iFresh, Inc. (“iFresh” or “the Company”) (NASDAQ: IFMK), a leading
Asian American grocery supermarket chain and online grocer, today
announced its strategic initiative to improve its retail
supermarket experience.
The new strategic plan announced today follows
constructive dialogue and an improvement plan discussed with the
board of directors at the board meeting held on September 28, 2018.
First, underperforming stores will be closed or sold. Second,
iFresh will remodel and update all other iFresh stores pursuant to
the plan outlined by Mr. Long Deng, Chairman and CEO of iFresh, at
the meeting. These improved stores are expected to include expanded
dietary options, improved onsite fresh food preparation, improved
payments systems, included unattended retail offerings, and
expanded delivery options with a delivery range intended to serve
customers within 4.5 miles of the upgraded stores. These upgraded
stores will be titled “Life Experience Halls” to highlight the new
technology and analytics intended to offer a superior retail
experience by improving the in-store shopping environment,
developing an online platform, and enhancing the customer
experience.
As part of this transition, Rainbow Tang Inc.
(“Rainbow Tang”), a New York based food management company owned by
Taiyuan Mingyang Happy Catering Co., Ltd (“Mingyang”), has signed a
sublease agreement with iFresh Glen Cove Inc. Rainbow Tang will be
responsible for making and selling ready-to-eat food in the iFresh
Glen Cove Inc. supermarket that iFresh plans to open in the fourth
quarter of 2018. Rainbow Tang will offer traditional Chinese
dishes, noodles, pastries, fried foods, and baked goods.
Furthermore, customers will be able to purchase fresh fish, meat,
and produce in the iFresh Glen Cove supermarket and have Rainbow
Tang prepare a meal from the fresh food on premises.
Mr. Long Deng, Chairman and CEO of iFresh,
commented, “We are excited to announce our plans to introduce the
‘new retail’ experience to iFresh customers. We believe our
transformation plan will attract a new audience to iFresh stores,
as we attract more young people and Chinese food enthusiasts from
all backgrounds to our ‘Life Experience Halls,’ and offer improved
services to our loyal customers. These store upgrades, combined
with our plans to improve our delivery options and expand our
delivery range, will integrate the online and offline shopping
experience, provide new culinary options, and customers the
opportunity to select iFresh products to be prepared onsite.
Furthermore, as we wind down underperforming stores we expect our
overall financial profile to improve.”
Mr. Deng continued, “As an opening act in our
‘transformation’, our agreement with Rainbow Tang to provide
ready-to-eat food and prepare iFresh food on premises will allow
our customers to experience a new service uncommon in America. We
believe that the opportunity for shoppers to pick the freshest food
available to be prepared onsite by professionals at the soon to be
opened iFresh Glen Cove will be attractive to our traditional
clientele, who place a high premium on freshness, and to new
shoppers interested in an improved shopping experience.”
Mr. Minghua Chen, Chairman of Rainbow Tang and
Mingyang, stated, “We are delighted to partner with iFresh in the
opening stages of its supermarket transformation. We hope our
services in the iFresh Glen Cove location will break new ground
with inventive culinary options and access to fresh food from the
iFresh supermarket, as well as introduce a new customer base to our
culinary experience as we draw on our extensive and successful
history of providing superior catering services. For example, we
believe iFresh customers will be able to purchase a steak prepared
by Rainbow Tang and selected by customers from iFresh butchers.
These steaks typically sell for more than $30 when prepared in a
restaurant, but we believe we can provide the same quality for
$10-15, prices typical for a fast food restaurant following our
integration with the iFresh supermarket.”
About iFresh, Inc.
iFresh Inc. (NASDAQ: IFMK), headquartered in
Long Island City, 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 opening soon), and two in-house wholesale
businesses strategically located in cities with a highly
concentrated Asian population, iFresh 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 produce at competitive prices to a growing
base of customers. For more information, please visit:
http://www.ifreshmarket.com/.
About Taiyuan Mingyang Happy Catering
Co., Ltd.
Taiyuan Mingyang Happy Catering Co., Ltd.
(“Mingyang”), headquartered in Taiyuan, China and established in
2009, is a catering, entertainment and hotel management company.
The company manages a number of well-known restaurants, karaoke
venues, commercial real estate interests, street food vendors,
resorts, and hotels, integrating shopping, leisure, catering,
culture, entertainment and other functions. Mr. Minghua Chen, the
chairman of Mingyang, has been a representative of People's
Congress for five consecutive years for the Yingze District of
Taiyuan City.
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.
For more information, please contact:
At the Company:iFresh, Inc.Email: ir@ifreshmarket.com
Investor Relations:Tina Xiao Ascent Investor Relations LLC
Phone: +1-917-609-0333 Email: tina.xiao@ascent-ir.com
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