feet and will be located at 551 NE 167th Street, North Miami Beach,
FL. The store is currently under construction, and, once finished,
will be one of the biggest Asian supermarkets in South Florida.
Expected to open in November 2017, the store will feature a food
court and retail leasing space. The store will join numerous
Chinese restaurants, spas, and a pharmacy in the heart of North
Miami Beach’s Chinatown.
New York Mart CT will be located at 804 Boston
Post Rd, Milford, CT. The location is currently under renovation
and the 26,293 sq. foot store is expected to open in December 2017.
The store will include a food court featuring specialty foods such
as bubble tea and Peking duck as well as retail leasing space,
which is currently expected to be leased to a Chinese and Japanese
snack shop and a beauty salon and spa. This will be iFresh’s first
store in Connecticut.
Chairman and Chief Executive Officer of iFresh
Mr. Long Deng commented, “We are pleased with our expansion into
Connecticut and South Florida, which gives iFresh the opportunity
to become a center and symbol of the local Chinatown business
communities, which we aim to represent through a focus on
traditional Chinese architecture and the construction of an iconic
Chinatown gateway at each location.
“In addition to the visual appeal of the stores,
we will bring iFresh’s signature commitment to daily fresh produce
from regional farms at reasonable prices to our customers. Our
e-commerce platform will increase accessibility to our products.
Furthermore, we believe that the food courts and retail leasing
space at the Connecticut and South Florida locations will drive
traffic and provide additional sources of revenue. We look
forward to updating our investors on our progress in the weeks and
months ahead,” concluded Mr. Deng.
About iFresh Inc.
iFresh Inc., headquartered in New York, New
York, is a leading Asian American grocery supermarket chain and
online grocer. With nine retail supermarkets along the US eastern
seaboard (with additional stores in Glen Cove, Miami and
Connecticut soon opening) and two in-house wholesale businesses
strategically located in cities with a highly concentrated Asian
population, the Company aims to satisfy the increasing demands of
Asian Americans, whose purchasing power has been growing rapidly,
for fresh and culturally unique produce, seafood and other
groceries that are not found in mainstream supermarkets. With an
in-house proprietary delivery network, online sales channel and
strong relations with farms that produce Chinese specialty
vegetables and fruits, iFresh is able to offer fresh, high-quality
specialty perishables at competitive prices to a growing base of
customers. For more information, please visit:
http://www.ifreshmarket.com/.
Forward-Looking Statement
This announcement contains forward-looking
statements. Forward-looking statements provide our current
expectations or forecasts of future events. Forward-looking
statements include statements about our expectations, beliefs,
plans, objectives, intentions, assumptions and other statements
that are not historical facts. Words or phrases such as
“anticipate,” “believe,” “continue,” “estimate,” “expect,”
“intend,” “may,” “ongoing,” “plan,” “potential,” “predict,”
“project,” “will” or similar words or phrases, or the negatives of
those words or phrases, may identify forward-looking statements,
but the absence of these words does not necessarily mean that a
statement is not forward-looking. Examples of forward-looking
statements in this announcement include, but are not limited to,
statements regarding our disclosure concerning the Company’s
operations, cash flows, financial position and dividend policy.
Contact:
ICR Inc.
Ms. Rose Zu
Phone: 1-347-436-8368
E-mail: rose.zu@icrinc.com
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