Market Basket (New England): Difference between revisions
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foundation = 1917 [[Lowell, Massachusetts]]| |
foundation = 1917 [[Lowell, Massachusetts]]| |
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location = [[Tewksbury, Massachusetts]]| |
location = [[Tewksbury, Massachusetts]]| |
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key_people = |
key_people = Arthur T. Demoulas, president| |
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industry = [[Retail]]| |
industry = [[Retail]]| |
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slogan = "More for your Dollar"| |
slogan = "More for your Dollar"| |
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'''DeMoulas/Market Basket''', more commonly known as '''Market Basket''', is a [[Chain store|chain]] of |
'''DeMoulas/Market Basket''', more commonly known as '''Market Basket''', is a [[Chain store|chain]] of 58 [[supermarkets]] in eastern [[New England]].<ref>[http://supermarketnews.com/profiles/demoulas_market_basket/ supermarket news.com] There are 58 stores in the chain (one having closed years ago), with one currently (June 2009) being built in Gloucester, MA, presumably going to be #60</ref> It has stores from central [[New Hampshire]] to [[Bristol County, Massachusetts]] with headquarters in [[Tewksbury, Massachusetts]]. ''Supermarket News'' ranked DeMoulas/Market Basket No. 45 in the 2008 "Top 75 North American Food Retailers" based on 2007 fiscal year estimated sales of $2.5 billion.<ref name="2008 SN">[http://supermarketnews.com/profiles/2008-top-75/index1.html 2008 Top 75 North American Food Retailers'], ''Supermarket News'', Last accessed January 27, 2008.</ref> |
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== Early history == |
== Early history == |
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Revision as of 16:33, 14 June 2009
| Mkt-basket.png | |
| Company type | Grocery |
|---|---|
| Industry | Retail |
| Founded | 1917 Lowell, Massachusetts |
| Headquarters | Tewksbury, Massachusetts |
Key people | Arthur T. Demoulas, president |
| Products | Bakery, Dairy, Deli, Frozen Foods, Grocery, Meat, Health & Beauty Care, Produce, Seafood, Snacks, Beer & Wine (NH stores only) Market's Kitchen (Not Available At All Stores) |
| Revenue | $2.5 billion USD (2007) |
| Parent | Demoulas Supermarkets, Inc |
DeMoulas/Market Basket, more commonly known as Market Basket, is a chain of 58 supermarkets in eastern New England.[1] It has stores from central New Hampshire to Bristol County, Massachusetts with headquarters in Tewksbury, Massachusetts. Supermarket News ranked DeMoulas/Market Basket No. 45 in the 2008 "Top 75 North American Food Retailers" based on 2007 fiscal year estimated sales of $2.5 billion.[2]
Early history
In 1917, Greek immigrants Athanasios ("Arthur") and Efrosini Demoulas opened a grocery store in Lowell, Massachusetts, specializing in fresh lamb. In 1954, they sold their store to two of their six children, Telemachus ("Mike") and George Demoulas. Within 15 years, they had transformed their parents "mom and pop"-style store into a more modern supermarket chain consisting of 15 stores. DeMoulas became a virtual category killer in the Merrimack Valley area, often leading other supermarkets in the area to close.[citation needed]
George Demoulas died of a heart attack in 1971 while vacationing in Greece, making Mike the sole head of the DeMoulas supermarket chain. Although each brother had promised to provide for the other's family in the event of his death, a lawsuit filed in 1990 by the heirs of George Demoulas claimed that Mike had defrauded them out of all but 8% of company stock by moving assets into shell companies, such as 'Market Basket Inc.' and 'Seabrook Sales Inc.' and claiming that these were separate companies from DeMoulas itself. The ensuing legal cases threatened to require the sale of the chain, most likely to Royal Ahold's Stop & Shop. In 1994, Judge Maria Lopez ruled that Mike Demoulas had defrauded George's family out of nearly $500 million, transferring 51% of Demoulas' stock to George's family.[3]
A separate company controlled by the Mike DeMoulas side of the family operated the Lee Drug chain from 1983 until it was sold to Walgreens in 1990; these stores were located in the same shopping center as a DeMoulas/Market Basket. The chain's corporate relationship to Mike DeMoulas's family interest in DeMoulas/Market Basket was cited in the 1990s litigation.
Market Basket today
Today Market Basket operates in a grocery marketplace that includes Shaw's and Star Market stores, Whole Foods Markets, Trader Joe's, Delhaize's Hannaford, Royal Ahold's Stop & Shop, a number of smaller, local markets (for example, Butcher Boy), and to some extent, FoodMaster (formerly, Johnnie's FoodMaster), and Super 88. Though the chain is often colloquially referred to as "DeMoulas," all of its 59 stores, except one in Salem, NH, now operate under the Market Basket name. Market Basket supermarkets are usually located in shopping centers with other stores, often properties owned by the company through its real estate arm, Retail Management and Development, Inc. Only one store in the chain's history has ever closed, Store 38 in Plaistow, NH, although many have relocated to larger locations.
Mike Demoulas died in 2003 at age 82 and is buried in Andover, Mass. In March 2006, Boston Magazine rated George's son, Arthur S. Demoulas, a member of the board of directors, as Boston's 8th wealthiest person with assets of $1.6 billion. [1] He was not listed in the Forbes 2008 edition. Arthur T. Demoulas was elected by the board of directors in early 2008 as president of the corporation.
On June 10, 2009, Market Basket replaced their Chelsea, MA location with a new building. At 135,000 square feet, it is the largest supermarket in New England. [4]
References
- ^ supermarket news.com There are 58 stores in the chain (one having closed years ago), with one currently (June 2009) being built in Gloucester, MA, presumably going to be #60
- ^ 2008 Top 75 North American Food Retailers', Supermarket News, Last accessed January 27, 2008.
- ^ DeMoulas/Market Basket Inc. Company History DeMoulas/Market Basket Company History
- ^ http://boston.bizjournals.com/boston/stories/2009/06/08/daily45.html Boston Business Journal, Chelsea development opens mega-market