Months after opening, The Market at 25th has lost millions: ‘We knew we were going to take some hits’

Richmond

RICHMOND, Va. (WRIC) — The Market at 25th was highly anticipated before its opening earlier this year in an area of Richmond that’s considered a food desert. But since its April opening, the grocery store has reportedly lost millions.

Representatives for The Market at 25th say it’s not an issue they’re overly worried about yet. Store developer Norm Gold told 8News they’ve lost these funds off the bat, yet there’s no true panic inside the store because they believe it will change.

“Doing something different than anyone else has done, we knew we were going to take some hits,” Gold said. “But if you’ve got a store that’s truly mission-driven and really supports local by hiring local, buying local and supporting the community, that should resonate with them.”

Some people throughout the Church Hill area say they were hesitant to shop at the market due to high prices, but have since fallen in love with the store.

“I’d rather pay for quality than lower prices. If the product is good, I don’t mind paying for it,” said resident Robert Jackson.

Other residents told 8News the high prices were surprising.

“You thought it would be cheaper for the area but it’s not,” said Church Hill resident Tony Jone.

Gold says they initially did have higher prices but have since resolved that issue.

“We’ve made changes to that, and we’ve adjusted our prices lower and we are very comparable to almost everybody now,” Gold said.

LATEST STORIES:

Copyright 2019 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Taking Action: 8News Investigates

Send a news tip to iReport8

 

StormTracker 8

Don't Miss

More Don't Miss

Local Events