Kings Food Markets has purchased Porricelli's Market in Old Greenwich, Conn., representing Kings’ first foray into the Connecticut market. The 75-year-old Kings brand operates 24 upscale stores in New Jersey and New York.
The Porricelli family, which owned the store for 63 years, cited rising costs, increased competition and a broadening of career interests by the family as factors that led to the decision to sell, according to an article on ctpost.com. The family retained ownership of its Trumbull store and will continue to operate it. It also retained ownership of the Greenwich property and signed a lease with Kings for the space.
"At Kings, we share our love of food with our customers, and we're excited to have the opportunity to introduce this passion to a new community in Old Greenwich," Judy Spires, president and CEO of Kings, said in a statement. " We know that Porricelli's Market has been a pillar of the Old Greenwich community for 60 years, and we are committed to providing the same level of personal, attentive service that is truly the cornerstone of our brand experience."
"We have been proud to serve three generations of shoppers throughout our 63-year history in Old Greenwich," said Jerry Porricelli Jr. of Porricelli's Market, in the statement. "Our store is a family-run operation, and we view our customers as an extension of our family. For this reason it was crucial to choose a company that will continue the unique legacy that we've established, and we feel that Kings is the ideal choice to do so for many, many years to come. I will personally be involved in the transition, and I look forward to welcoming customers to the store as Kings becomes an exciting new addition to Old Greenwich."
Kings recently completed a brand relaunch, which included a newly redesigned website as well as grand reopenings of its Bedminster and Livingston, N.J. stores. Additional reopenings are slated to take place throughout 2012 and 2013.