Third Toronto-area store underway
Tuesday April 8, 11:53 am ET
EDMONTON, April 8 /CNW/ - The ink on the lease is dry and construction crews are waiting for the green light to build out the third Planet Organic Market (POM) store in the Greater Toronto Area (GTA).
Ironically, the leasing commitment for this third store comes when the paint is barely cured on the second PMO store. It opened in the same northwest section of the GTA early last month. Sales at POM's second store were so brisk, the quick decision to launch a third store in relatively close proximity was made easy.
"Being able to share costs between two nearby stores in order to reduce operational costs for both is a very attractive proposition," said Mark Craft, POM President.
"The two stores will be about four kilometers apart as the organic crow flies and both are in extremely desirable areas for us," Mr. Craft added.
Both of the nearby stores are in densely-populated, affluent neighbourhoods with well-educated residents.
The planned third store is in the suburb of Markham, where the population of 219,202 purchased over $675 million of groceries last year. The newly opened second store is in the suburb of Vaughan.
The list of operational savings is long. A major example is the kitchen in the newly completed second store, where the delicious and organic deli foods are created, will now easily serve the planned new store. Staff can also be routed between the two stores, depending on need.
Once all the lease conditions have been waived, construction of this third store is expected to be complete this fall. With this third outlet, there will be a total of 10 POM stores located coast to coast.
The POM division is one of five under the Planet Organic Health Corp. (POH) umbrella. Darren Krissie, POH's Vice President of Corporate Development and CFO, said growth like this has been the key to POH's success.
"We didn't reach milestones of having 650 employees and projected revenues this fiscal year of $100 million by being timid," Mr. Krissie said. "We are ambitious and prudent, but not timid." (POH's fiscal year ends June 30th.)
About Planet Organic Health Corp.
Planet Organic Health Corp. (TSX-V: POH - News) is a natural products industry company, comprising manufacturing, distribution and retail. Planet Organic is listed on the TSX Venture Exchange as a Tier One company. Planet Organic operates nine natural food supermarkets throughout Canada under the Planet Organic Market banner and eleven natural food supermarkets in the U.S. under the Mrs Green's Natural Markets banner. The Company also operates 48 natural health outlets under the Sangster's Health Centre banner and eight natural health outlets under the Healthy's and Planet Organic Living banners. Another Planet Organic company, Trophic Canada, is the country's leading manufacturer of natural supplements. The Company has a total of 65 stores throughout Canada and eleven in the U.S. and has more than 650 employees.
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