ShopRite was founded in 1946 in Newark, New Jersey, when a sales representative of Del Monte Foods started taking to independent grocers.
ShopRite Supermarkets Inc., a wholly owned subsidiary of Wakefern Food Corp., is all set to close five ShopRite stores and gas stations in the New York State Capital region.
Due to the ShopRite store closure, an estimated 500 employees will lose their jobs.
“We entered the marketplace a little over a decade ago to bring a quality supermarket to the area. Unfortunately, we have not been able to sustain the level of sales needed to keep the stores operating today,” ShopRite's COO said.
Last year, the company made $11.35 billion in revenue, reflecting a loss of 3.06% compared to the revenue of $11.71 billion in 2021.
ShopRite recently announced that it will open new ShopRite stores in in other market areas on the East Coast. For example, ShopRite announced that it will be opening a state-of-the-art supermarket in Sussex, New Jersey.