Sobeys’ parent company, Empire Co, is feeling real confident about bringing its Farm Boy banner to the big cities. After acquiring the boutique grocery banner late last year, Empire is looking to broaden Farm Boy’s growth beyond Ontario. In a call with analysts earlier this week, Empire’s President and CEO Michael Medline revealed a Toronto Takeover could be in the cards as the company continues the strong upward momentum of its third quarter fiscal 2019.
“We’ve never had a weapon like this to go at an area like the [Greater Toronto Area],” Medline said to analysts. “Ontario has historically been our Achilles heel.”
Medline went on to reveal that he believes the company can eventually “blanket” Toronto and its suburbs with Farm Boy stores, if Empire wields its “real estate prowess” correctly, according to a report by the Financial Post. Farm Boy currently operates 28 stores in Ontario, with its Toronto network just unfurling now.
Earlier this week, Empire announced its financial results from its third quarter of its fiscal 2019 year, ended February 2, 2019, citing strong sales momentum and its third consecutive quarter of tonnage growth. In addition, the company reported the following highlights:
“Our execution continued to improve this quarter, building on our run of positive tonnage growth and strong same-store sales across the country. Sales were the strongest we have seen in almost ten years,” Medline said in a press release. “At the same time, the strategic building blocks of our plan continue to fall into place, with momentum on our FreshCo discount expansion plan, very strong performance of our recent Farm Boy acquisition, and on-track development of our e-commerce platform in the Greater Toronto Area.”
Will Farm Boy become the grocery face of Toronto? If Empire and Medline have anything to do with it, it appears to be a yes. Deli Market News will continue to report on all expansion efforts as they relate to deli, dairy, bakery, and specialty foods.