Orchard Square

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Orchard Square

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With Green Way recently moving into the Orchard Square Shopping Center, a question is raised: Why has there been so much turnover of supermarkets in the shopping center? 

Orchard Square Shopping Center has seen three supermarkets over the last 10 years, with each leaving with unanswered questions and unclear statements. Most people are familiar with the supermarket that came before Green Way, DiCicco and Sons. However, less are familiar with its predecessor, D’Agostino. D’Agostino had been the supermarket in Orchard Square for over three decades, until June of 2011 when D’Agostino abruptly announced that they would be closing their doors. A troubling sign was that when they left, they still had seven years left on their lease, indicating that something sudden had happened to cause them to leave. Two months after D’Agostino left, DiCicco moved into the shopping center. Everything seemed to be going well for the supermarket until it closed on September 1st, 2018. Both supermarkets were large chains, adding to the rarity of their sudden departure. While nothing was reported about the reasons why D’Agostino was leaving, some sources said that it was due to an unexpected raise in the rent they were being charged. The same reason was given to explain the departure of DiCicco’s.  This raises another question, is Green Way going to survive longer than these stores? 

While Green Way’s financial figures are not publicly available, it is possible to estimate how much their expenses have been. According to Admiral Real Estate, the Real Estate Firm responsible for the property, the supermarket is 25,000 Square Feet. The Firm also quotes $20/Square Foot for the space. Leading us to an estimated cost of $500,000 for the space, a hefty overhead cost for an industry with such thin margins. Not to mention the cost of the renovations undertaken by Green Way that most likely rivaled this number.  

It is not possible for me to definitively state whether Green Way will break the cycle of these other supermarkets without past and projected sales figures. However, while their upfront costs are high – they have also generated large amounts of interest by undertaking these renovations. Thanks to the investment of Green Way into the property, you can probably look forward to many more years with Green Way in the Orchard Square shopping center. Probably.